BBC expert shares pension loss alert to anyone born before 1955

A BBC expert has issued a warning to anyone with a pension , especially if you were born in or before 1955.

Financial expert Iona Bain explained to BBC Morning Live hosts Helen Skelton and Gethin Jones that people aged 70 and over were " particularly vulnerable" to a certain type of pension fraud, called f raud by abuse of position.

In fact, according to Report Fraud , "data shows older people are disproportionately affected. Victims aged 70 and over accounted for more than £51 million in reported losses, while those aged 80 to 89 suffered the highest number of reports and the highest financial losses of any age group, losing almost £24 million".

The alert comes as Bain spoke of a "really shocking story" following "new figures released by City of London Police, which is a police force that looks into fraud in the UK, and it’s saying that millions of pounds collectively are being stolen from older vulnerable people through something called fraud by abuse of position".

This happens when a trusted family member, friend, carer and in some cases, solicitors, use their position of responsibility and authority over somebody else’s finances to steal someone’s money, assets or property, she explained.

What makes this "particularly unpleasant", Bain said, is that this fraud is being "committed by someone you know and trust. In some cases, someone you might even love.

"They are doing this because you’re not in the position to fully look after your finances - maybe because you’ve lost capacity. You’re really placing your trust in that person to look after your interests and look out for you. Instead, they are using that for their own gain; it’s really hard to swallow knowing that this is going on."

If you were born in or before 1955, you could be affected more than most. Data from Report Fraud shows that in the last financial year, criminals stole £93.8 million through fraud by abuse of position. However, nearly half of those losses disproportionately affected one group.

Bain warned: "Nearly half of those losses have happened to those who are age 70 above. So clearly older people are particularly vulnerable to this."

According to Report Fraud, Detective Superintendent Oliver Little, from the Lead Force Operations Room at the City of London Police, said: "These offences can have a devastating impact because they are committed by people who have been trusted to act in the victim's best interests.

"The fact that people aged 70 or over had more than £51 million stolen highlights the significant threat this fraud poses to older and sometimes more vulnerable members of our communities. We want families, carers and those responsible for managing another person's affairs to know the warning signs and report concerns, so we can better protect those at risk."

The financial expert said that while it’s sensible to stay alert for red flags, there’s no need to panic as cases like this are the "exception", not the norm.