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…

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…

Business data, insights and analytics specialist, Graydon has announced a strategic technology partnership with global financial crime experts, TruNarrative. The partnership will provide a comprehensive onboarding tool for the UK’s business community. Graydon Onboarding is the UK’s first commercial onboarding solution combining credit decisioning, fraud detection and compliance screening. With fraud on the rise (estimated…

The Information Commissioner’s Office (ICO) has issued credit reference agency Equifax with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens during a cyber attack in 2017. The incident, which happened between 13 May and 30 July 2017 in the US, affected 146 million customers globally. The…

The winners of the second annual  2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…

The winners of the second annual Credit & Collections Technology Awards were announced last night at the Credit Services Associations’s annual Gala dinner at the Crown Plaza in Stratford-upon-Avon. Eighteen winners from the Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation were revealed. Stay tuned…

An increased focus on compliance risks detracting businesses from making investments to protect their organisation against fraud, according to new research by TransUnion (formerly Callcredit). The research, part of which forms the Fraud Fortress report, revealed that compliance is the area most commonly expected to drive increased expenditure (64%), potentially at the expense of prevention…

One in four (23%) consumers have been victims of fraud when shopping online – with 8% duped more than once, according to the inaugural Shieldpay Fraud Tracker. The cost of online scams is significant. Those which were tricked whilst purchasing an item online lost £608 on average – with one in seven (14%) victims defrauded…

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