Fraud
Near record high of 70% of transfer requests show scam warning flags
XPS Pensions Group can monitor transfer requests using their Transfer Watch. This allows them to keep track of transfer activity, transfer values, and scam warning flags that appear when a transfer request is made. Recent findings have shown that the number of transfer requests that have triggered a scam warning flag has increased month on…
Read MoreHow protected are your schemes against fraud and cybercrime?
Poor technological infrastructure and inadequate cyber and data security are hampering the productivity of employees working from home – and represent a cyber risk to Pension Schemes. Find out how we’re dealing with this here. While fraud and cyber risks have always been apparent, given the changes to how suppliers have operated and the current…
Read MoreWhat Trustees can do to help protect members from pension scams
Pension Scams Throughout the COVID-19 pandemic, there has been an ever increasing number of pension scams targeted at members and their pension pots. As furlough begins to end, members may be more inclined to look at ways to cash in their pension early and this is a potential ‘gold mine’ for pension scammers. We have…
Read MoreThe Pensions Regulator welcomes updated Pension Scams Industry Group (PSIG) Code of Good Practice
Combating Pension Scams is at the forefront of Trustees’ decision-making to ensure their members’ funds are fully protected within their pension scheme. Since 2015, PSIG have developed and launched the Code of Good Practice. There have been updates over the years and from 1 April 2021 the latest version has been published, below are a…
Read MoreHave You Pledged to Combat Pension Scams?
Have You Pledged to Combat Pension Scams? Pension schemes have lost a total of £31 million to scammers since 2017. On a more personal level, victims of these scams lose an average of £82,000 when targeted, an amount that could take 22 years to build up in a pension pot. To combat these scams The…
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