June 2024

UK. DWP issues bank checks warning to pensioners following huge rise in fraud

The Department for Work and Pensions has stated it is reviewing thousands of pensioners' bank statements following a significant increase in fraud. Overpayments of Pension Credit, a supplement for older people with a low income, surged to £520 million in the fiscal year ending April 2024, a substantial rise from the £330 million the previous year. These overpayments incorporate £210 million worth of fraud, considerably more than last year's figure of £120 million. Both rises were highlighted as "statistically significant",...

July 2023

UK. Pensions transfer scams on the increase

Between April and June, 1685 pension scam assessments were completed using helpandadvice.co.uk's MoneyHelper flagged scam predictor tool. A quarter of those approached were asked to make a quick decision on whether to transfer, up significantly from 15 per cent in the previous quarter. The average scam likelihood score was 23 per cent, meaning that of the 1685 people that completed the assessment, almost a quarter of cases had associated red flags, a red flag means further investigation is needed. Having tracked the data for over...