The United Kingdom has a well-developed and robust regime to effectively combat money laundering and terrorist financing. However, it needs to strengthen its supervision and increase the resources of its financial intelligence unit according to a new report by the Financial Action Task Force (FATF)/ The report was an assessment of the United Kingdom’s anti-money laundering and counterterrorist…

One in five (22%) people have been defrauded via their credit card in the last year, according to a survey of 2,000 UK adults commissioned by comparethemarket.com. This equates to 11.4 million people nationwide, highlighting the rising levels of credit card cyber risk in the UK. The Credit Card Fraud Index found that many people…

A whitepaper released by Mitek and authored by Fintech research practice Autonomous NEXT found that the opportunity is ripe for digital lenders to grow – if they continue to invest in digitisation. The whitepaper, entitled ‘European Digital Lenders: How operating efficiency is helping digital lenders attack a $150 billion annual origination market across the Eurozone in 2018’, looked…

Anti-money laundering (AML) specialist SmartSearch has been named as one of the world’s most innovative financial technology solution providers by RegTech Analyst for the second year running. Each year, specialist research firm RegTech Analyst releases the RegTech 100 list, which recognizes the world’s 100 most pioneering companies that are transforming compliance, risk management and cybersecurity.…

Despite the common assumption that the younger generation is more tech-literate, three in 10 (31%) 16-24-year olds have been a victim of online shopping fraud, compared with only 12% of over 55s according to Shieldpay, the secure payments provider. Younger victims of online fraud are also facing more significant losses compared to older victims. Those…

Banks and insurance companies have announced that they will team up to fight cyber-crime by creating a new organisation which will oversee efforts to combat cyber-criminals. The new venture is backed by 20 large banks, insurers and security exchanges. It is scheduled to be launched early next year. Called the Financial Sector Cyber Collaboration Centre (FSCCC), the…

Fraud prevention service, Cifas, has released startling new figures showing a marked increase in the number young people falling victim to identity fraud. The new figures reveal that Cifas members identified a 24% increase in cases of under-21-year-olds falling victim to impersonation fraud in the first nine months of this year, a significant rise from…

Nearly half (48%) UK consumers incorrectly believe they are protected by their bank from authorised transfer fraud, according to the Shieldpay Fraud Tracker. The research from secure payments provider, Shieldpay also reveals a further two in five (38%) people do not know how or if they are protected from this type of scam. Of the people…

The Financial Conduct Authority (FCA) has fined Tesco Personal Finance (Tesco Bank) £16.4 million for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack. The cyber attack took place in November 2016. Cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card, its…

A total of £503.4 million was stolen by criminals through authorised and unauthorised fraud in the first six months of 2018, new data from UK Finance shows. During the same period, the finance industry prevented £705.7 million of unauthorised fraud, equivalent to £2 in every £3 of attempted unauthorised fraud. Newly-collected data, published for the…

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