Cyber security and your pension
Shopping, interacting and dealing with business on the internet is easier than ever before and many of us are comfortable making purchases, decisions and more online. But are we doing so safely?
With the rise of digital technology and the increasing complexity of financial systems, it has become easier for scammers to exploit people.
When a person or company approaches you, treat it with the same caution as you would if you were approached on the street by someone you didn't know. Most of us would only take them seriously if we trusted them or could verify that their company was legitimate.
If you get a message about your finances, remember:
- Don't fall for it - the promise of high returns, low risk and or accessing your pension now might seem appealing. However, the reality of a scam could leave you with nothing, and you could face a high bill from HM Revenue and Customs if you withdraw your retirement savings before age 55 (this rises to age 57 in April 2028).
- Take your time - you should never feel rushed into making decisions about your finances. Would you buy a car on the basis of one short phone call or discuss your finances with a stranger who cold calls you? Don't treat your pension, which is most likely worth more than a car and possibly your single most valuable asset, any differently.
- Be vigilant - think critically about every 'offer' you see or hear, whether by phone, letter, text, WhatsApp or email.
Think twice before opening that suspicious email. Suspicious emails can hide viruses or access your system, gaining potential valuable information like passwords and banking details. It's better to be safe than sorry.