Four digital pension platforms have joined forces to create an online game to educate consumers and raise awareness of pension scams.
Pension Bee, AgeWage, Smart Pension and Nutmeg have today (April 29) launched retro online game ‘Scam Man & Robbin’’, with the aim of tackling the rapid increase in pension scams, which has been further exacerbated by the ongoing coronavirus crisis.
The game casts the player in the role of ‘Scam Man’, a vigilante whose main objective is to protect people’s pensions from scams.
To win the game, the player must correctly identify six of the most common pension scams by shining Scam Man’s torch on them to destroy them, as well as collecting corresponding bonuses that can help protect savers’ pensions.
Each level gets progressively harder, challenging some common offers which may initially seem positive about a pension scheme, such as guaranteed high returns or an offer of free advice, but could be tactics used by scammers to get people to part with their money.
The game also includes a coronavirus-specific scam, warning consumers against moving a pension to a fund that guarantees coronavirus protection and high returns during periods of economic uncertainty.
Other scams featured in the game include cold calls, early pension release and pressure to make an immediate decision.
The concept of the game was created at an event run by PensionBee back in November, which challenged teams to create an online concept that raises awareness of pension scams in both an engaging and educational way.
Margaret Snowdon, chairman of the Pension Scams Industry Group, said: “I’m pleased to say that the resulting game has surpassed all of our expectations and I have no doubt it will be a useful tool in helping to raise awareness, and protect those who know nothing about pension scams and the over-confident alike.”
Michelle Cracknell, non-executive director at PensionBee, said: “As recent studies have shown, anyone can fall victim to a pension scam, regardless of age or level of education.
“Scammers are increasingly sophisticated criminals who prey on savers simply seeking to make the most of their money in a confusing pensions world.
“Scam Man & Robbin’ has the potential to go a long way towards raising awareness and educating consumers of the pension scam warning signs. We’re thrilled to have successfully united some of the biggest innovators in pensions to bring this idea to life and are confident we can solve the problem of pension scams if the industry continues to work together.”
Industry-wide issue
Last month, Action Fraud announced that coronavirus-related fraud reports had increased by 400 per cent and the number of pension scams has soared since the beginning of the Covid-19 pandemic, as opportunistic scammers attempt to exploit savers experiencing serious financial strain and looking to access their savings.
Research from the All-Party Parliamentary Group on Pension Scams showed that with more people staying at home, in line with social distancing and lockdown restrictions, it’s much more likely that pension savers will be contacted by scammers via phone or online.
In response, The Pensions Regulator, Financial Conduct Authority and Money and Pensions Service issued a joint statement urging people not to make rash decisions with their pensions in the wake of the pandemic.
Earlier this month, FTAdviser carried out its own investigation into how these fraudsters operate.
Read our investigative piece: How the pension scammers are getting away with it
amy.austin@ft.com
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