Preventing perilous pension scams

The pension industry is facing increasingly sophisticated scam attempts, with fraudsters using stolen identities, fake promises of high returns, and “government approved investments” to catch people out. Frequently, losses are unrecoverable, and victims could also face tax charges. Trustees need to be aware of both traditional and new forms of scams. Fraud can now occur without any transfer requests, including bank detail changes and identity theft to access online services. Trustees should remain vigilant against scams, with the Pension Scams Industry Group (PSIG) having updated its Code of...