---
title: Monzo’s Big Failing, Why Fraud Prevention in Pensions Starts with Data
description: The FCA’s recent £21 million fine to Monzo over financial crime failings is a reminder that fraud doesn’t only occur at account opening — and the pensions
---

<https://www.mortalitymanifest.co.uk/crbg-ltd-blog>

# [Monzo’s Big Failing, Why Fraud Prevention in Pensions Starts with Data](https://www.mortalitymanifest.co.uk/crbg-ltd-blog/monzos-big-failing-why-fraud-prevention-in-pensions-starts-with-data)

 Written by [Stephen Martin](https://www.mortalitymanifest.co.uk/crbg-ltd-blog/author/stephen-martin) | Jul 9, 2025, 12:45:00 PM

 

The [FCA’s recent £21 million fine to Monzo](https://www.fca.org.uk/news/press-releases/fca-fines-monzo-21m-failings-financial-crime-controls)over financial crime failings is a reminder that fraud doesn’t only occur at account opening — and the pensions industry isn’t immune.

While banks focus on onboarding, pension schemes face long-term data challenges. Members may move abroad, change names, or pass away unnoticed. Without accurate, up-to-date records, schemes risk years of undetected overpayments to ineligible or deceased individuals.

Unlike banks, which often catch fraud quickly, pension schemes may only uncover issues during audits — or not at all. Poor international death data, missing contact info, and outdated verification practices are all common problems.

This is why **high-quality data and proactive monitoring** are critical in the pensions industry. **MM’s *Overseas Proof of Life*** provides a robust solution, combining biometric ID checks, multilingual support, and full audit trails.

The Monzo case is a reminder that **weaknesses in financial crime controls don’t stay hidden forever**. For pension schemes, prevention starts with better data not just at enrolment, but every year thereafter.

[View full post](https://www.mortalitymanifest.co.uk/crbg-ltd-blog/monzos-big-failing-why-fraud-prevention-in-pensions-starts-with-data)

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