Standard Life, the leading pensions and savings provider, has signed up to use Callcredit Information Group’s CallValidate software to verify the identities of those drawing down their pensions.
Due to the recent pension reforms which have provided those over the age of 55 with greater flexibility when accessing their pensions, it’s expected that a large proportion of the predicted £4.7 billion a year previously invested in annuities could be directly paid into bank accounts.
As such Standard Life required an electronic solution to use in both their contact centres and online that could help protect against the threat of fraud. By using CallValidate they will have increased confidence that their customer’s identity and bank details are indeed linked – ensuring that any funds are paid to the genuine policy holder.
Keith Falconer, Group Head of Financial Crime, Standard Life commented: “CallValidate has proven to be an effective enhancement to our control environment in circumstances where we did not have rich customer data and has helped mitigate some potential fraud risks.”
Marcus Hayes, Senior Business Development Manager, Callcredit added: “Since the implementation of the new pension reforms the onus in on pension providers to ensure they have the adequate systems and increased levels of insight in place to protect their customers from fraud. CallValidate is a simple and effective system which can help combat these increased risks”