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New knowledge from the government-backed Cash and Pensions Service (MAPS) has revealed that customers have reported dropping £13.6m to monetary scammers over the previous yr, a median of over £16,000 every.
MAPS, which offers private finance steerage to customers, additionally runs a devoted helpline for customers to report monetary scams.
Over the previous yr (April 2023 to March 2024) MAPS says its helpline knowledge confirmed that 833 folks misplaced a complete of £13.6m as a consequence of monetary crimes and scams – an estimated common lack of £16,297 per shopper.
Fraud accounted for 9% of the entire losses with id theft accountable for 16%, checking account scams (14%), cyber foreign money funding fraud (14%), and Authorised Push Cost (APP) fraud (9%).
Fraud now accounts for about 38% of all crime in England and Wales and has greater than doubled in Scotland over the previous 9 years.
Some customers are actually 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 mentioned 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 scenario.
Clients additionally mentioned they might advocate the service to others (87%) and that they had been excited about or had already acted round their pension (69%).
Charlotte Jackson, head of steerage providers at MAPS, mentioned: “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 on the subject of coping with them sooner or later.”
MAPS additionally runs the Pension Smart web page on MoneyHelper.
• Survey knowledge was produced by Market Analysis firm, Ipsos MORI. The survey presents knowledge from clients who’ve been in touch with MoneyHelper from December 2023 to February 2024 (and who’ve been interviewed from January and March 2024).
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