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.
Explore the complexities and strategies in safeguarding UK banks from money mules. Gain insights into the challenges and necessities of effective transaction monitoring amidst evolving PSR regulations.
Without a fraud strategy that aligns to their organisations broader commercial goals, market share and growth can suffer if the fraud controls deployed come at the expense of customer and partner expectations in terms of experience.