POLICE are warning Devon residents to be on their guard against a rise in pension scams, amid concerns that increasingly sophisticated fraudsters are targeting people’s hard-earned retirement savings.

The financial losses caused by pension scams can be life-changing, with criminals using a growing range of tactics to convince victims to hand over their money.

Scammers are increasingly turning to fake websites, phishing emails, artificial intelligence-generated content, deepfakes and social engineering to make fraudulent offers appear genuine.

Devon & Cornwall Police are warning that even people who are confident they can spot a scam may miss key warning signs.

One of the biggest red flags is unsolicited contact.

Cold calling about pensions has been banned since 2019, meaning an unexpected phone call, email, text message, social media approach or offer of a ‘free pension review’ should immediately raise suspicion.

Residents are also being warned to be wary of anyone offering early access to their pension.

Most private pension funds cannot normally be accessed until the age of 55, rising to 57 in 2028.

Offers to release pension money earlier could be a sign of a scam and may also result in significant tax penalties.

Promises of unusually high or guaranteed investment returns should also set alarm bells ringing.

Legitimate investments carry risks, and residents should be suspicious of opportunities that appear too good to be true.

Police say residents should not be reassured by professional-looking websites, convincing documentation, online reviews or social media advertising.

Fraudsters can create sophisticated fake businesses designed to look legitimate.

Pressure to make a quick decision is another warning sign.

Scammers may use artificial deadlines or tell potential victims they must act immediately before an opportunity disappears.

Residents are being urged to follow the advice: Stop, think and check.

People should take steps to protect their pension and other financial accounts online, including using strong, unique passwords and enabling two-factor authentication.

Unexpected links and attachments should not be opened, while personal or financial information should never be provided in response to unsolicited messages.

Anyone considering an investment or pension transfer should independently check the company involved through the Financial Conduct Authority (FCA) Register and make sure the contact details match those held on the official register.

Residents are also advised to contact their pension provider directly using trusted contact details and seek guidance from Pension Wise, or a regulated financial adviser before making important decisions about their retirement savings.

Suspicious emails can be forwarded to [email protected], while scam text messages can be forwarded free of charge to 7726.

Anyone who believes they have fallen victim to fraud or cybercrime can report it to Report Fraud or call 0300 123 2040. Suspicious financial contacts can also be reported to the FCA on 0800 111 6768.

Police are urging residents to talk to family and friends about the risks, warning that a conversation today could help prevent someone from losing their life savings tomorrow.