MaPS publishes review into UK pension scams

The Money & Pensions Service (MaPS) has published Pension Scams in the UK: Evidence Review, which presents the findings from a review of the evidence on the scale of pension scams in the UK, the impact on those affected, types of scam and tactics used by scammers, key risk factors and current trends.

The report also recommends actionable and evidence-based strategies and interventions that MaPS and other stakeholders can adopt to lower the risks of scams and offer better support to those affected.

MaPS suggests the introduction of “positive friction” in the process of effecting a transfer after an amber flag has been raised, by way of asking the member if they wish to proceed with the transfer after receiving safeguarding advice.