Jump to content
DOSBODS
  • Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

IGNORED

Pension fraud - be aware


Hancock

Recommended Posts

No matter how financially savvy you like to think you are, be aware of whats going on with fraudsters at the moment, and watch out for those you know of who might be tempted to move funds around.

The regulators are not fit for purpose, and the police are even worse.

https://www.telegraph.co.uk/pensions-retirement/news/eight-million-targeted-pension-scammers-fraud-epidemic/

Eight million targeted by pension scammers in fraud epidemic

Number of attempts to steal savings is spiralling as tricksters prey on the vulnerable

ByJessica Beard8 May 2021 • 5:00am

Scammers are increasingly used websites to lure unsuspecting victims CREDIT: Jake Hawkins/TMG

Almost eight million people in Britain have been targeted by fraudsters attempting to trick innocent pension savers out of their life savings.

The number of pension scams has rocketed during the pandemic and it has quickly become one of the most common types of fraud. The number of reported crimes has jumped 45pc this year compared with 2020, according to Action Fraud, the national reporting centre.

The Pensions Regulator has said it is investigating more than £54m of lost pension savings, affecting 18,000 people. The City watchdog, the Financial Conduct Authority, has warned the true figure will be much higher.

A survey conducted by LV, the pensions group, found that 14pc of adults, or 7.6  million people, had received unsolicited emails, texts or calls from people encouraging them to transfer or release money from their pension. A further 14 million were worried they might unwittingly fall victim to a pension scam because of how sophisticated they had become. Clive Bolton of LV said: “People should be wary if they come under pressure to quickly withdraw money from a pension or complete a transfer.”

The authorities have not done enough to prevent scams, observers have said. Andy Agathangelou of the Transparency Task Force, a campaigning group, said concerns about falling prey to scammers needed to be given more attention.

Cold calling has been the most common way for scammers to target victims. This is despite a ban on unsolicited calls and messages involving pensions introduced in 2019.

Scammers have also increasingly used websites to lure unsuspecting victims. Aviva, the pensions group, identified 27 fake websites between March and September 2020, that purported to be the company and tried to defraud pension savers.

However, the Online Harms Bill, which is passing through Parliament, currently has no provisions to include financial harm or fraud.

Matt Rodda, the shadow pensions minister, has this week written to 
 Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, to urge the Government to protect savers by including pension and investment scams in the bill.

Mr Rodda said: “The lack of regulation over online advertising for fraudulent schemes means individuals are highly vulnerable.”

A government spokesman said: “We are working with the industry, regulators and law enforcement to tackle online fraud.” The Government will consider further regulation relating to online advertising, he added.

Dominic Parr, 54, who asked for his name to be changed, lost his entire pension to a suspected fraudster. He transferred £160,000 from the British Steel Pension Scheme in 2017 on the advice of an unregulated introducer. He was told it was in his best interests to move his money into a scheme owned and controlled by the introducer. But it was invested in risky schemes, most of which have collapsed. Mr Parr said he had since uncovered a letter from a financial adviser warning him not to transfer his money, which was intercepted by the introducer.

“I feel ashamed and angry. I’ve been hoodwinked out of my life savings at a point where I was at my most vulnerable,” he said. His plan to retire at 60 is no longer possible as he estimated he lost some £300,000 in pension benefits.

Mr Parr’s solicitor, Mamunul Wahid of Clarke Willmott, said: “It seems unlikely he will get anything back. We support efforts by the FCA to raise awareness, but more needs to be done to protect savers.”

Link to comment
Share on other sites

12 hours ago, Hancock said:

No matter how financially savvy you like to think you are, be aware of whats going on with fraudsters at the moment, and watch out for those you know of who might be tempted to move funds around.

The regulators are not fit for purpose, and the police are even worse.

https://www.telegraph.co.uk/pensions-retirement/news/eight-million-targeted-pension-scammers-fraud-epidemic/

Eight million targeted by pension scammers in fraud epidemic

Number of attempts to steal savings is spiralling as tricksters prey on the vulnerable

ByJessica Beard8 May 2021 • 5:00am

Scammers are increasingly used websites to lure unsuspecting victims CREDIT: Jake Hawkins/TMG

Almost eight million people in Britain have been targeted by fraudsters attempting to trick innocent pension savers out of their life savings.

