Pension Payments at Risk - Part 4

Blog readers may recall our earlier postings on a pension fraud involving UCRP. The fraudsters used persuasive tactics to gain access to various retiree pension accounts and diverted their payments.*

We now have a more complete understanding of the various failures that allowed the fraud to occur courtesy of Professor-Emerita Amy Block Joy of UC-Berkeley. (She is also chair of CUCEA.) Her "case study" of the fraud is at:

https://www.acfe.com/acfe-insights-blog/blog-detail?s=direct-deposit-social-engineering-case-study.

Excerpt: Investigations found that this scheme resulted in 345 cases of suspected fraud. A total of $885,939 in fraud was intercepted and stopped across 47 accounts, with $154,507 in funds lost in 10 of them. (The Pension Office later reimbursed all members who endured losses to their accounts.) 

If you are receiving a UC pension, you should check each month that the appropriate funds were transferred to your bank.

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*Our earlier postings on this pension fraud are at:

https://uclafacultyassociation.blogspot.com/2026/02/pension-payments-at-risk-part-3.html; https://uclafacultyassociation.blogspot.com/2026/01/pension-payments-at-risk-part-2.html.