Many pensioners have been warned that pressure from the cost of living crisis could make them an easy target for scammers.
Such scammers often try to deceive vulnerable people to hand over large amounts or even all of their pension savings. Research from the City regulator suggests that the current financial struggle experienced throughout most of the UK is forcing pension-holders to be less careful with their savings.
According to the research, a quarter (25 per cent) of people surveyed said they would consider withdrawing their pension savings earlier than originally planned to help cover cost of living finances. The Financial Conduct Authority (FCA) warned that scammer use 'misdirection' tactics to deceive victims - such as promising them a better lifestyle in the future.
