New information from the government-backed Cash and Pensions Service (MAPS) has revealed that buyers have reported dropping £13.6m to monetary scammers over the previous yr, a mean of over £16,000 every.
MAPS, which gives private finance steerage to shoppers, additionally runs a devoted helpline for shoppers to report monetary scams.
Over the previous yr (April 2023 to March 2024) MAPS says its helpline information confirmed that 833 folks misplaced a complete of £13.6m as a result of monetary crimes and scams – an estimated common lack of £16,297 per client.
Fraud accounted for 9% of the full losses with id theft chargeable for 16%, checking account scams (14%), cyber foreign money funding fraud (14%), and Authorised Push Fee (APP) fraud (9%).
Fraud now accounts for roughly 38% of all crime in England and Wales and has greater than doubled in Scotland over the previous 9 years.
Some shoppers at the moment are getting assistance on recognizing pension fraud from MAPS.
A survey of customers for MAPS discovered that nearly three quarters of individuals (71%) reported that they felt extra assured in recognizing and managing a possible monetary rip-off after having a Pension Steerage name with MoneyHelper.
MAPS stated it might proceed to encourage extra folks to “get in contact” with it to debate their pension points.
MAPS’ Pension Steerage service reported optimistic suggestions, with 83% of those that had phone appointments saying they felt in “extra management” of their monetary state of affairs.
Clients additionally stated they’d suggest the service to others (87%) and that they have been fascinated about or had already acted round their pension (69%).
Charlotte Jackson, head of steerage providers at MAPS, stated: “Sadly, monetary crimes and scams are rife and it’s terrible to see a lot cash being misplaced, however hopefully our appointments can provide folks extra safety and understanding in the case of coping with them sooner or later.”
MAPS additionally runs the Pension Sensible web page on MoneyHelper.
• Survey information was produced by Market Analysis firm, Ipsos MORI. The survey presents information from prospects who’ve been involved with MoneyHelper from December 2023 to February 2024 (and who’ve been interviewed from January and March 2024).
