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 members fall victim to a scam, it’s very difficult for them to get their money back.

Scammers are only getting smarter, so members must stay vigilant.

Here are 5 ways members can protect themselves:

• Always reject emails, calls and contact which are out of the blue. Callers may claim they’re from government-backed bodies to trick members into giving them information. Government organisations will never phone or text members offering a ‘free pension review’.
• Members should check who they’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 members their savings if they don’t.
• Members should avoid ‘investment deals’, ‘free pension reviews’ and early access to their pension before age 55.
• Members should watch out for professional-looking websites or brochures.
• Members should never feel rushed into making a decision. They should take their time to check things over, even if they 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 members’ best interests at heart.

If members are suspicious, here are 3 things they can do:

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

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

To find a list of IFAs in their local area, members should visit Unbiased.