The Pensions Regulator (TPR) and the Pension Scams Action Group (PSAG) have developed an artificial intelligence tool to attempt to uncover fraudulent websites.

They have used machine learning tech - algorithms trained with real-world data - to build predictive models they can use for a new tool designed to detect pension scam sites.

The TPR said each of the fraudulent sites it has so far scrutinised would have had the potential to reach thousands of savers.

As part of the work to date, PSAG has reviewed 830 websites, taken down 29 high-risk sites and made 94 referrals to partner agencies.

PSAG is a multi-agency taskforce led by The Pensions Regulator that brings together law enforcement, government and industry representatives to co-ordinate and target action to combat pension scams and fraud through education, prevention and enforcement.

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.”

James Bentley, threat leadership co-ordinator at the National Economic Crime Centre, said: “This latest action from the Pension Scams Action Group shows how, by working together, we can stop hard-working pension savers from being scammed in the first place. Scammers, be warned. We will use every tool we can to track you down, disrupt your activity and prosecute you.

Tom Selby, director of public policy at AJ Bell, said: “Stopping pension scammers is a perpetual game of whack-a-mole. Whenever one scam is shut down another soon starts up in its place. That means it is vital that regulators and bodies like Action Fraud use every tool at their disposal to fend off scams as they emerge, closing down fraudulent websites as soon as possible before they’re able to lure in victims.

“This latest measure from TPR shows regulators are using technology to their advantage in the continuing fight against pension scams."

At a recent webinar, more details of the new reporting service replacing Action Fraud later this year were revealed by Chris Bell, service delivery director at the City of London Police.

He said: “We continue to make progress developing the new Fraud and Cyber Crime Reporting and Analytics Service that will replace Action Fraud.

“This system will result in fundamental service improvements to how intelligence is gathered nationally from multiple sources and speed up the analysis of reports, and how quickly they are sent to police forces for investigation.”

With TPR surveys showing only 11% of DB and DC schemes correctly said scams should be reported to Action Fraud, despite clear guidance, Mr Sweeney said: “Ahead of the new reporting service launching later this year, it is essential trustees still report to Action Fraud so we can build our national intelligence picture.”