Learn your ABCs to outsmart the scammers Just when we think we know all the tricks and tactics used by scammers to part us from our money, they come up with more! Scams are everywhere, and in this digital world it’s hard to avoid them. So how do you protect yourself? Here are three simple rules to follow to help you stay safe, summed up as ABC…
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Awareness • If anyone contacts you out of the blue to talk about your pension, that’s a red flag for a pension scheme. Pensions cold calling is illegal in the UK, so the safest thing to do is hang up. • If you get offers via email or text, you should simply ignore them. • If someone tries to rush you into a decision, be very cautious! A genuine adviser would give you enough time to properly consider their proposal. • If an offer sounds too good to be true, it probably is!
Communication • Talk about your plans with family or trusted friends. Sharing your thoughts can provide new insights and help you spot anything suspicious. • You can also call the Scheme administrator if you’re worried you’re being targeted by a scammer. • If you think someone has tried to scam you, tell Action Fraud on 0300 123 20 40. Pension scams: a real-life warning The Pensions Regulator has shared a powerful video in which Pauline Padden, a 60-year-old critical care nurse, tells how she was targeted at a vulnerable time in her life and lost £45,000 to a pension scam. Scan the QR code to watch her story or visit: www.youtube.com/ watch?v=5gAHiUxo__4&t=4s
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Background checks • For anything to do with your pension, always research the individual or firm you’re dealing with. Criminals will go to great lengths to appear genuine and they can be very convincing. Make sure they’re reputable and regulated. • Look for reviews and any warnings from financial authorities. The Financial Conduct Authority has a list of known scams, as well as a register where you can check that your adviser is authorised to provide the services they’re offering: www.fca.org.uk/consumers/warning-list- unauthorised-firms https://register.fca.org.uk/s
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