From rising energy bills to increasing food prices, we’re all feeling the pinch of the cost of living crisis. As we tighten our belts, scammers have new tricks up their sleeves.

Research from the FCA has found that 25% of savers would think about withdrawing money from their pension earlier than planned to cover rising costs. Once you fall victim to a scam, it’s very difficult to get your money back.

Scammers are only getting smarter so you must stay vigilant.  

Here are 5 ways you can protect yourself:

• Always reject emails, calls and contact which are out of the blue. Callers may claim they’re from government-backed bodies to trick you into giving them information. Government organisations will never phone or text you offering a free pension review.
• Check who you’re dealing with. If it doesn’t feel right, it probably isn’t and it only takes a few minutes to check. It could cost you your savings if you don’t.
• Avoid ‘investment deals’, ‘free pension reviews’ and early access to your pension before age 55.
• Don’t fall for professional-looking websites or brochures.
• Never feel rushed into making a decision. Take your time to check things over, even if you miss out on a ‘great’ deal.

Anyone can fall victim to a scam. Scammers are often charming, make attractive offers and sound like they have your best interests at heart.

If you’re suspicious, here are 3 things you can do:

1. Make sure your financial adviser is on the FCA approved register.
2. Visit MoneyHelper.
3. If you’re over 50, speak to PensionWise.

It’s a good idea to discuss your pension with an Independent Financial Adviser (IFA). Before you speak to an IFA, make sure the person or organisation you are speaking to is approved with the FCA.

To find a list of IFAs in your local area visit Unbiased.