Over 4.5 million Britons targets of potential financial scams in the past 3 months: research

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Over 4.5 million Britons targets of potential financial scams in the past 3 months: research

One in eight (12%) of non retired UK adults have been approached by phone, text, or email offering free pensions advice, a free pensions review, investment opportunities or a tax refund in the last three months, according to new research by Canada Life.

This equates to over 4.5 million adults who have been potentially exposed to a financial scam of some description, despite the ban on pension cold calling being introduced in January.

Canada Life is warning that people need to be alert to the dangers of financial scams and has published tips to help the unwary.

Be scam aware and follow our tips to avoid the traps. Adopt the simple rule of thumb, if it appears too good to be true, it inevitably is."

Andrew Tully, technical director at Canada Life, said, "Falling prey to a financial scam can be devastating, not only for the person involved but also for family and friends. Despite the ban on pension cold calling being introduced back in January, these unsolicited contacts offering ‘free pension reviews' continue."

Tully added: "People need to be on constant alert for any signs of scams as the scammers continue to evolve and utilise ever more sophisticated and ingenuous ways of encouraging people to part with their hard-earned savings.

"Be scam aware and follow our tips to avoid the traps. Adopt the simple rule of thumb, if it appears too good to be true, it inevitably is. Simply walk away, hang up, or delete the email or text. There is no such thing as free money, after all."

Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.