The stress and sense of discomfort that comes from knowing someone has tricked you out of your money through fraud is hard to comprehend until you find yourself in that position. But unfortunately it is experienced by thousands of people each year.
Worryingly, a recent study conducted by YouGov found that the number of people affected by fraud could be on the rise as individuals around the age of retirement are finding themselves the target of fraudsters seeking to trick them out of their pension money.
The research revealed that around 17 per cent of over 50s and 20 per cent of over 55s have been approached by a company claiming that they will help them to access their pension early. In reality, only a tiny percentage of the population will be able to access their pension funds before the age of 55, so these individuals have most likely been the targets of attempted fraud.
It is an issue that we at Frenkels Forensics are all too well aware of, having worked on dozens of fraud cases. While it’s often too late to undo the emotional damage felt by victims of fraud of this nature, calling on a company like Frenkels Forensics for our forensic accounting services is an excellent step to ensure that the financial damage done by fraudsters is resolved as quickly and painlessly as possible.
Pension fraud is something that Andrew Tully, pensions technical director at Retirement Advantage has also seen too much of in his time. In response to the study he urged retirees to “be on their guard” and offered the age-old wisdom of reminding individuals that “if an opportunity sounds too good to be true, it almost certainly is”.
For expert help with any pension fraud or any other kind of fraud investigations contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.