Don't let your lifetime savings be lost in moments - Beware of pension scams
With at least one call every day to Lincolnshire Trading Standards about financial scams, the service is encouraging residents to think carefully before handing over hard earned cash.
"Pension scams are one of the key areas we get calls about", explains Angela Kane, senior trading standards officer at Lincolnshire County Council. "Residents are often beside themselves that they may have given their financial details to a fraudster - and may have lost their lifetime savings.
"Anecdotally, we know that scams are on the increase across the UK. Research from the Citizen's Advice service shows that a third of all scam victims are aged between 41-60, and they are mainly being targeted by financial scams- including: investments, banking scams, property scams and pension scams. With this in mind, the service is reminding residents to be extra vigilant and do research before handing over savings.
Here are our top 5 common tell-tale signs of a scam:
- When a firm doesn't want or allow you to call it back.
- Being approached out of the blue over the phone, via text message, email or in person door-to-door.
- Where you aren't given long to make a decision or you feel pressured into making one immediately.
- Where the only contact details they give you or are on their website are a mobile number and a PO box address.
Angela adds: "These scammers often have very sophisticated and convincing websites, or may imply they are part of the government-backed Pension Wise service by including 'wise', 'guidance' or 'pension' in their name. The only genuine Pension Wise website is www.pensionwise.gov.uk."
Throughout the month, officers from Lincolnshire Trading Standards will be working with Lincolnshire Citizens Advice service to raise awareness of scams and those currently in operation. Follow @lincsts or @lincolnshirecc for more information.
To report a fraud, contact Action Fraud on 0300 123 2040.