Around 7.3 million UK adults or 1 in 7 faced an attempted pension scam in the past 12 months, with 14 per cent targeted through unsolicited calls, texts, or emails, according to LV=.
According to the LV= Wealth and Wellbeing Research Programme, a quarterly survey of 4,000 UK adults, found that almost four million British adults lost money to purchase scams over the same period.
The research also found that six million individuals with multiple pension pots may be more exposed, as half of respondents say scams are getting increasingly difficult to identify.
Only 32 per cent of people know how to report a scam but among those who engage with a financial adviser, the proportion is higher at 55 per cent.
The study also revealed a high prevalence of consumer scams: 42 per cent reported phishing attempts, 36 per cent reported scams mimicking reputable brands, and 24 per cent reported refund scams.
Meanwhile, younger people between 18 and 34 were more likely to be victims than the general public, 13 per cent compared to 7 per cent.
LV= recommends avoiding pension scams by hanging up on cold calls, recognising unwanted contact as a red flag, avoiding hasty decisions, and checking firms on the FCA registry.
LV= chief executive David Hynam says: “Avoiding falling prey to scams is becoming ever harder, with more people having a number of pension pots, so keeping track is increasingly difficult for consumers.
“That’s why LV= is sharing tips on how advisers can help clients minimise the risk of falling victim to a scam, including hanging up on cold calls, being wary of unsolicited approaches and calling the firm back on an official number.”
