Latest news with #banding
Daily Record
24-04-2025
- Business
- Daily Record
Martin Lewis issues new State Pension age change compensation warning to all WASPI women
Martin Lewis and the charity Independent Age have joined forces with Women Against State Pension Inequality (WASPI) campaigners to warn millions of 1950s-born women not to fall for fake websites urging them to claim compensation. The financial guru warned scammers advertising 'compensation over the change in State Pension age seems to be a new trend'. WASPI said that 3.6 million women have been affected by changes to their State Pension age and is urging them to stay alert following a sharp rise in fraudulent websites claiming that compensation is available. Only the UK Government has the power and means to issue any compensation. However, some of the fake websites falsely claim that ' DWP announces £3,000 compensation for 3.8 million WASPI women' while another labels itself as a 'Martin Lewis WASPI Calculator'. After a long-running battle for justice, the UK Government apologised for the mistakes it made in December 2024, but stopped short of setting out a compensation scheme for those impacted. In March 2024, the Parliamentary and Health Service Ombudsman (PHSO) recommended compensation at level four of its banding scale - between £1,000 to £2,950 per person - however, Secretary of State for Work and Pensions Liz Kendall said this would cost between £3.5 billion and £10.5 billion. As a result, WASPI campaigners launched a High Court challenge, which is currently in progress, and opportunist scammers now seem to be using the legal battle to target unsuspecting women affected by changes to their retirement age. WASPI Chair Angela Madden said recent days had seen an 'alarming spike' in the number of scams, saying the behaviour of those preying on vulnerable women is 'nothing short of disgraceful'. She said any announcement on compensation for WASPI women would only ever come from the UK Government. However, no such scheme currently exists. Affected women have received emails from bogus groups asking for sensitive information. At least one WASPI woman in Derbyshire reported that she had been asked to provide copies of her birth certificate and bank details through an online form, before realising it was a scam. Ms Madden said: 'WASPI has fielded dozens of queries from women following an alarming spike in fraudulent websites appearing in recent days. The need for compensation is so urgent that it is the most vulnerable women who are at risk from scammers. The behaviour of opportunists who seek to exploit them is nothing short of disgraceful. 'Any announcement on compensation will only ever come from the Government. Anybody who has shared sensitive information or feels they are at risk should contact Action Fraud.' Martin Lewis, founder of MoneySavingExpert, said: 'The word scammers underplays the danger of what are often organised criminal gangs using psychologically adept tactics to steal from people. They leach on to anything they can find, and compensation over the change in State Pension age seems to be a new trend. 'Even if they're not asking for money, they could be trying to take your information as part of a wider fraud. Be incredibly careful, don't click advertising or other links on social media, unless it is from a validated trusted source.' He added: 'And to be very plain, I don't do adverts nor allow anyone to use my name for endorsements. All my information will always be on my site so if you can't find it there, and see it elsewhere, it's very likely a scam.' Fran McSweeney, Head of Services at Independent Age said: 'It's concerning to hear that older women are being asked for their bank details and copies of their birth certificates by potential scammers. Anyone can be a target in this way, and a scam will often take advantage of events in the news, such as a WASPI compensation scheme. 'While scams can be very sophisticated, there are things people can do to protect themselves.' She continued: 'Never be rushed into sharing personal details out of the blue and contact your bank if you think you've been tricked into revealing any of your banking details. If what you're told sounds unlikely or too good to be true, it probably is. 'Look out for unprofessional communication, such as bad spelling or grammar.' For more information on spotting scams, the Independent Age Scamwise guide can be found here or by calling the charity on 0800 319 6789 to request a copy. Ms McSweeney added: 'The important thing to know is that support is available.'
Yahoo
14-02-2025
- Business
- Yahoo
Insurance fraud: The growing threat and the tech solutions fighting back
Fraud has been a hot-button issue across all facets of the transportation industry over the past several years, and the insurance sector is no exception. There has been an alarming rise in fraudulent and frivolous insurance claims, according to Demotech President Joseph Petrelli. 'Opportunistic plaintiff firms and adjusters are embedding themselves in these sectors, targeting insurance companies with increasingly sophisticated strategies,' Petrelli said. Bad actors are drawn to the industry because of its ubiquitous nature and high insurance payouts, making trucking companies and their insurers prime targets. The impact of these schemes extends beyond financial losses; they disrupt operations, increase premiums and strain relationships between insurers and their clients. Demotech, known for its pioneering work in rating smaller insurance companies, initiated a research project in March 2022 to uncover the scale and tactics of fraudulent activity. According to Petrelli, the company's findings revealed alarming trends, such as the proliferation of online platforms encouraging lawsuits against trucking companies and insurers. Demotech works to protect its carriers by utilizing 4Warn, a cutting-edge solution designed to track and analyze potential threats. Using 4Warn, companies can identify plaintiff attorneys targeting their business, monitor the language used in lawsuits and even gauge how much these firms are spending to fuel their campaigns. This level of insight empowers insurers to anticipate and counteract fraudulent claims before they escalate. While the transportation industry is often a target of these tactics, the overall trend toward excessive litigation transcends the boundaries of any one industry. Petrelli also cited the recent rise of websites urging claimants to sue their insurance companies over incidents like the recent Los Angeles fire outbreak. These platforms not only exploit genuine tragedies but also create an open door for frivolous claims. While the scale of the fraud crisis is daunting, industry leaders like TIE are adopting innovative technologies to stay ahead. Steven Munro, managing partner at TIE, emphasized the importance of connectivity in preventing fraud. This push for greater collaboration between trucking companies and insurance companies comes at a time when transparency is being championed across the industry as a whole. Once known for their rugged individualism, companies across the transportation industry are seeing the value in banding together in the digital age. This is especially true when it comes to addressing fraud. 'The more connected we can be with our insurers, the better we can monitor, manage and assist,' Munro said. A critical strategy involves integrating high-tech solutions, like cameras, into fleet operations. 'With ELD connections and cameras, insurance claims can be reported in as little as 10 minutes automatically, and video evidence can be reviewed almost instantly,' Munro said. This rapid response capability not only deters fraudsters but also streamlines legitimate claims, fostering a sense of trust between insurers and their clients. The rise in insurance fraud underscores the need for a proactive approach. Industry leaders must embrace technology, enhance collaboration and stay vigilant against emerging threats. By investing in the right technologies and fostering stronger connections between insurers and policyholders, the transportation and supply chain sectors can protect themselves from opportunistic attacks. Moreover, initiatives like Demotech's research project serve as a vital resource in understanding and combating these challenges. As the landscape evolves, staying ahead requires not only innovation but also a shared commitment to safeguarding the industry's integrity. Click here to learn more about TIE. Click here to learn more about Demotech. The post Insurance fraud: The growing threat and the tech solutions fighting back appeared first on FreightWaves. Sign in to access your portfolio
