The Pensions Scams Action Group (PSAG) has upped its efforts to uncover fraudulent websites, using machine-learning technology and algorithms trained with real-world data to build predictive models, to create a new tool to detect scam websites.

Developed by The Pensions Regulator (TPR) and the PSAG, the new tool is among the latest tactics being deployed to protect savers from online harm, and is thought to have the potential to protect thousands of savers from fraudulent sites.

As part of this work to date, PSAG has reviewed 830 websites, taken down 29 high-risk sites and made 94 referrals to partner agencies.

"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," TPR PSAG business lead, Paul Sweeney, said.

“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.”

This also builds on the news that City of London Police (CoLP) is currently developing a new Fraud and Cyber Crime Reporting and Analytics Service that will replace Action Fraud, as confirmed by CoLP service delivery director, Chris Bell, on a recent industry webinar.

“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," he explained.

However, TPR research recently revealed that just 11 per cent of benefit (DB) and defined contribution (DC) schemes correctly said scams should be reported to Action Fraud, despite clear guidance.

Given this, Sweeney argued that it is "essential" trustees still report to Action Fraud ahead of the launch of the new reporting service, so TPR and PSAG more broadly can build its national intelligence picture.

As part of its ongoing work with PSAG, TPR also confirmed that it has embedded experts within "critical agencies", including CoLP and the National Economic Crime Centre (NECC), to build a more comprehensive intelligence picture and ensure all scam-fighting organisations work in concert with national fraud strategies.

TPR previously confirmed that it would be embedding staff within these organisations as part of its broader efforts to "step up" its pension scam defences, given the continued threat fraud and scams can still pose to pension savers.

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