The Pensions Regulator has issued a joint scam alert with the City of London Police to more than 35,000 pensions professionals, warning of a rise in impersonation fraud in which criminals pose as members, take over pension accounts and divert funds by changing bank details or creating accounts in the member’s name. The alert calls on trustees and administrators to strengthen security and to report suspected incidents promptly to the Report Fraud service. TPR’s analysis of reports to Report Fraud found a sharp increase in cases affecting UK scheme members living in Africa in 2025, following year-on-year rises since 2016, and it warned that similar risks apply across other jurisdictions. Between 2021 and 2025, around GBP 500,000 was reported lost and a further GBP 2.5 million was reported as at risk. The alert highlights tactics including identity theft and account takeover (including via hacked email accounts), fraudulent duplicate accounts, weak credential exploitation (including where the perpetrator is known to the member) and fraudulent death claims, and urges schemes to review identity and verification checks, strengthen data security for overseas mailings, encourage two-step verification and stronger passwords, and report suspicions immediately. TPR will continue to analyse pension-fraud reports through its intelligence analyst embedded in the City of London Police. It also referenced a digital reporting campaign launched on 23 February and a free Pension Scams Action Group webinar scheduled for 18 March 2026.
The Pensions Regulator 2026-03-11
The Pensions Regulator issues joint scam alert urging tighter controls after spike in pension impersonation fraud
The Pensions Regulator and City of London Police have alerted over 35,000 pensions professionals about increased impersonation fraud targeting pension accounts. The alert highlights tactics like identity theft, account takeover, and fraudulent claims, urging enhanced security measures and prompt incident reporting. TPR noted a significant rise in fraud cases affecting UK scheme members in Africa and emphasized robust identity verification and data security.