Even Covid-19 has damage the whole world economy at large, but the performance of the global video game industry is still high. Due to the staying at home policy people’s focus has automatically shifted towards the digital and virtual world. U.K video games reached the record highest level in over a decade. This fast-growing shift toward video gaming has also increased the risk as scammers may take benefit from this situation. Young people may be affected most due to less awareness of this risk. We will highlight this more when we will discuss the exciting ways to avoid a pension scam through fun gaming.
Awareness and information about this risk should have been spread among young people to avoid the scam. It can help all of us to protect and safeguard our savings and wealth. This awareness could also enable us to secure our parents and grandparents from such fraud and scams.
Why Avoiding Pension Scam is Important:
Even many people start thinking about pension very late, but one of the most important things is to protect these savings. We will not allow scammers to enjoy a pension saving person money. Here we will highlight how pension scam operates, ways to avoid these pension scam and what to do when you face these scam.
In the current situation, when the economic situation is falling, almost all the people face high pressures and financial problems. Due to these financial crises, a person may choose to take some risky decisions to overcome these financial issues. A study has reviled that scammer takes more advantage of people who are already facing financial problems and look for help. In this current situation, the reports have shown a high rise in these scams by up to 400%. FCA the financial conduct authority has also released research data indicating a 42% of increase in risk for pension saver scams than ever before.
Gaming and Pension Scam comes together:
It is quite difficult to locate pension spam. Scammers may come up with full knowledge financial knowledge and details close to reality. For example, they may be representing themselves from the most credible websites which are impossible to differentiate from the real ones.
Pension Bee sits with other leading digital companies to develop a game. this game called Scam Man & Robbin. the role of the Scam man is heroic where his mission is to protect the people pension from scams and the role of Robbin is to help the scam man to spot out scams related to pension. The purpose of the game is to spread awareness of scams in pension savers. In that game, in that game ‘Scam Man’, the player a wise and honest active person having a mission to protect people’s pensions from the fraudster.
The main task in this game is to find out pension scam and then use the technique to destroy the scam. If the player fails to identify the scam then his score in-game will drop down and he has to start once again.
As player play it, the game is basically delivering information on each level of the game, on each level game provide more practice on scams. as you play the game it gets harder on each level and give you tough task related to scams but also rewards you when you pass the levels. So through this game pension Bee is helping the pensioner to protect their saving from scams.
The Common Pension Scams:
Here is the common pension scam which the game highlighted.
Cold Calls about Your Pension:
You may receive emails, phone calls or they contact you through other different social media channels. The way of communication as well as other incentives they offer normally looks closer to reality and attractive. They play with common pension saver expectations after retirement. Based on expectations scammers show you the benefit of attaching with their company.
The exciting way to avoid pension scams through fun gaming is, if somebody calls you from a company about which you are not aware off, you have to disconnect the call. In this way, you can protect yourself from any fraud. If you keep listening to the caller’s story you may fall into their prey and you may disclose your pension details. So as I told you above just disconnect such calls.
Offers of Free Financial Assistance/Advice:
The scammer may offer you free investing tips, advice, and assistance to make more money. But the professional financial advisor does not offer free and they charge for their advice.
The exciting way to avoid pension scams through fun gaming is when someone offers you such free assistance don’t discuss your pension detail with him. Pension Wise and The Pension Advisory Services (TPAS) are the most trustworthy financial advisory organizations; you can financial tips from them.
Pretending to be authorized:
This is tactic is most commonly used by scammers where who pretend themselves an authorized people. First of all, they collect detailed information and knowledge about the pension fund. After that, they start acting as most authorized officials related to the pension funds.
The exciting way to avoid pension scams through fun gaming is, before disclosing your pension arrangement first of all check with FCA whether he is authorized or not. You can do this by a simple search on the FCA register.
Pressure to Make an Immediate Decision-making:
Creating urgency is a scammer’s best tool as well as an alarm to identify it as a scam. They always wanted you to make an immediate decision. And for this, they might offer a discount and limited-time bonus.
For any financial decision, you have to take enough time to identify all the risks and rewards associated with it. Investments decisions are not made on spot and always require time so do not take any decision without detailed study. If they give you deadlines and you find it hard to get enough information about that plan which they offer. It is much better for you to avoid that plan and say no to that offer.
Offering safe Havens during Economic Crunch:
In the current covid-19 situation, we all are facing economic crises and falling economies. Scammers who know the situation and they might come up with more incentives for your savings. For example, they might offer you a fixed higher return on the market on your investment in a time of crisis.
The existing way to avoid pension scam through fun gaming is; whenever you find it extraordinary beneficial for you in crises time this might be a scam. Because it crises time it is not matching with the current economic situation and the chances of fraud are higher. You have to focus on your long-term financial goals and make decisions accordingly and ignore the short-term decisions. you can hear more on how to choose the right investment platform.
Easy and Early access to your Pension:
Scammers may offer the pension saver flexible and easy terms to access their savings even before the age of 55. These terms would attract you towards them and in this way, they may steal your savings. HMRC put a 55% tax penalty on the amount you withdraw from the pension fund. The scammer may offer you to invest with them and save this penalty.
If you are based in the UK we would suggest you not withdraw any amount from the pension fund. You may choose to use this fund only in case of health or other emergency situation because of the heavy tax penalty on the withdrawal. in this case, you can also choose to take advice from the finance professional.
Gaming and Learning:
The purpose of the game is to give you and every one information about the scam and teach you to protect yourself from it. The players who are well aware of the game get rewards. This game gives you learning with fun and enjoyment.
If you want to educate your children and others about scams this is the best way to educate them through fun. It creates interest in pension savers of all ages.