New research from Experian has found that consumers no longer believe passwords are the most secure method for authentication.  Experian says that the research found that since the pandemic, consumers have an increasing level of comfort and preference for physical and behaviour-based, or invisible methods of security and that. for the first time in four…

A new report from analytics company FICO has revealed that working from home over the pandemic has negatively impacted fraud protection, with 79% of banking executives saying there was a high or major impact. A further 49% of respondents said it was a major challenge having multiple systems for managing fraud and financial crime Toby…

UK consumers lost a record £479 million last year to scammers according to new figures from UK Finance. The report showed that criminals turned to online and technology-enabled scams to exploit people’s fears about the Covid-19 pandemic. Impersonation scam cases, in which criminals impersonate trusted organisations to trick victims into handing over their money, almost…

The Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank (NatWest) over allegedly failing to comply with money laundering rules (Money Laundering Regulations 2007. The FCA alleges that NatWest failed to adhere to the requirements of regulations 8(1), 8(3) and 14(1) of MLR 2007 between 11th November 2011…

Young people whose job prospects have been impacted by the pandemic are being targeted online by criminals looking to recruit money mules to launder the profits of their crimes, UK Finance and Cifas have warned. The latest research from Cifas has revealed there were 17,157 cases of suspected money muling activity involving 21-30 year olds…

Branch staff at banks, building societies and Post Offices worked with the police to stop £45.3 million of fraud through the Banking Protocol rapid scam response last year, bringing the total amount of fraud prevented to £142 million since the beginning of the scheme, according to the latest figures from UK Finance. Launched in 2016, the Banking Protocol is a UK-wide scheme, developed in…

A specialist police unit funded by the banking and finance industry prevented almost £20 million of fraud and arrested over 100 suspected criminals in 2020, including several involved in scams exploiting the Covid-19 pandemic. The Dedicated Card and Payment Crime Unit (DCPCU) targets the organised criminal gangs responsible for fraud and is made up of…

Fraud prevention service, Cifas is urging retailers to better protect their customer’s information as designers and fashion chains look to attract new customers during London Fashion Week. The move comes as the latest data from the National Fraud Database reveals that facility takeover fraud in the retail sector rose by an enormous 195% in 2020.…

High street banks could be forced to reimburse all scam victims under rules proposed by the Payment Systems Regulator (PSR). The new regulations would also see banks forced to publish figures showing how often they pay back blameless fraud victims. The PSR  has launched two calls for views exploring greater protections for everyone using payment…

RegTech company, TruNarrative has announced a new partnership with TrustID, to integrate their expert document review service into the TruNarrative platform. TruNarrative delivers financial crime detection, customer onboarding and transaction monitoring to Banks, Financial services, e-commerce businesses and gambling operators. Andy Pearson Head of Data Partnerships, TruNarrative said “TrustID is an important partnership, they bring…

1 2 3 25