Unfortunately, scammers know this too. People with larger pensions, property and savings are often targeted precisely because they have more to lose. With financial scams becoming more sophisticated, even experienced investors can be caught out.
The danger of quick fixes
With so many choices about how to manage retirement income, from drawing down pensions to investing for growth or security, it can be tempting to look online for answers. Social media, internet searches and AI chatbots often provide fast, free advice. Without regulation, much of this guidance is unreliable at best and dangerous at worst.
Recent research1 shows that 40% of UK investors have relied on social media for financial decisions in the past two years. Around one in ten turned to ‘finfluencers.’ Worryingly, more than half of those who acted on that advice lost money2.
Scams aimed at retirees and those nearing retirement
Fraudsters know that many people in later career stages have larger pension pots, investments or property wealth. Scams often target these assets directly. Common tactics include:
- Cloned websites and apps that look identical to trusted financial firms. Investors believe they’re engaging with a regulated company, only to lose their savings
- Urgent messages via email, social media, or WhatsApp pressuring you to act fast, often to ‘secure’ an investment or protect your money
- Impersonation scams where fraudsters pose as advisers, colleagues, or even family members to build trust before encouraging transfers or investments.
These scams are highly convincing and the financial impact can be devastating, not just for your own plans, but also for the legacy you hope to pass on.
The regulator’s response
The Financial Conduct Authority (FCA) is taking strong action to protect consumers. In 2024 alone, it removed or blocked over 1,600 unauthorised websites and worked with tech giants like Google and Apple to take down more than 50 scam apps.
It also forced nearly 20,000 misleading financial promotions to be amended or withdrawn, a huge increase from just a few years ago. It has also turned its attention to finfluencers, many of whom share risky or misleading advice without FCA authorisation.
Protecting your future and your legacy
While regulation helps, prevention is still the best protection. Here are a few simple but powerful ways to stay safe:
- Check authorisation – only deal with firms and advisers regulated by the FCA. Use the Financial Services Register to be certain
- Take your time – urgency is a classic scam tactic. If you’re being pushed to act fast, that’s a red flag
- Scrutinise details – cloned sites or emails may differ by just a single character in a URL. Be vigilant
- Ignore unverified tips – social media advice, however persuasive, isn’t regulated and may put your savings at risk.
These steps don’t just protect your retirement income today, they also help safeguard the inheritance and financial security you want to leave for your family.
Peace of mind for the years ahead
The money you’ve worked so hard to build is there to give you security, freedom and peace of mind in retirement. For many, it’s also about ensuring the people you care about are provided for in the future.
By staying alert to evolving scams and seeking guidance from your financial planner, you can protect your wealth, preserve your legacy and make confident decisions about the years ahead.
After all, this stage of life should be about enjoying what you’ve built and knowing it’s secure for generations to come.
1Fidelity International, 2025, 2 TSB, July 2025
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.