Overview

• Action Fraud recorded 519 pension fraud reports in 2024 with losses exceeding £17 million, averaging about £48,129 per day.
• Victims lost an average of £33,848, according to the official figures.
• Criminals most often used high-pressure investment pitches and account takeovers after unexpected calls or impersonation.
• A joint campaign urges people to use unique passwords, enable two-step verification and be wary of unsolicited pension contact.
• The Pensions Regulator called the data an alarming wake-up call and advised savers to stop, think and check, report to Action Fraud and alert their bank or pension provider if money has been paid.