For expats and internationally mobile families, managing retirement savings often involves cross-border accounts, pension transfers, and long-term planning decisions. Unfortunately, this complexity can also make expats a prime target for financial scams.
Recent UK figures show that consumers lost over £629 million to scams in the first half of 2025, with impersonation and authorised push payment fraud among the most common methods. For those planning retirement overseas, a single fraudulent transaction can have long-lasting consequences.
Understanding how these scams work is an important part of protecting your retirement income.
What Are Impersonation and Authorised Push Payment Scams?
Impersonation scams occur when fraudsters pose as trusted organisations or individuals. This may include banks, pension providers, tax authorities, advisers, or even family members.
A particularly damaging form of impersonation is Authorised Push Payment (APP) fraud. In these cases, individuals are persuaded to transfer money themselves to a fraudster’s account, believing they are acting in their own financial interests.
For expats, this often relates to:
- Pension transfers or consolidation requests
- Investment opportunities linked to retirement income
- Requests involving overseas bank accounts or currency transfers
Scammers rely on urgency, authority, and trust to override rational decision-making.
Why Expats and Retirees Are More Exposed
Expats planning for retirement often face additional risk factors:
- Multiple bank accounts across jurisdictions
- Reduced familiarity with local regulators and consumer protections
- Time pressure around pension deadlines or tax changes
- Distance from trusted advisers or institutions
UK data from early 2025 shows:
- Over 2 million fraud cases reported
- APP fraud losses of £257.5 million, continuing to rise year on year
- Approximately two thirds of APP scams originating online, where impersonation is hardest to detect
For retirees, recovering lost funds can be especially difficult once income becomes fixed.
Common Red Flags in Retirement-Related Scams
Be cautious if you encounter:
- Requests to move pension funds quickly due to alleged regulatory changes
- Unsolicited contact offering guaranteed retirement returns
- Pressure to transfer funds to a new or overseas account for safety reasons
- Communications claiming to be from pension providers or advisers using unfamiliar contact details
Fraudsters may also impersonate government bodies or well-known financial institutions to appear credible.
Protections and Safeguards in Place
Improved Monitoring and Alerts
Banks and digital platforms continue to invest in technology that flags suspicious activity, including unusual payment destinations or potential impersonation attempts.
Reimbursement Rules for APP Fraud
Since October 2024, UK payment providers have been subject to enhanced reimbursement rules for APP fraud. These are designed to protect consumers who act reasonably, although reimbursement is not guaranteed in every case.
For expats, reimbursement outcomes can be more complex when overseas accounts are involved, making prevention especially important.
How Expats Can Protect Their Retirement Savings
Pause Before Making Changes
Any unexpected request involving pensions, investments, or large transfers should be treated with caution. Legitimate institutions will not pressure you to act immediately.
Verify Through Trusted Channels
Always confirm requests using contact details you already trust. Avoid responding directly to unsolicited messages or calls.
Check Adviser and Firm Authorisation
Before transferring pensions or investing retirement funds, confirm that the firm is authorised using the Financial Conduct Authority Firm Checker.
Speak to a Trusted Adviser
If something feels unclear or urgent, seek professional advice before taking action. A second opinion can prevent costly mistakes.
Report Concerns Immediately
If you suspect fraud:
- Contact your bank straight away
- Report the incident to Action Fraud
- Notify the platform or provider involved
Prompt action can limit losses and help protect other expats.
Why This Matters for Retirement Planning
Retirement planning is about long-term security and peace of mind. Fraud can undermine years of careful preparation, particularly for expats relying on pension income across borders.
Scammers are increasingly using sophisticated methods, including cloned websites and AI-generated voice impersonation. Staying informed and cautious is one of the most effective ways to protect your future income.
At SJB Global, we encourage clients to take time, ask questions, and seek advice before making any major financial decisions.
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