Investment and Pension Scams

Investment scams usually involve someone unexpectedly calling and inviting you to invest quickly in a scheme with very attractive returns and low risk.

They often add pressure by making it a ‘limited-time offer’ so that they tempt you into a quick decision.

They also use authentic-looking paperwork.

How does it work?

Scammers usually promise to help you ‘unlock’ your pension by transferring money to a ‘different pension scheme.

The pension scheme doesn’t exist. It is just a way for scammers to steal your money.

They targeted retirees and people nearing retirement because they’re able to access enormous sums of money.

How do I protect myself?

Investment and pension scams are unfortunately quite common, and they can be very damaging to those who fall victim to them. Here are some ways to protect yourself:

Be cautious of unsolicited calls, emails, and messages because scammers often use cold-calling or unsolicited emails and messages to contact potential victims.

If someone contacts you out of the blue with a too-good-to-be-true investment opportunity or pension scheme, it is likely a scam.

Be wary of such approaches and always double-check the legitimacy of the organization or individual contacting you.

Before investing, do a thorough background check of the organization or individual offering the investment or pension scheme by researching the organization and individual.

As part of your research, check if they registered with regulatory bodies such as the Financial Conduct Authority (FCA) or the Securities and Exchange Commission (SEC) in your country.

Also, try to find independent reviews or opinions about the organization or individual from reliable sources.

Always read the investment or pension scheme documents carefully, and make sure you understand the terms and conditions. Make sure you check the investment or pension scheme details. Look out for any unusual or confusing clauses and ask questions if something is unclear.

Scammers may use high-pressure tactics to convince you to invest quickly or offer incentives. If you feel rushed or pressured to decide, it’s usually a red flag. Beware of high-pressure tactics.

Get professional advice: Consider seeking the advice of a financial advisor or accountant before making any investment or pension decisions. They can help you understand the risks and benefits and provide guidance on whether an investment or pension scheme is legitimate and suitable for your needs.

If you suspect that an investment or pension has targeted you in a scam, report it immediately to the relevant regulatory body or law enforcement agency. By reporting suspicious activity, you can help to prevent others from falling victim to the same scam.

Always take the time to make proper checks before investing your money.

Check all names and contact details against the Financial Conduct Authority’s Register to make sure you’re dealing with a genuine person and firm.

Never share your investment, pension, or personal details with someone you are unsure about.