Avoiding coronavirus
(COVID-19) scams

A major event like the coronavirus pandemic can initiate new types of scam activity. A rise in pension scams has been reported as scammers try to exploit public fears over the market uncertainty.

Protect yourself from scams

Scammers can come across financially knowledgeable, seemingly legitimate with websites, references and materials that can seem like the real deal.

Here are some top tips to protect yourself and your pension:

If you’re contacted out of the blue about a pension opportunity it’s likely to be high risk or a scam
Be wary of any free offers and if you receive a marketing call about your pension the best thing you can do is to hang up
Also watch out for text messages with misleading links. Scammers will try and entice you any way they can.
During the current climate you may be worried about how your pension is performing
It’s important you don’t rush into a decision as criminals try to take advantage of any fears you may have
If you do make any decisions, take your time, do your research and make sure that your pension is safe
Check the Financial Services Register and this will tell you if the company who is contacting you is Financial Conduct Authority (FCA) authorised.
Also be wary of ‘clone’ companies using a similar name. If in doubt check the register and use the contact details used there – not the ones given to you
Review the FCA warning list to check for the risk of a pension or investment opportunity to make sure that the company is authorised by the FCA and make sure it’s not a scam
If you are seriously considering changing your pension arrangements then consider getting financial guidance or advice before you do
Either from The Pension Advisory Service, Pension Wise or a financial adviser