The ongoing COVID-19 pandemic has affected nearly every industry and the pension world is no exception. As a result of the economic downturn, due to the pandemic, the threat of ‘deceased pension fraud’ is on the riseŦ. The phenomenon occurs when a false claim is made after the authorized person has died.
In 2012 it was assessed that nearly one fifth of UK pension schemes had suffered fraud1 and between 2013-2019 this type of fraud cost pension companies nearly $40 million CAD from 163 reports2. Aside from the payout for these claims, companies must also spend further on recovery agencies and suffer a potential reputation loss.
- Motives and methods used by fraudsters.
- The impact to pension funds
- Ways to help mitigate the risk.
Alex Beavan is currently the Head of Fraud Investigation for Western Union Business Solutions. Previously he was in Law Enforcement for 30yrs and served in the Counter Terrorism Command and Special Branch in the UK. He was also attached to the Ministry of Defence. He specialised in counter terrorism, counter-intelligence, and terrorism / serious organised crime financial investigation. He has been involved in many of the most high-profile terrorism investigations in the last 25yrs including a number as the lead financial investigator receiving several awards. He has also presented across the globe on fraud to businesses, financial institutions, law enforcement, and intelligence groups.