One in four UK adults aged 40 and over would consider accessing their pension early to pay for the cost of living, research reveals.

The regulator, the Financial Conduct Authority (FCA) is warning that pension holders are becoming vulnerable to ‘misdirection’ scams in light of the cost-of-living crisis.

It said 44% of savers admitted they would take up the offer of a free pension review. But this is a classic distraction technique used by criminals to con them into parting with their life savings.

https://www.yourmoney.com/retirement/fca-issues-scam-warning-as-savers-consider-accessing-pensions-early/

Organisations lose an estimated 5% of their revenue to fraud every year, according to the Association of Certified Fraud Examiners (ACFE).

Widespread global disruption caused by the COVID-19 and its aftermath, as well as rising inflation, political tension, and socioeconomic unrest have created an ideal environment for all elements of the fraud triangle (motivation, opportunity, and rationalisation) to thrive. However, internal audit teams can play an important role in protecting their organisations by driving a culture of fraud awareness and prevention.

Fraud Is on the Rise: Step up to the Challenge, a joint report from the Chartered Institute of Internal Auditors (CIIA) and AuditBoard, outlines the increasing threat of fraud and key actions that auditors, executive leadership, and boards can take to fight it

https://www.icaew.com/insights/sponsored-content/fraud-on-the-rise-what-you-can-do/access-the-article/fraud-on-the-rise-what-you-can-do