With global aging on the rise, retirement funds have become one of the most important forms of personal wealth. Unfortunately, scammers are increasingly targeting retirees—posing as financial advisors, bank employees, or even government officials—to deceive them into transferring pensions or investing in “high-yield” frauds. DJK LAW GROUP, with years of experience in financial fraud litigation, offers this essential guide to help seniors and their families protect their hard-earned retirement savings.
1. Common Forms of Retirement Fraud
Scammers prey on victims’ limited knowledge of financial jargon and their anxiety about financial security in retirement. The most common scams include:
1）Impersonating Government or Social Security Calls
Fraudsters pretend to be from the Social Security Administration or IRS, claiming issues with your account and demanding immediate transfers to a “verification account.”
Red Flags:
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Pressure to act urgently
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Threats of account suspension or arrest
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Caller ID shows “official” numbers (often spoofed)
2）Fake High-Return Investment Products
Scammers promote fake “pension funds” or “retirement savings plans” with promises of high, risk-free returns.
Red Flags:
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Guaranteed profits or returns
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No official documentation or regulatory registration
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Claims based on “previous client success,” often fabricated
3）Fake Financial Advisors
Posing as employees of banks, insurance companies, or investment firms, fraudsters offer “personalized pension plans” via phone, email, or even home visits—only to steal personal data or funds.
2. DJK LAW GROUP’s 5-Step Fraud Prevention Guide
Step 1: Triple-Verify Identity
If contacted about your pension account:
1）Hang up and call the official number listed on the agency’s website
2）Verify the caller’s license or credentials through official databases
3）Consult with a trusted family member or lawyer
Step 2: Never Process Pension Transfers via Phone or Text
Scammers exploit fear and urgency. Any pension-related action should only be conducted in person or through secure official channels.
Step 3: Beware of “Guaranteed,” “Risk-Free” Offers
Promises of “zero risk” or “monthly returns” are major red flags. Genuine retirement investments typically yield 4–6% annually. Offers beyond this range are likely scams.
Step 4: Regularly Monitor Your Accounts
Check your retirement account every 3 months. Look for suspicious transactions or unauthorized changes. Report any anomalies to your financial provider and law enforcement immediately.
Step 5: Document Everything and Seek Legal Help
If you encounter suspicious communication, websites, or transfer requests, take screenshots, save transaction records, and note phone numbers. DJK LAW GROUP can assist in freezing funds and pursuing legal action if needed.
3. Case Study: A Retiree’s Real-Life Experience
Mr. Liu (65) received a call from someone claiming to be from the “National Pension Authority,” warning that his pension was involved in fraud and required verification. Under fear and pressure, he transferred SGD 75,000 to a “temporary holding account.”
Fortunately, his daughter acted quickly and contacted DJK LAW GROUP. We helped file an emergency freeze with the bank within 24 hours and cooperated with international authorities to trace the funds. Over 65% of the amount was recovered, and criminal proceedings were initiated.
4. Conclusion: Legal Awareness Is the Best Defense
DJK LAW GROUP reminds everyone: any actions involving pensions should be handled legally, formally, and with personal confirmation. Do not let your life savings fall prey to manipulation. In today’s aging society, learning how to protect your retirement funds is a crucial skill for every citizen.
