Regulators deploy AI to detect and remove pension scam websites

A tool powered by artificial intelligence (AI) has been used to identify and take down fraudulent websites targeting pension savers.

Developed by The Pensions Regulator (TPR) and the Pension Scams Action Group (PSAG), the system uses machine learning models trained on real-world data to flag suspicious 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.

Paul Sweeney, PSAG business lead at TPR, said: “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.

“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.”

At a recent webinar, PSAG members joined industry experts and more than 550 participants from across the pensions industry to discuss how they can work together to strengthen defences.

Chris Bell, service delivery director at City of London Police (CoLP), spoke about a new reporting service replacing Action Fraud later this year.