July 31, 2021

Pension savers losing twice as much to scams, as police struggle with foreign cyber gangs

Pension savers are losing twice as much money to scams when compared to last year, new figures have revealed, as a leading expert warned police are struggling to break up foreign cyber gangs.

Statistics from Action Fraud, the UK’s anti-fraud agency, showed victims are now losing on average more than £50,000 of their pension pots after being conned by online fraudsters.

The revelation comes following a year in which online fraud has exploded as people have been forced to do more of their business on the internet during the pandemic.

James Sullivan, the director of cyber research for the security think tank RUSI, said the rise in scams coincided with English-speaking countries being targeted by highly organised gangs operating with “impunity” from Russia and other countries.

Figures from Action Fraud showed 90 people were caught up in pension frauds between January and May of this…

Read full article here: www.telegraph.co.uk