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

Post Office future secured as council explores new options Abington Street Post Office

Post Office future secured as council explores new options

17 Sep 2025

2

Airframe Designs supports new defence strategy with pledge to nurture talent Jerrod Hartley

Airframe Designs supports new defence strategy with pledge to nurture talent

17 Sep 2025

3

Fox Group makes second acquisition since Stellex Capital backing Roger Thistlethwaite, managing director NMS Civil Engineering Limited. Paul Fox, CEO Fox Group. John Flood, Executive Director Fox Group

Fox Group makes second acquisition since Stellex Capital backing

17 Sep 2025

4

Villa at Wrea Green bought for £3.6m by Haythornthwaite family The Villa Wrea Green courtesy of The Villa Wrea Green

Villa at Wrea Green bought for £3.6m by Haythornthwaite family

16 Sep 2025

5

Fourth Lancashire Bodycare store to shut Nick Holloway of administrators Interpath

Fourth Lancashire Bodycare store to shut

16 Sep 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
LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

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

Ladies Lunch
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
18 Sep 2025 - 18 Sep 2025

Ladies Lunch

Lancaster Golf Club, Lancaster, LA2 0AJ

12:00 - 16:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

The Marketing Metrics That Matter – Sept 25
Metris 25.09.png.png
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

The Marketing Metrics That Matter – Sept 25

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

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

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