3/4 people feel more scam savvy thanks to “vital” pension service

• 71% of people who had a Pension Guidance call with MoneyHelper said they have the tools to deal with potential financial crimes and scams.
• 833 people reported a total loss of over £13.6m due to financial scams.
• After having “sleepless nights” over his pension, one 75-year-old customer thanks Pension Wise.
• The Money and Pensions Service encourages people to “get in touch” to discuss their pension options.

Almost 3/4 of people (71%) reported that they feel more confident in spotting and managing a potential financial scam after having a Pension Guidance call through MoneyHelper.

Financial crimes and scams can have devastating impacts on people’s financial wellbeing, and MaPS feels it is vital that people feel well-equipped to deal with them.

MaPS also runs a dedicated helpline for financial crimes and scams. Figures from the last financial year (April 2023 – March 2024) showed that from the 833 people who contated the service, an approximate total of over £13.6m was lost due to financial crimes and scams, an estimated figure of £16,297 fraud loss per consumer. 

Criminals are targeting people’s finances through Identity Theft, responsible for 16% of incidents, Bank Account scams (14%), Cyber Currency Investment fraud (14%), and Authorised Push Payment (APP) fraud (9%).

These figures demonstrate the necessity of MaPS’ service, as the majority of people who had a telephone Pension Wise appointment (71%) said the session gave them the tools they needed to spot and deal with any future scams, potentially saving them thousands of pounds.

MaPS’ Pension Guidance service also reported more positive feedback, with 83% of those who had telephone appointments saying they felt in more control of their financial situation.

Customers also said they would recommend the service to others (87%) and that they were thinking about or had already acted around their pension (69%).

The service also reported that Pension Wise recently supported an elderly man with his pension. The 75-year-old said:

“I’ve been having sleepless nights about this issue and Pension Wise relieved a lot of stress. Not only did they give me some good news about the initial query, but they also told me about other options and issues.

“Not only do I feel better I also know where to go to find out about what to do next. I shall certainly be exploring those on your website. You’ve been so helpful, thank you.”

Charlotte Jackson, Head of Guidance Services at the Money and Pensions Service says:

“It’s wonderful to see the real difference that our pension guidance can have on people’s lives. 

"Sadly, financial crimes and scams are rife and it’s awful to see so much money being lost, but hopefully our appointments can give people more security and understanding when it comes to dealing with them in the future.

“To get a better understanding of your pension and to feel better about managing scams, visit our Pension WiseOpens in a new window page on MoneyHelper.”

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• Next month marks the first anniversary of the UK Government’s Stop! Think FraudOpens in a new window campaign against fraud. 
• Fraud accounts for approximately 38% of all crime in England and Wales and has more than doubled in Scotland over the past nine years. 
• Since the Fraud Strategy was launched, the last two sets of crime data have shown a 13% reduction in fraud, which is a sustained reduction.