The UK is facing a pension fraud crisis that could see millions scammed out of their life savings, according to research.

A report by data and technology specialist LexisNexis Risk Solutions, Pension sector faces looming fraud crisis, warns that, as digital pension services come online, pension holders’ greater access to cash from retirement savings is leaving them vulnerable to scams.

https://www.theactuary.com/2023/05/24/warning-cyber-pension-fraud-crisis-horizon

BES Utilities owner Andy Pilley has been found guilty of fraud as a seven month long trial concluded on Friday (19 May 2023) at Preston Crown Court.

A jury unanimously found Pilley guilty of two counts of running a business with the intention of defrauding creditors, one count of false representation and one count of being concerned with the retention of criminal property.

https://www.thebusinessdesk.com/northwest/news/2114944-lancashire-energy-company-owner-found-guilty-of-fraud-charges

 The pensions sector is facing a looming digital pension fraud crisis that could see millions of pensioners scammed out of their retirement savings, according to a report from LexisNexis Risk Solutions and the Pensions Administration Standards Association (Pasa).

https://pensionsage.com/pa/Report-warns-of-looming-digital-pension-fraud-crisis.php

 Cabinet Office permanent secretary Alex Chisholm has told MPs a National Audit Office report suggesting that some officials are “reluctant” to pursue fraud and corruption cases because of reputational damage to their departments is at odds with his personal experience.

https://www.civilserviceworld.com/professions/article/chisholm-insists-officials-arent-reluctant-to-tackle-fraud-and-corruption

 A fraudster made more than £64,000 from the benefits system having claimed to be broke despite sitting on a six-figure bank balance.

https://www.brightonandhovenews.org/2023/05/12/benefit-fraudster-claimed-64k-despite-six-figure-bank-balance/

 Police-backed North West Fraud Forum asks businesses to collaborate in the fight against fraud, as new figures reveal increased losses in the region over the past year.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/may-2023/businesses-urged-to-unite-as-fraud-cases-rise-25-in-a-year?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=2548694_ICAEWDaily_News_16May2023&utm_content=1&dm_t=0%2C0%2C0%2C0%2C0

UK Finance today releases its Annual Fraud Report, detailing the amount of money reported by UK Finance members that was stolen by criminals through financial fraud in 2022.

https://www.ukfinance.org.uk/news-and-insight/press-release/over-ps12-billion-stolen-through-fraud-in-2022-nearly-80-cent-app

The November 2021 cyber-attack on the Simplify Group – the country’s largest conveyancing business – cost it £6.8m and also suppressed fee income, its annual report has shown.

https://www.legalfutures.co.uk/latest-news/cyber-attack-cost-conveyancing-giant-7m-plus-lost-business

 Tide, a UK financial business      platform with more than 500,000 SMEs, has urged the government to establish a new anti-fraud tax to fund and train more police officers to combat the rising fraud epidemic in Britain.

https://thefintechtimes.com/tide-urges-government-to-introduce-anti-fraud-tax-to-combat-rising-scams/

Cold calls which cheat people out of their money by tricking them into buying fake investments are to be banned under government plans to be announced next week.

https://uk.sports.yahoo.com/news/cold-calls-financial-deals-banned-054529849.html