Fraud losses from coronavirus scams hit £5m mark

11,000 scams

Hope William-Smith
clock • 2 min read

A total of £5.1m worth of losses to fraud have been reported across the UK since February, according to ActionFraud.

More than 11,000 coronavirus-themed scams have been brought to ActionFraud since the start of the lockdown, the Press Association reported, with the most common identified as including a pension-related scam. This is commonly in the form of fraudsters convincing victims to transfer their pension pots or release funds. The sharp increase in scam activity comes despite continued warnings throught April and May from The Pensions Regulator (TPR) about heightened fraud risk. TPR chief executive Charles Counsell said: "These figures once again show the true devastation of scams; anyone c...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

TISA welcomes tabled amendment allowing for personalised guidance

TISA welcomes tabled amendment allowing for personalised guidance

‘Crucial that consumers have access to targeted and effective support’

Ayesha Venkataraman
clock 25 November 2022 • 2 min read
7IM said the number of clients who would make different choices suggested that the industry still hadn't got it together to offer robust, yet flexible, solutions that deliver the right outcomes for advisers and their clients

Third of UK retirees need 'more support' before making decisions       

Advisers have the toughest role to play in retirement planning, experts say

Julia Bahr
clock 24 November 2022 • 2 min read
Hybrid advice models to tackle lack of investor confidence

Hybrid advice models to tackle lack of investor confidence

Number of firms in the hybrid space expected to grow near-term

Julia Bahr
clock 24 November 2022 • 4 min read