Pensions - Articles - Cold calling welcome but protection needed against scammers

  Once a scam has taken place it’s almost impossible to get the money back. The proposed ban on cold calling is a major step forward but it needs to go further to cover texts and emails other common techniques used to try to part people from their hard-earned cash. Scams are constantly evolving as soon as you remove one fraud method, another variant on the old scheme pops up. A ban on cold calling won't be foolproof, but at least it will put more people on their guard and criminalise those who make the calls. People should remember the old adage, if something looks too good to be true it probably is.

 “Fraudsters try to ‘groom’ their victims making it difficult for pension providers to raise concerns with their customers about suspicious transfers or tipping off the fraudster. Giving pension providers more powers to block suspicious transfers is something we've long-called for and will protect customers from future scams, but the devil will be in the detail.”