New figures from UK Finance show bank scam victims lost £207.5m in the first six months of this year to authorised push payment fraud – more than £1.1m a day. A total of 57,549 cases were recorded by banks – a 69% rise compared with the same period in 2018. Over the same period, £408…

Nearly two-fifths of European businesses have knowingly fallen victim to a cyberattack in the last five years, with 64% admitting that they may have been hacked unknowingly, according to a new report by RSM, This is compounded by a sense of apathy and acceptance, as 62% of respondents believe hackers are more sophisticated than security…

New identity checks for company directors should be introduced to help reduce business fraud, says Tim Cooper, chair of insolvency and restructuring trade body R3 in Scotland. A Government consultation into enhancing the role played by Companies House in the UK’s anti-fraud framework, which recently closed, provides a real opportunity to significantly strengthen the UK’s…

The Federation of Small Businesses (FSB) is calling on the Government to tackle crime against small businesses as a priority and help to plug the billions that are being lost in the economy every year as a result. Hiring new police officers will be crucial to tackling business crime in England and Wales and making…

A new report from insurance specialist Gallagher finds that a significant proportion of UK SMEs are exposing themselves to severe and lasting impacts of a crisis incident, through lack of preparation, protocols protection and review. Crisis incidents, such as cyber-attacks, extortion, industrial espionage and terrorism, are costing UK SMEs billions of pounds a year. Furthermore,…

Small businesses are collectively subject to almost 10,000 cyber-attacks a day, according to new findings from the Federation of Small Businesses (FSB) One in five (20%) small firms say a cyber-attack has been committed against their business in the two years to January 2019. More than seven million individual attacks are reported over the same…

Major UK banks will have checks in place to confirm the recipients of money transfers by 2020, the Payment Systems Regulator (PSR) has said. The ‘Confirmation of Payee’ service will see lenders cross-reference names with sort codes and account numbers to ensure funds are being sent to the right recipient. The Payment Systems Regulator (PSR)…

The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has published its first formal strategy to deal with the requirements placed on the IPA as a Professional Body Supervisor (PBS) under the 2017 Money Laundering Regulation (MLR17). The strategy is an important part of the IPA’s work in…

The Financial Conduct Authority (FCA) has fined Bank of Scotland (BOS) £45.5 million for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately…

Cifas, the UK’s fraud prevention service, has published its annual report which indicates that Identity fraud has reached a record high. The Fraudscape report data identifies and analyses the country’s fraud trends based on 323,660 cases of fraudulent conduct recorded in 2018. The data, from over 470 organisations, including major UK brands from across the…

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