The idea of a guaranteed return is likely to entice individuals, particularly in the current climate where monetary growth is hard to come by. However, this could be even more of a reason as to why people may fall victim to scams. Research undertaken by Hargreaves Lansdown showed 79 percent of over 55s asked said they had been approached by a scammer in the previous 12 months, but a point of concern was identifying the scam in the first place. More than one in four said they would not be worried by an offer of a guaranteed return until they were offered 10 percent a year or more. Another one in six said they had no idea what kind of guaranteed returns should ring alarm bells.

“The Pension Schemes Act will help to better protect people from pension scammers, but we need more from the Online Harms Bill too.

“Scam activity has become so widespread that most people have a story about how they’ve been approached. Increased awareness of scams means the tried and tested methods of offering free pension reviews for instance are more likely to attract suspicion, which is good news.”

However, Ms Morrissey took particular pains to urge Britons to stay alert to more sophisticated scams, such as those which involve the offer of guaranteed returns.

She said that while most people are aware of the fact that if something sounds too good to be true, then it probably is, many are unaware of the particular instances they should be treating with suspicion.

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