Pension transfers will be red-flagged and blocked if savers have been approached via social media under stronger anti-scam plans set out by the government on Friday.
The Department for Work and Pensions (DWP) has launched a consultation, open for just under four weeks, on strengthening protections against scams for members where unsolicited contact is received via social media. The government is concerned that more scammers are using the online channels to offer "too good to be true" incentives, including free pension reviews, early access to money, or time-limited offers. In draft pension transfer regulations, it is seeking to introduce red and amber flags, which would be triggered when one, a combination, or a set of specific circumstances withi...
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