Protect Your Pension: How to Stop Phone Scammers in Their Tracks

Phone scams are hitting UK pensioners hard. In 2024 alone, more than £17.5 million was stolen. That’s about £48,000 gone every single day. For the people caught up in these scams, the loss isn’t just financial. It’s emotional too. Many older adults say they now feel nervous about picking up the phone.

Most scams start with something simple: a call. The person on the other end sounds polite, professional, maybe even friendly. But the goal is always the same. They want you to hand over sensitive information or money. Once you understand how they work, it’s easier to protect yourself.

How Scammers Reel People In

One of the oldest tricks in the book is the “investment opportunity.” The caller says they’ve got a special offer to grow your pension. They promise high returns and then pressure you to act fast. The idea is to rush you before you can think it through. Real advisers don’t work like this. They give you time, space, and paperwork to review.

Another common approach is impersonation. Fraudsters pretend to be from your pension provider, a government office, or even a financial advice service. Sometimes they already know bits of your personal information, which makes them sound believable. Then they ask for more, things like passwords, PINs, or account details. With enough of this, they can take over your pension and drain it without you knowing until it’s too late.

Technology also makes it easier for scammers to hide. With internet calling, they can make their number look local, even if they’re ringing from overseas. The number might even pop up with the name of a trusted company. This is called spoofing, and it tricks many people into picking up.

And then there are cold calls about pensions. These are completely illegal in the UK. If someone phones out of the blue to talk about your pension, that alone tells you it’s a scam.

Why Older Adults Are Targeted

Scammers go after pensioners for one simple reason: the money. After a lifetime of work, many retirees have significant savings. A single successful scam can mean tens of thousands of pounds stolen. Last year, the average victim lost around £33,000.

But it’s not just about money. Many older adults grew up in a time when answering the phone was second nature and politeness was expected. Scammers lean on that courtesy. They sound warm, friendly, and authoritative, hoping you’ll feel too polite to hang up or too unsure to challenge them.

There’s also the digital gap. Not everyone is familiar with terms like “spoofing” or “phishing.” Criminals take advantage of that lack of awareness by talking quickly and using technical language that makes them sound credible.

And then there’s the phone itself. A large number of older adults still use landlines. Unlike smartphones, landlines don’t come with built-in scam filters or call-blocking apps. According to Ofcom, more than 60% of people over 75 have received a potential scam call on their landline. That means fraudsters have a direct line to them, often over and over again.

The Toll It Takes

The damage from these scams goes far beyond the bank balance. Losing a pension pot can wipe out years of savings and security, but it also robs people of their peace of mind. Research shows nearly one in five people over 50 are so worried about scams they’ve stopped answering their phones altogether. That’s heartbreaking. The phone should feel like a lifeline, not a threat.

How to Stay Safe

The best way to fight back is to stay alert. If someone pushes you to make a quick decision, hang up. Real companies don’t demand instant answers. If a caller promises guaranteed high returns, be suspicious. Investments always carry risk, anyone who says otherwise is lying.

Remember, no one is allowed to cold-call you about pensions anymore. If you get one of these calls, it’s a scam. End it right away.

And never give personal or financial details over the phone unless you’ve called the company yourself on an official number. This one tip alone can stop a scam before it starts.

Talking things over with a trusted friend or family member also helps. Scammers count on catching you alone and pressuring you into a decision. Sharing what happened can give you perspective and reassurance.

Finally, technology can take some of the worry away. Tools like Phonely’s CallGuard filter out suspicious calls before they even reach you. For many older adults, that means being able to answer the phone again without fear.

Final Thoughts

Your pension is the result of years of work and careful planning. Don’t let a stranger steal it with a phone call. By spotting the tricks, trusting your instincts, and using the right protections, you can keep your money safe and your confidence intact.

At Phonely, we believe you should feel secure when you pick up the phone. That’s why we created CallGuard, to give you an extra layer of protection against scammers. If you’d like to learn more about how it works, you can read about it here

Scammers may be clever, but you don’t have to make it easy for them. With awareness and the right support, you can stay one step ahead.