More than £48,000 lost to pension fraud every day last year

Data from Action Fraud reveals there were 519 reports of pension fraud in total and £17,567,249 lost in 2024, with an average loss of £33,848 per person.

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

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.

Action Fraud, with support from the Pension Scams Action Group (PSAG), has launched a pension fraud awareness campaign, warning people to take extra measures to protect their pension scheme accounts and to be cautious of investment opportunity offers from criminals that could be targeting them.

Chief Superintendent Amanda Wolf, head of Action Fraud and the National Fraud Intelligence Bureau (NFIB), said: “When a person has their life savings swiped away by ruthless criminals, it can leave a devastating impact and leave people in limbo – that’s why we’re urging people to stay alert to the tactics of criminals targeting those who are saving and investing for their retirement.

“Feeling pressured into an investment opportunity on the spot is a sign of fraud – legitimate organisations will never make you feel this way. Approach any investing offer with caution and seek independent financial advice if you’re unsure.”

Gaucho Rasmussen, executive director of Regulatory Compliance at The Pensions Regulator, which leads PSAG, said: “These statistics are another alarming wake-up call and reveal the shocking reality of how much money is stolen from hardworking savers in just one year.

“Fraudsters are ruthless, using fake investment deals and impersonation scams to exploit vulnerabilities and get their hands on savers’ hard-earned pensions.

“We urge every saver to ‘stop, think and check’ to protect their pension as if their future depends on it – because it does. That’s why PSAG fully backs this campaign from Action Fraud as we fight back against criminals who devastate lives.”

Fraud Minister Lord Hanson added: “Fraud is a despicable crime, and we are determined to bring these shameful scammers to justice.

“Defeating fraud requires a united front and cross-sector collaboration. Initiatives like Protect Your Pension are crucial to helping people protect their hard-earned savings.

“But we all have a part to play and my message to the public is simple: be cautious, be alert and be vigilant, especially when managing your money. Together, we can take the fight to the fraudsters and keep our life savings safe.”