The Payment Systems Regulator (PSR) has confirmed that it’s new fraud-prevention tool – referred to as Confirmation of Payee (CoP) has now reached widespread usage providing additional protection to consumers and businesses. Confirmation of Payee allows users the opportunity to check the name of the person they wish to pay against the account number they…

Fraud prevention service, Cifas has revealed that cases of identity rose by 18% in 2019 compared to the previous year – the highest ever increase recorded on the Cifas National Fraud Database. Identity fraud occurs when a fraudster abuses personal data to impersonate an innocent party, or creates a fictitious identity, often to open a…

The Financial Conduct Authority (FCA) has fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017. Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns…

The Financial Conduct Authority (FCA) has issued warnings about two unauthorised firms that appear to impersonate the free, charity-run debt advice service National Debtline. The firms use the names ‘National-Debt-Helpline’ and ‘National Debtlines’ online. These warnings are part of a wider problem of commercial firms masquerading to be legitimate debt advice charities. In 2019, the…

Over a third of consumers (36%) have been the target of a scam since lockdown began, new research by Citizens Advice reveals. Polling conducted on behalf of the charity also showed that certain groups were at an increased risk of being contacted by a scammer, often those who could least afford it. The charity has…

Business and consumer insights specialist, Equifax has announced a partnership with customer onboarding and KYC RegTech provider, HooYu, to expand its range of identity and fraud tools. The partnership will support Equifax clients across regulated and non-regulated sectors that are striving to improve their digital customer onboarding experience, and bolster their anti-fraud processes, while meeting…

Cifas and The Vulnerability Registration Service (VRS) have entered into a collaborative agreement that will offer protection to vulnerable individuals through the VRS national vulnerability database later this year. With effect from 1st August 2020, Cifas will no longer be providing the Protecting the Vulnerable scheme. The Protecting the Vulnerable scheme is a shared register…

A man has pleaded guilty to sending out a large number of fraudulent text messages linked to Covid-19 following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking industry. Mohammed Khan, 20, from Camden, London, pleaded guilty to one count of fraud by false representation…

The COVID-19 coronavirus pandemic lockdown has led to an unprecedented rise in opportunism and scam activity. The Chartered Trading Standards Institute (CTSI) has witnessed a seemingly endless stream of new scams target the public. As of mid-May, Action Fraud reports that over £3.5 million has been stolen from the UK public in coronavirus-related scams since…

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