Agencies tackling pension scams, including The Pensions Regulator (TPR) and the Pension Scams Action Group (PSAG), have developed a new tool that uses machine learning to detect scam websites before they can target savers.
The new tool, developed by The Pensions Regulator (TPR) and the Pension Scams Action Group (PSAG), uses machine learning to spot scam sites early.
PSAG has reviewed 830 websites, taken down 29 high-risk ones, and referred 94 to other agencies for action since launching the tool.
At a recent webinar, more than 550 people from across the pensions industry joined PSAG and other experts to discuss how to improve scam prevention.
PSAG, coordinated by TPR, brings together police, government and industry. TPR has also placed staff within the City of London Police and the National Economic Crime Centre to improve intelligence sharing and support national anti-fraud efforts.
The webinar also included an update on a new fraud reporting system, due to replace Action Fraud later this year.
TPR PSAG business lead Paul Sweeney says: “The threat of pension scams is ever evolving. To stay one step ahead, we are using every tool at our disposal to beat the fraudsters.
“Scammers often exploit technology to deceive victims and steal their pensions. We are turning the tables on them by using technology to detect and prevent fraud by removing malicious websites.
“Alongside this, we and our PSAG partners are collaborating more closely than ever, enhancing the intelligence we hold and disrupting emerging threats from scammers.
“Ahead of the new reporting service launching later this year, it is essential trustees still report to Action Fraud so we can build our national intelligence picture.”
National Economic Crime Centre (NECC) threat leadership James Bentley says: “This latest action from the Pension Scams Action Group shows how, by working together, we can stop hard-working pension savers from being scammed in the first place. Scammers, be warned. We will use every tool we can to track you down, disrupt your activity, and prosecute you.”
City of London Police (CoLP) director Chris Bell says: “We continue to make progress developing the new Fraud and Cyber Crime Reporting and Analytics Service that will replace Action Fraud.
“This system will result in fundamental service improvements to how intelligence is gathered nationally from multiple sources and speed up the analysis of reports, and how quickly they are sent to police forces for investigation.”
