Pension scam victims are losing over £50,000 on average, more than double the typical figure reported last year.

Action Fraud said complaint data showed that the average loss this year so far has been £50,949, compared with £23,689 during 2020.

But the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.

The Financial Conduct Authority (FCA) wants pension savers to “flip the context” if they are approached online with tempting offers.

This means imagining how they would react if the same offer was made to them by a stranger in a pub, for instance.

FCA research found that pension savers could be nine times more likely to accept advice from someone online than they would be from a stranger in person.

Just 1.1% of pension holders would take advice from a stranger, but 9.95% would accept…

Read full article at news.sky.com

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