Fraud reports projected to hit record high

The data shows last year 9,398 scams were reported, according to National Fraud Intelligence Bureau figures released to investment broker AJ Bell.

So far this year, there have been 8,153 reports.

The number of pension scams reported has drastically fallen following a ban on pension cold calls, after new tax rules were enforced in 2015.

The figures reflect the growing number of scammers trying to persuade British families to part with their nest eggs by guaranteeing high returns on their savings via non-existent or unfeasible investment schemes.

Tom Selby, of AJ Bell, said: “As pension scam reports have fallen, the number of people falling prey to scams focused on investments has continued to rise and look set to hit record highs.”