17 million reasons to watch out for criminals trying to scam their way into your pensions

PEOPLE are being warned to protect their pensions and look out for criminals trying to catch them out of their life savings, with Action Fraud revealing a total annual loss of more than £17million.

- By TELEGRAPH REPORTER

This equates to roughly £48,129 lost to this type of fraud per day in 2024.

Data reveals there were 519 reports of pension fraud in total, with nine of these reported in Derbyshire. In total, £17,567,249 was lost in 2024, with an average loss of £33,848 per person.

Reporting analysis suggests the two most prevalent ways criminals targeted victims were investment fraud pressuring tactics, and account takeovers of a victim's pension scheme by impersonating them.