Mike Jordan, who founded Jordan Financial Management in Sutton Coldfield more than 25 years ago, said affluent people are being conned out of millions of pounds each year.

He said: “Research shows that a significant number of wealthy people have been the victim of financial crime.

“According to a recent survey, which spoke to people with assets of more than £250,000, two in five had fallen foul of scammers – that’s 41 per cent. So, more people fall for them than you might think.

“There is a bit of a myth that scammers target naïve, isolated and vulnerable people, but the truth is that no-one is immune to fraud, and there are increasingly sophisticated scams that target the affluent.

“Two of the most common types are investment fraud and pension fraud,” Mike explained.

Investment scams tempt victims either into a fake scheme, or one that makes them pay in more than the potential returns.  According to UK Finance, in the first six months of 2023, investment scams collectively cost victims more than £57million.

Mike said: “These scams can be very difficult to spot and may appear completely legitimate, with professional websites, testimonials from clients and persuasive marketing.

“The best-known examples are ‘Ponzi’ or ‘pyramid’ schemes, but there are lots of variants.

“My advice would be to be suspicious of anything that comes via cold calling, anyone who applies ‘hard sell’ tactics and certainly anything that offers high returns for low risk. If it appears too good to be true, it probably is.”

Fraudsters usually use pension scams to try to get access to a victim’s pension fund, Mike explained.

“In some ways, this has been encouraged by changes that have given people the ability to self-manage their pension pots, once they reach 55,” he said.

“We hear about cons where victims are persuaded to cash in their pension, or take a loan from it, and then give it to the fraudster to invest. In other cases, they convince victims to move their savings into a new pot, promising higher returns.

“I would advise you to be wary of terms like ‘unlocking’ your pension, unusual investments and overcomplicated schemes, involving different groups, all of whom want their own fee.

“If you are suspicious of a firm that has contacted you, you can check to see if they are on the Financial Conduct Authority (FCA) register or on the FCA warning list, or you could check their HMRC status.

“Just a quick online search can tell you a lot about a company’s reputation and financial position. First of all, my advice is, do not deal with anyone who is not registered with the FCA (and check the FCA website yourself, don’t rely on what they tell you).

“Also, contact the firm yourself using the details that are registered with the FCA. Some scammers “impersonate” a genuine firm and so always check whoever you are dealing with really works for the firm that they claim to.

“Then, do not invest into anything that isn’t covered by the Financial Services Compensation Scheme (FSCS) or that isn’t a genuine registered and regulated investment product (such as a Unit Trust).

“Then, go to Companies House and look the firm up and look at their accounts so that you can see their financial position. Scammers are likely to have very little money in their business and the amount might contrast starkly with what they’ve told you about their investment success. Also, you vcould visit their business premises and check that they’re a genuine business.

“There is help available if you have been scammed, from Action Fraud and the FCA – but the best approach is to reject any cold calls – and don’t believe anything that seems too good to be true.

“Don’t put yourself in a position where you’re risking everything you’ve worked for being taken away from you. In addition, if you look online, you’ll find the details of local, respectable firms of financial advisers.

“Go and see one of them and show them what you’ve been offered so that you can get a professional opinion. Invest the extra time into making sure you’re not being scammed. Always ignore any pressures where you’re being told that you’ll miss the opportunity if you don’t act immediately, this is classic scammer behaviour.”