Insurance & Pension scams

The Prudential have sent his recent warning:

Lockdown has brought out the best in many people, but unfortunately it's also brought out the worst in a small minority. So, it's times like these when we need to be extra vigilant with our finances.

We're hearing more and more about an increase in the number of financial scams. The nature of these scams has changed slightly, with an increase in scammers using email and cold calls in an attempt to steal money from people. They often do this by encouraging people to move their money to what seems like a great investment deal. Scammers are becoming more sophisticated in their approach, so it's important to be on your guard, particularly if you're asked to transfer any money or offered something which sounds too good to be true. 

A recent scam using Prudential company name:

Over the last few weeks we've heard of a scam using our company name to entice people to move their money. The scammers are promoting products they claim are from Prudential, but actually don't exist. 
 
If you've been contacted about a Prudential Deposit Fixed Rate Saver or Fixed Rate Deposit Bond, please be extra vigilant. These products are known to be linked to fraudulent activity. 

Here are a few other scams to beware of:

• 'Good cause' scams, where scammers will ask you to invest in good causes such as face masks and hand sanitiser production, often promising lucrative returns
• Cold calls, emails, texts or WhatsApp messages telling you that your bank is in trouble due to the pandemic and you need to transfer your money to an alternative bank account
• Scammers asking for upfront fees when applying for loans or credit cards that you'll never receive, in an attempt to exploit people experiencing short-term financial concerns

Here are some other signs of a scam that you should look out for:

• A call, email or text message asking you for personal details or to transfer money
• A cold call or email from someone pretending to be from an authorised insurance company, trying to advise you on the sale of a pension or investment product
• Anyone asking for your passwords
• Anyone asking you to move money into another account or asking you to pay fees directly into another bank account

Remember to trust your instincts. If you think the offer sounds to good to be true, it probably is. 

How to protect yourself

There are ways you can protect yourself from becoming a victim of scams:

• Don't click on links or open emails from senders you don't already know
• Fraudsters try to make their emails look genuine, so check your emails are actually from whom they claim to be. Look out for spelling mistakes and be aware that as a Prudential customer, you will only receive emails from @pru.co.uk or @prudential.co.uk email addresses and not deviations such as @prudentialltd.co.uk. To check if an email address is genuine, you should scroll over the sender name to see if there is a different email address behind it
• Always do your homework before you give away any personal details to a person or organisation you don't already know
• Be vigilant when taking unsolicited calls or checking unexpected emails
• Avoid being rushed or pressured into making decisions

You can find out more on spotting scams and what to do to protect yourself by visiting our dedicated scams hub. You can also visit the Financial Conduct Authority's Scamsmart website for more information on how to avoid pension and investment scams.