European pension scam concerns have continued to grow, with Varma and Keva the latest pension providers to warn members that their brands are being used by scammers.

Finnish pension provider Varma put out a warning to its customers alerting them that scam text messages are circulating in Varma's name, the purpose of which is to phish for the recipient's online banking codes.

Whilst the content of the scam messages varies, users are directed to click on a link that leads to a phishing website.

Fellow Finnish provider, Keva, issued a similiar alert, warning that a scam message is also circulating in Keva's name, through which criminals are trying to obtain bank details.

Scam messages have been sent to customers' phones as text messages, with recipients again asked to go to a fake version of the provider's website, which acts as a phishing scam.

This is not the first time that either Varma or Keva has issued such warnings, as both providers previously cautioned savers about fraudulent text messages earlier this year, amid growing concerns about pension fraud across Europe.

The issue is not isolated to pension providers, however, as the Romanian Financial Supervisory Authority (ASF) also recently issued a warning that there had been recent cases where unknown individuals falsely presented themselves as employees of the institution.

In a recent case, a person was contacted repeatedly by individuals claiming to be employees of a bank, the police, and ASF.

Under the pretext of investigating an alleged identity theft and a fictitious credit application, these individuals created a sense of urgency, prompting the victim to provide sensitive personal and financial information.

ASF has since distanced itself from this activity, warning customers that it does not contact individuals by telephone to request signatures, personal financial information, verbal statements, or the signing of confidentiality agreements.

De Nederlandsche Bank (DNB) also recently said that it was “worried about hacks” on pension funds and other financial institutions, warning that the “threat of a cyber-attack on the financial sector is constant”.

A recent survey of Danish financial organisations, including several pension providers, also found that cyber threats are one of the “top concerns” of financial organisations, alongside geopolitics.

These concerns are expected to continue to grow, as the European Insurance and Occupational Pensions Authority’s (EIOPA) recent IORP Risk Dashboard also found an increasing risk outlook for digitalisation and cyber risks over the next year.

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