Combating the Growing Threat of Pension Fraud:
Practical Steps for Administrators and Trustees

Explore practical strategies to combat pension fraud. Enhance security, ensure data quality, and protect retirement savings.
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What is the Threat facing Pensions?

Pension fraud is emerging as a significant concern as it poses a threat to individuals' retirement savings and has the potential to undermine trust in pension schemes. As pension scheme administrators and trustees, it is crucial to understand this growing menace and proactively take steps to combat it.

But what does this really mean and what practical steps can administrators and trustees take today to get ahead of the threat of pension fraud and safeguard the interests of scheme members?

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Understanding Pension Fraud

Pension fraud encompasses various fraudulent activities, including investment scams, identity theft, and unauthorised access to pension funds. Fraudsters employ sophisticated tactics to exploit vulnerabilities within pension schemes, resulting in devastating financial consequences for individuals.

Our Digital Pensions Fraud Report evaluates the pensions sector's current identity verification standards to stop sophisticated fraud attacks, in the run up to digitalisation.

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Taking Action: What practical steps can pension providers take today to help combat pensions fraud?

How We Can Help

The growing threat of pension fraud necessitates proactive measures from pension scheme administrators and trustees. By raising awareness, ensuring high data quality, implementing more robust security measures and being able to recognise high risk signals, administrators and trustees can enhance the resilience of pension schemes and protect the retirement savings of their members.

Data and analytics providers, like LexisNexis® Risk Solutions, are well-equipped to help mitigate against fraud by supporting pension providers in:

Reducing risk exposure and delivering good customer experiences by maintaining accurate, complete and current member information

Validating members' details through robust member identity verification and authentication using market-leading data coverage of the UK population

Catching fraud upfront using predictive analytics powered by extensive data resources, advanced statistical linking and supercomputing technology

Recognising high risk fraud signals, using modelling and machine learning techniques and drawing on a digital identity network comprising crowd-sourced device and behavioural intelligence taken from almost 100 billion transactions each year

Taking advantage of the learnings of other fraud-sensitive sectors that are further ahead with digital transformation, to establish and implement security protocols

Together, we can combat pension fraud and help ensure a secure and prosperous future for all scheme participants.

Contact us to find out how we can help

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