White Paper:
Pension sector faces looming fraud crisis

Our new report warns that the pensions sector's current identity verification standards are too basic to stop sophisticated fraud attacks, in the run up to digitalisation.
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Is the pensions sector burying its head in the sand?

Industry experts fear greater accessibility to draw down cash from retirement savings as digital pension services come online in the next three years, will leave pension holders highly vulnerable to a new, wide-scale wave of scams. Valued at over £13.9bn1, the UK pensions market is the second largest worldwide, making it an attractive target for global organised crime.

In the run up to the implementation of the UK pensions dashboard, most schemes are working towards digital access for customers. Yet only a third (29%)2 of schemes have implemented any electronic ID verification processes to date and almost half (43%)2 admit to not having tested the strength of their resilience to cybercrime.
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“There is no room for complacency because hackers, scammers, and cyber criminals are very sophisticated and are always changing the playing field.”

Harus Rai – Managing Director, Capital Cranfield Trustees

Download our exclusive whitepaper produced in collaboration with PASA and discover:

What experts say is the minimum standard of security required for digital pensions schemes

The key threats facing pension scheme providers as they prepare to go digital

Where the most robust security is required in a digital pensions journey

The factors that pose the most risk to digital pension services

What schemes can learn from other industries that have successfully digitalised

Why schemes must act now to protect members’ interests

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