The number of pension scams has rocketed during the pandemic and it has quickly become one of the most common types of fraud. The number of reported crimes has jumped 45pc this year compared with 2020, according to Action Fraud, the national reporting centre.

The Pensions Regulator has said it is investigating more than £54m of lost pension savings, affecting 18,000 people. The City watchdog, the Financial Conduct Authority, has warned the true figure will be much higher.

A survey conducted by LV, the pensions group, found that 14pc of adults, or 7.6  million people, had received unsolicited emails, texts or calls from people encouraging them to transfer or release money from their pension. A further 14 million were worried they might unwittingly fall victim to a pension scam because of how sophisticated they had become. Clive Bolton of LV said: “People should be wary if they come under pressure to quickly withdraw money from a pension or complete a transfer.”

The authorities have not done enough to prevent scams, observers have said. Andy Agathangelou of the Transparency Task Force, a campaigning group, said concerns about falling prey to scammers needed to be given more attention.

Cold calling has been the most common way for scammers to target victims. This is despite a ban on unsolicited calls and messages involving pensions introduced in 2019.

Scammers have also increasingly used websites to lure unsuspecting victims. Aviva, the pensions group, identified 27 fake websites between March and September 2020, that purported to be the company and tried to defraud pension savers.

However, the Online Harms Bill, which is passing through Parliament, currently has no provisions to include financial harm or fraud.

Matt Rodda, the shadow pensions minister, has this week written to 
 Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, to urge the Government to protect savers by including pension and investment scams in the bill.

Mr Rodda said: “The lack of regulation over online advertising for fraudulent schemes means individuals are highly vulnerable.”

A government spokesman said: “We are working with the industry, regulators and law enforcement to tackle online fraud.” The Government will consider further regulation relating to online advertising, he added.

Dominic Parr, 54, who asked for his name to be changed, lost his entire pension to a suspected fraudster. He transferred £160,000 from the British Steel Pension Scheme in 2017 on the advice of an unregulated introducer. He was told it was in his best interests to move his money into a scheme owned and controlled by the introducer. But it was invested in risky schemes, most of which have collapsed. Mr Parr said he had since uncovered a letter from a financial adviser warning him not to transfer his money, which was intercepted by the introducer.

“I feel ashamed and angry. I’ve been hoodwinked out of my life savings at a point where I was at my most vulnerable,” he said. His plan to retire at 60 is no longer possible as he estimated he lost some £300,000 in pension benefits.

Mr Parr’s solicitor, Mamunul Wahid of Clarke Willmott, said: “It seems unlikely he will get anything back. We support efforts by the FCA to raise awareness, but more needs to be done to protect savers.”

where was the fraudulent 'pension' firm banking?  That's where the anger need to be directed - which bank failed their due diligence in allowing an account to be opened which millions runs into from lots of pension funds.

Link to comment
Share on other sites

13 hours ago, Hancock said:

But it was invested in risky schemes, most of which have collapsed.

sounds to me like Dominic was a greedy cunt who got hoodwinked into 100%+ annual returns

I blame the CBs myself, if they hadn't lowered interest rates from 10% to -ve whatever you wouldn't be hearing about this crap...

Link to comment
Share on other sites

7 hours ago, wherebee said:

where was the fraudulent 'pension' firm banking?  That's where the anger need to be directed - which bank failed their due diligence in allowing an account to be opened which millions runs into from lots of pension funds.

Im a very small part of the cog working on this, and ive got the regulator cornered after 3 years of fighting and research.

Trust me the regulators are beyond useless, they just look the other way ... quite simply when it is moved from this account it is going somewhere ... why cant it be picked up there.

There is something called "know your customer", to prevent money laundering/terrorism ... but the banks could not tell you who the customer is in such cases ... as most accounts are opened fraudulently!

 

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...