Pensions - Articles - COVID19 fraud passes 5m pounds mark

 The piece covers figures from Action Fraud showing £5,142,265-worth of fraud has been reported since February, with the number of reports totalling over 2,100.

 The PA also reports that TSB and fraud prevention body Cifas have identified the most common COVID-19 scams Britons have been targeted with during the pandemic, including pension scams where fraudsters convince victims to transfer their pension pots to criminals, or to release funds.

 Charles Counsell, chief executive of The Pensions Regulator, said: “These figures once again show the true devastation of scams. We know, on average, victims of pension scams lose £82,000.

 “Anyone can be a victim and COVID-19 has created the sort of environment fraudsters thrive in. That’s why it’s vital savers don’t rush decisions about their retirement funds.

 “To avoid making a decision they may regret, savers can access free and impartial advice about their finances from The Money and Pensions Service.

 “They should also visit the ScamSmart website to learn how to protect themselves from pensions scams.”