Fraud and financial scams in the age of coronavirus

fraud-prevention-3188092-1.jpg

Fraud and financial scams are nothing new, although it does feel like they are on the rise and becoming harder for the average person to detect. In June 2019, the Crime Survey for England & Wales (CSEW) reported nearly 4 million fraud offences against adults in the year ending March 2019.

People of all ages and backgrounds can fall victim to financial scams. However, it is our elderly community who are identified as most at risk from fraudsters. It is believed that they are more frequently targeted based on their circumstances. For example, their age or health issues (such as dementia) may make them more vulnerable. It may also be because they are bereaved or lonely. For anyone who falls victim to a financial scam, the effects both financially and emotionally can be devastating.

The Coronavirus pandemic has meant that many more people have been left feeling financially vulnerable or in a precarious financial situation. People have faced uncertainty as a result of the virus. They may be experiencing wage cuts, redundancies and stock market falls affecting pension values. This has meant that scammers have been able to take advantage of a wider pool of potential victims than ever before.

Many financial scams these days are very convincing. Scammers now utilize every aspect of technology available to them. As a result, it’s sometimes hard to know what is legitimate and what is a scam. One area which is particularly targeted by scammers is around pensions. You may have heard a lot recently about pension scams in the media. One way to protect yourself from potential scams is to make sure that any firm you use is regulated and registered with the Financial Conduct Authority (FCA).

How to spot pension scams and stop them!

Scammers usually contact people out of the blue via phone, email or text. When you receive any communication purporting to be from a pension provider, do check the origin eg by checking the telephone number or email headers. Scammers often use attractive offers to convince their victims to part with their money. If it sounds too good to be true, it probably is! If they ask you to transfer or release funds then this is a red flag and a way for them to gain access to, and steal, your money.

Telltale signs of scams

These are some classic signs to look out for in order to avoid pension scams:

Guarantees that they can get you higher returns on your pension savings than your current provider Offers to release cash from your pension before you turn 55 High pressure sales tactics. Reputable financial services firms have a code of conduct to follow which means they are not allowed to carry out this practice.

__________________

True Bearing Chartered Financial Planners are an award-winning firm of Independent Financial Advisers. We have a passion for using our expertise to make sure your finances work for you. We are FCA registered for your peace of mind.

To speak to us about any aspect of Retirement or Financial Planning please Contact Us.

 

Enjoyed this? Read more from Amber River True Bearing

Latest news

1

New India branch campus on the horizon for Lancaster University Keir Starmer meets Indian PM and included Prof Simon Guy Lancaster University. Pic Simon Dawson

New India branch campus on the horizon for Lancaster University

09 Oct 2025

2

Best events and talented students complete finalists list for Lancashire Tourism Awards 2026 Best Events and Talented students on Lancashire Tourism Awards finalist list

Best events and talented students complete finalists list for Lancashire Tourism Awards 2026

09 Oct 2025

3

East Lancashire Learning Group named UK digital transformation leader in CIO 100 Awards Andrew Dewhurst with the award win

East Lancashire Learning Group named UK digital transformation leader in CIO 100 Awards

09 Oct 2025

4

PHX Training appoints new business leader in Blackpool Jason Davenport PHX Training

PHX Training appoints new business leader in Blackpool

09 Oct 2025

5

Velocity seals Airbus extension worth up to $54m Velocity Composites Has Announced Its Entry Into The Us Market

Velocity seals Airbus extension worth up to $54m

08 Oct 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – Oct 10th
Ai 10.10.png.png
LBV Hub Seminars
10 Oct 2025 - 10 Oct 2025

Advantage: AI – A Workshop for Business Leaders – Oct 10th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

Unlocking major project opportunities in the North West
Lancs-cham-logo.jpg.jpg
LBV Hub Seminars
15 Oct 2025 - 15 Oct 2025

Unlocking major project opportunities in the North West

Strathmore Hotel, Morecambe, LA4 5AP

08:00 - 10:00

The New Employee Rights Landscape: Day One Compliance Essentials
EventBrite NORi - 15th Oct 2025 Webinar.png.png
LBV Hub Webinar
15 Oct 2025 - 15 Oct 2025

The New Employee Rights Landscape: Day One Compliance Essentials

Microsoft Teams, Microsoft Teams, PR253XH

13:30 - 15:00

The Autumn Re set - pour me a wine
LBV Advert_Autumn Reset 1200 x 630px.png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Autumn Re set - pour me a wine

The Artistry House , Preston , PR1 3JJ

17:30 - 19:30

The Business Network Central & East Lancashire
LBV Header (26).png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

October Freelancer Meet-Up
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

October Freelancer Meet-Up

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

HR Essentials for pubs, bars and licensed venues
EventBrite NORi - 22nd Oct Webinar.png.png
LBV Hub Webinar
22 Oct 2025 - 22 Oct 2025

HR Essentials for pubs, bars and licensed venues

Online - Teams, Leyland, PR253XH

13:30 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin