Spotlight on pensions fraud
Agile digital newcomers are also entering the market, vying for a slice of the pie
Yet, the journey toward rapid digital transformation is not without its challenges.
An introduction to a new challenge in pensions
Fraud permeates all industries, and the pension sector is no exception. The fact that fraud remains invisible does not negate its existence. In reality, it’s often the opposite: a significant volume of fraudulent activity may be going undetected.
With increased digitalisation and the Pensions Dashboard on the horizon, the industry needs to be alert and protect members. Fraud is a growing issue and requires consistent review.
Filmed at Trust:Live on 11th June 2024, this breakout session features LexisNexis® Risk Solutions talking to David Cheetham, Associate Principal at Brightwell about emerging fraud trends in the Pensions sector.
This breakout session explores:
Types of fraud happening in the industry
Why fraud is hard to detect for those in Pensions
What can be done to help identify and tackle threats
Speakers:
David Cheetham
Associate Principal at Brightwell
David works in Administration Strategy for Brightwell, the end-to-end service provider for DB schemes, and the primary services provider to the BT Pension Scheme. David has almost 20 years’ experience in the pensions industry and has been with Brightwell since 2015. He is responsible for overseeing Brightwell’s independent mortality screening and member tracing, financial crime prevention in the pension administration space and is leading Brightwell’s Pensions Dashboard project.
David has also been recently appointed Deputy Chair of the Pension Scams Industry Forum, a member of the Pension Dashboard Advisory Group, and a number of PASA Working Groups including the Identity Management Working Group.
Alan Clay
Head of Strategy, Customer Data Solutions at LexisNexis® Risk Solutions
Alan specialises in using data to drive better outcomes for consumers. Since joining LexisNexis® Risk Solutions in February 2021, he has focused on working with TPAs and pension schemes to help them ensure their data is consistently "fit for purpose." Data maintenance is not a "one and done" process; leveraging third-party data can largely overcome challenges presented by legacy data. It’s crucial to recognise the roles and limitations of first-party and third-party data in creating an optimal data ecosystem.
As we move towards the Pensions Dashboard, maintaining data accuracy will be significant for Pension Finder requests and vital in combating fraud. By utilising physical data about members and their device usage, unusual behaviours can be detected, helping to reduce fraud losses.
