Eight million targeted by pension scammers in fraud epidemic
Number of attempts to steal savings is spiralling as tricksters prey on the vulnerable
Scammers are increasingly used websites to lure unsuspecting victims
Credit: Jake Hawkins/TMG
Almost eight million people in Britain have been targeted by fraudsters attempting to trick innocent pension savers out of their life savings.
The number of pension scams has rocketed during the pandemic and it has quickly become one of the most common types of fraud. The number of reported crimes has jumped 45pc this year compared with 2020, according to Action Fraud, the national reporting centre.
Thousands of British investors lost cash in the German property scheme
Credit: Lorna Milligan
Thousands of British savers have been pushed to the brink of financial ruin after placing their money into a toxic German investment scheme that later collapsed.
More than £1.5bn has been invested in German Property Group, more commonly known as Dolphin Trust, but the firm, which sold loan notes to fund the purchase and renovation of derelict German buildings, filed for bankruptcy last July. The group lured investors with the promise of annual returns of 15pc and said a £100,000 investment would return £60,000 within five years.
However, payments began defaulting in 2018 and British investors now fear their life savings could be lost altogether. The German Property Group Creditors Association, a group of British investors, said £320m of Britons’ cash was invested in the scheme, making it larger than London Capital & Finance, another bond scheme that collapsed owing investors millio