There has been not been a surge in pension scams since the pension freedoms were introduced according to the Financial Conduct Authority (FCA).
Speaking to the work and pensions select committee FCA director of policy, risk and research Chris Woolard said the regulator was watching to see whether fraudsters would shift their attention to pensioners.
The regulator said it was assessing 160 potential fraud cases, five of which were live operations and four of which were linked to the pension reforms.
Woolard said: "We have not seen a spike in scam activity. I think we have got sufficient resources in terms of what we do. This [pensions] is clearly a very attractive target to scammers. Some people may say now, ‘can I pose as a fake pension provider?'."
He added that the watchdog's ScamSmart campaign which serves to warn people about fraudsters was reaching its target audience.
The FCA said up to 100,000 people had visited the part of the ScamSmart website which dealt with scams; 20,000 people looked at the register of legitimate firms; and 10,000 filled out a detailed web form about the firms that approached them. The FCA uses this to gather in depth intelligence.
However, Woolard cautioned better off people were more vulnerable to being ripped off. "The person who is most vulnerable is often the most confident person. People who think they know what a good deal looks like and a person who has a more significant range of resources available to them might invest in something far more exotic," he said.
In June Suffolk Life said affluent investors were not using Pension wise when exercising their pension freedoms.
In a separate hearing after the FCA were questioned, the Treasury said the number of successful pension frauds was 78 and this was the same number as before the freedoms took hold.
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