The Financial Conduct Authority (FCA) has issued a warning about a ‘clone firm’ impersonating the free debt advice service National Debtline using the name ‘National Debt Helpline’ online. The warning is part of a wider issue of commercial firms impersonating legitimate debt advice charities. Three weeks ago the regulator issued a similar warning about a…

Paragon’s Motor finance has launched e-signature technology Flexi-sign to help intermediaries meet recommendations made by the Financial Conduct Authority (FCA). Flexi-sign is a new advanced electronic signature solution that enables faster pay- outs along with providing dealers and brokers with more choice and a standardised process when completing documents and verifying ID with consumers. It…

Thirteen Organised Crime Groups (OCGs) were dismantled by the Dedicated Card and Payment Crime Unit (DCPCU) in the first half of 2019, double the number in the same period last year, according to the latest figures from UK Finance. The DCPCU is a specialist police unit funded by the banking and finance industry that targets…

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)…

Cifas, the UK’s fraud prevention service, has released a report in conjunction with WPI Economics, showing one in seven (14%) British adults have committed one or more types of consumer fraud, while two in three (66%) know someone who has. There are many types of first-party fraud – including: Fronting – setting up a service in…

The Government has launched a new Economic Crime Plan, in a partnership between the Chancellor Philip Hammond, Home Secretary Sajid Javid, and heads of law enforcement, major financial institutions and legal, accountancy and property organisations. The plan sets out actions to better tackle the scourge of ‘dirty money’ in the UK. It brings together the…

British consumers care far more about online payment security than speed, simplicity and convenience, according to research from Equifax, the consumer and business insights expert. Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity.…

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…

A new independent survey of more than 2,000 UK adults commissioned by Studio Graphene has revealed the number of people who have fallen victim to fraud and hacking in the past year. The research found that a further 16% have had an online banking, social media, shopping or email account hacked. Consequently, around one in…

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