Figures from the City of London Police show losses from pension scams hit a record high in March of £8.6m.
The Financial Times reports 24 victims reported they had lost money to pension liberation scams in scams in March. This compares with £779,000 in losses reported by 12 individuals in February.
A total of £13m in losses was reported in the year to March, compared with £19m in losses a year earlier.
But the March figures represent the highest monthly loss since May 2015, when reported fraud hit £4.9m.
Overall since pension freedoms, over £42m had been lost to pension liberation fraud.
Red Circle Financial Planning chartered financial planner Darren Cooke, who launched a petition pushing the Government into banning pensions cold calling, told the newspaper: “The rise is shocking. This is likely to be the tip of the iceberg.”
A spokesperson for the Department for Work and Pensions says: “Pension freedoms give savers a choice over how they use their hard-earned savings, but it is important people are aware of the risks of fraud.
“The Pensions Advisory Service and Pension Wise both provide free, impartial guidance to consumers so they can fully understand the options available to them.”