TSB has announced a UK banking first, a Fraud Refund Guarantee, to ensure the Bank’s 5.2 million customers are protected if they are an innocent victim of fraud – whether it’s unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters. TSB’s announcement marks a significant step-change in banking, where today customers…

The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA. The announcement follows FCA investigations into two areas of Standard Chartered’s business identified…

New research by UK Finance has found that a total of £1.66 billion of unauthorised fraud was prevented by the banking and finance industry in 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, During the same period, a total of £1.20 billion was stolen by criminals committing both authorised and unauthorised fraud.…

Cifas, the UK’s leading fraud prevention service with over 450 members, has released new figures showing a marked increase in the number of individuals committing insurance fraud with false claims. Between 2017 and 2018, there has been a nationwide increase of 27% in fraudulent insurance claims. The new figures reveal that Cifas members identified household…

The Treasury Committee has published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation. The report outlines that: More precise estimate of the scale of economic crime in the UK needed Government should review the UK’s anti-money laundering supervision more frequently UK shouldn’t compromise in the fight against economic crime to…

Boards at some of the UK’s biggest companies still don’t fully understand the potential impact of a cyber attack according to a new report. The Government’s Cyber Governance Health Check looks at the approach the UK’s FTSE 350 companies take for cyber security. The 2018 report published today shows that less than a fifth (16%)…

Fraud against older people soared last year as criminals looked beyond the UK’s cities and towns for new victims, according to Experian. City dwellers whose mail is left in communal areas or in mailboxes outside of their property have long been the main target for fraudsters, as they need to intercept the credit or debit…

New research from Equifax has indicated that young people more at risk from fraud The report says young people are significantly less likely to monitor their bank balances, exposing them to risks from fraud. Almost two thirds (64%) of Brits check their bank balances daily or weekly, but only 45% of those aged 18-34 do…

British banks are being hit by more than one major IT or security failure that stops customers from making payments every day, a Which? Money investigation has found. In the most comprehensive analysis carried out since banks started disclosing serious IT glitches last year, the consumer champion found there were 302 incidents that prevented customers…

Research carried out as part of BDO LLP’s annual FraudTrack report has found that the total value of fraud in the UK more than halved in 2018, following a record 15-year high in 2017, down from £2.1bn to £746.3m. The analysis, which examines reported fraud cases over £50,000 in the UK, reveals that despite the…

1 2 3 12