Protect Your Pension from Fraud

Bude-Stratton Town Council is sharing the following advice from Mick Harrison, Cyber Protect Officer for Devon & Cornwall Police. Pension fraud is on the rise, with criminals targeting people’s life savings and causing devastating financial losses.

According to Action Fraud, in 2024 alone there were 519 reports of pension fraud, with victims losing a total of over £17.5 million – an average of more than £33,000 per person.

How to Protect Yourself 

Secure your online pension account

• Use a strong, unique password that isn’t used for any other accounts (three random words is a good method).
• Enable two-step verification (2SV) for extra security. 

Be wary of unsolicited contact

• If you receive a cold call about your pension, hang up immediately. Cold calling about pensions is illegal and a major red flag.
• If you are considering making changes to your pension, always seek independent professional financial advice first.

Spot the signs of an investment scam
Be cautious of opportunities that:

• Pressure you to invest quickly (“limited-time offer”).
• Downplay the risks of losing your money.
• Promise returns that seem too good to be true.

 What to Do If You Think You’ve Been Targeted

• Contact your bank or pension provider immediately if you’ve made a payment to a suspected scammer or shared personal/financial details. You can also call 159 to connect directly to your bank’s fraud team (note: not all telecom providers offer this service).
• Report it – contact Action Fraud at actionfraud.police.uk or call 0300 123 2040.
• Be alert – regularly check your bank and pension statements for unusual activity.
• Forward suspicious messages:
  • Texts – to 7726 (free service).
  • Emails – to report@phishing.gov.uk.

 More Information

For further advice on how to stay safe from scams, visit: Stop! Think Fraud.