14 DAY TRIAL // The UK’s Information Commissioner’s Office (ICO) reveals that police have arrested several individuals believed to be part of an organized crime ring that’s responsible for defrauding pension holders after approaching them via cold calls and text messages.
The suspects have been arrested in Cheshire, Glasgow, Ayr and London.
The agency reports that the number of spam text messages related to reclaiming pensions has increased three times over the past six months. In addition, one in eight spam messages sent in March had something to do with pensions.
“In the past couple of years there has been a dramatic increase in members of pension schemes being approached to take a portion of their savings as cash before they reach the minimum pension age of 55,” the ICO reported.
“Thousands of people are estimated to have released up to £400 million into high risk and non-existent investment schemes, many of which are based overseas. Some of this money has been totally lost to fraudsters, with victims also being hit by significant tax and admin fees.”