Cyber scams in the UK are unfortunately becoming more common, and scammers’ techniques more sophisticated. This is a serious issue that can have devastating consequences for individuals’ finances, including pensions.
Take the following actions to avoid falling foul of scammers online:
- Be cautious of cold calls and phishing emails: unsolicited phone calls (which are illegal), emails, or messages offering pension advice or investment opportunities are often a red flag.
- Use strong passwords and keep these confidential: passwords should contain a wide variety of letters, numbers and special characters. Try not to reuse passwords and do not write them down.
- Do not visit or download suspicious links: you could give access to your device by downloading software or an app from a source you don’t trust. Scammers may be able to take control of your device and access your bank account.
- Ensure your devices and browsers are kept up to date: as cyber scammers are always changing and developing, you need to ensure you have the latest software to guard against them.
- Check the Financial Conduct Authority (FCA) register: this maintains a register of regulated financial services firms and individuals in the UK. Go to the register before engaging with any financial adviser or investment firm to ensure they are legitimate and authorised to provide financial services.
- Report suspected scams: if you suspect you've been targeted by a pension scam or have fallen victim to one, report it to Action Fraud. This will help authorities prevent other people from falling victim to the scam and track fraudulent activity.
- Seek professional advice: go to a registered and trusted independent financial adviser before making any decisions associated with your pension.
Staying informed about the risks, being cautious with your personal information, and seeking advice from trusted sources can reduce your vulnerability and protect your financial future.
