November 17, 2021

Scammers clone trusted brands to steal retirement money | Scams

On her retirement, Janet Howland* searched online for suitable investments for her pension pot. Days after her internet search, she was telephoned by a company calling itself Saga Investments and offering a five-year fixed-rate bond at 3.2%. It was only after she had transferred £70,000 that she discovered it was a scam.

Investment and pension fraud has soared since the start of the coronavirus pandemic. Reports of scams that clone the details of genuine companies regulated by the Financial Conduct Authority (FCA) were up by 29% during the first month of lockdown and, in 2020, victims lost an average of £45,242 each to criminals imitating trusted brands such as Aviva and Allianz, according to Action Fraud. The real figure is thought to be far higher, since surveys suggest that half of those targeted fail to report what has happened.

The financial impact of the pandemic is likely to make more people vulnerable to these scams, which…

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