The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have claimed that 22 years of savings could be lost in 24hours for victims of pensions scams.
Savers are falling for scammers tactics within 24 hours of contact.
The more highly educated the person the more likely they could fall for a pension scam.
The regulators are warning savers the signs of potential scams and be ScamSmart and check the details of any company you deal with, pension fraud can be devastating and leaves the victim facing retirement with limited income or no way of building their years of savings back up.
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4 simple steps to help protect yourself from potential pension scams:
Visit www.fca.org.uk/scamsmart and take the ScamSmart quiz to test how ScamSmart you are.