Pension fraud is on the rise. How do we protect our family?
Criminals are increasingly targeting older people and those approaching retirement to steal their life savings. Action Fraud in the UK has reported a shocking £17.5 million lost to pension scams in 2024 alone — that’s around £48,000 stolen every single day. On average, victims lost £33,848 each.
To help keep your older relatives and friends safe, Action Fraud and the Pension Scams Action Group (PSAG) have launched a new campaign reminding families to be alert for scams and suspicious investment offers.
How You Can Help Protect an Older Relative
Secure their online pension account
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Make sure their pension account has a strong, unique password (different to all other accounts)
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Use three random words to create something memorable but hard to guess
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Turn on 2-step verification (2SV) for extra protection.
Watch out for cold calls
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It’s illegal for anyone to cold call about pensions.
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If your relative receives an unexpected call, text, or email about pensions, assume it’s a scam.
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Encourage them to speak to a trusted financial adviser or Pension Wise before making any changes.
Be cautious with ‘investment opportunities’
Remind your loved one never to feel rushed. Scammers often use pressure tactics like:
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Limited-time offers
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Promises of guaranteed high returns
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Downplaying risks
If it sounds too good to be true, it almost certainly is.
What to Do If You Suspect Pension Fraud
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Report it immediately: Visit actionfraud.police.uk or call 0300 123 2040.
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Contact the bank or pension provider straight away if money has already been transferred. They may be able to stop further losses.
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Monitor bank and pension statements for any unusual activity.
Family tip
Talk openly with your older relatives about scams. Let them know it’s always okay to pause, hang up the phone, and check with you before making any financial decisions.
For more advice, visit: Stop! Think Fraud – How to stay safe from scams.
Photo by Markus Winkler on Unsplash