New research by consumer group, Which? has found that some fraud victims are being left without satisfactory support from banks. The research found that while 83% of victims of fraud or fraud attempts in the past 12 months said they were satisfied overall with how their bank had managed the incident, some customers struggled to…

The United Kingdom is the third country most at risk of credit card fraud a new study by Merchant Machine has revealed. The research found that Ireland, France and the United Kingdom are in the top three countries most at risk of credit card fraud, with Ireland and Greece highlighting the highest percentages of increase…

A huge shift towards carrying out everyday tasks online for millions of people during the pandemic has led to a devastating surge in scams, according to Which? analysis of Action Fraud figures. The rearch found that in the year to April 2021, 413,553 instances of fraud were reported to Action Fraud – an increase of…

Retail banks have been issued a warning by the Financial Conduct Authority (FCA) about continuing weaknesses and failings surrounding their financial crime controls. The letter, which was penned by David Geale, the Director of Retail Banking & Payments Supervision for the FCA, and sent to banking industry chiefs across the UK, was issued in May…

New National Fraud Database figures have revealed a surge of identity fraud with an 11% increase in the first six months of 2021 with patterns of fraudulent conduct similar to the aftermath of the 2008 financial crisis are being repeated as the economy recovers from the pandemic. Cifas’ new Fraudscape report has indicated that the…

Nearly one-fifth of consumers have experienced credit or debit card fraud with an increase of fraudulent activity being reported during the pandemic, according to research by Lowell. The research showed that despite nearly three-quarters of consumers (74%) believing that they would not give out any details to someone claiming to be from their bank, nearly…

As more consumers go online for banking and other financial transactions, new research from TransUnion has found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (and the first four months of 2021 the company found the percentage of suspected digital fraud attempts in…

New data from FICO’s updated European fraud map shows that the UK achieved the greatest fall in card fraud monetary losses, dropping 7 percent and £46 million year-on-year. However, other nations among the 18 European countries studied did not fare as well. Overall, card fraud losses in these countries was reduced by €62 million. Matt…

The Lending Standards Board (LSB) says banks must urgently improve the way they apply a code that reimburses bank transfer scam victims. The LSB warned of systemic failings and said firms must work without delay to ensure the best outcomes for customers. It has written to the Chief Executives of banks which have signed up…

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