Published on:
10 August 2023
In 2021, reports of pension scams increased by 45% (1), and fraudsters stole over £2m from people in the UK in just six months (2).
This is likely to be a significant underestimate of financial losses, considering the Financial Conduct Authority (FCA) estimates that less than 1 in 5 instances of scams are reported. However, there is little rigorous evidence on what governments and the industry can do to reduce pension savers’ susceptibility to fraud.
This report presents the findings from a review of the evidence on the scale of pension scams in the UK, the impact on those affected, types of scam and tactics used by scammers, key risk factors and current trends. It also recommends actionable and evidence-based strategies and interventions that the Money and Pension Service (MaPS) and other stakeholders can adopt to lower the risks of scams and offer better support to those affected.
We hope these findings will be useful for:
This project was part of the Financial Capability Lab, a programme funded and overseen by the Money and Pensions Service and implemented by the Behavioural Insights Team. The lab is a multi-year programme to develop and test innovative ideas to improve financial wellbeing and demonstrate paths to scale.
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