The Office of National Statistics (ONS) latest Crime Survey for England and Wales (CSEW) indicated a continuing rise in fraud with the latest estimates showing a 15% increase, driven by a 17% rise in bank and credit account fraud. Josh Gunnell, Head of fraud & ID pre-sales at TransUnion in the UK, said “The latest…

Machine Learning (ML) is increasingly being used in UK financial services, according to findings of a joint survey conducted by the Bank of England (BoE) and the Financial Conduct Authority (FCA). The survey, conducted in 2019, was sent to almost 300 firms, including banks, credit brokers, e-money institutions, financial market infrastructure firms, investment managers, insurers,…

SmartSearch a provider of RegTech software focused on Anti-Money Laundering (AML) solutions, has announced that it has received a growth equity investment from Marlin Equity Partners. Marlin is a leading global investment firm with a long track-record of backing and successfully growing software businesses. SmartSearch provides AML software to 4,000 client firms and 40,000 users,…

The first biometric fingerprint credit card issued by a UK bank has begun its three-month national trial. NatWest is piloting cutting-edge, biometric fingerprint technology with 150 customers, in partnership with Mastercard and Gemalto, a Thales Company. The bank has previously piloted biometric debit cards, but this will be the first-time credit cards have been issued.…

New research has shown that more than half (63%) of UK consumers are worried about contactless fraud. The research, published by IDEX Biotmetrics ASA, revealed that the UK is now ready to welcome more secure payment methods. These methods include biometric payment authentication such as fingerprint scanning and voice recognition. In response to these findings,…

New figures from UK Finance show bank scam victims lost £207.5m in the first six months of this year to authorised push payment fraud – more than £1.1m a day. A total of 57,549 cases were recorded by banks – a 69% rise compared with the same period in 2018. Over the same period, £408…

Financial fraud has risen by 14% this year according to new data from Experian, with criminals turning their attention to younger people who have just bought their first home. The overall rise has been driven largely by an increase in debit and credit card fraud, which has risen by 60% in the first six months…

Lloyds Bank has announced that it has developed a cutting-edge new tool – built by experts in fraud prevention, software engineering and data science – to hunt down fraudsters before they have a chance to strike. Despite increased awareness in recent years, one in 10 adults say they have been the victim of a financial…

UK’s leading fraud prevention service, Cifas has revealed that mortgage fraud has seen a 5% increase in the first six months of 2019 compared to the last six months of 2018. The figures are released as part of the Cifas ‘Faces of Fraud’ campaign, which aims to highlight the fact that what some view as…

Parents and guardians are being urged to warn their children about the dangers of becoming a money mule, with figures revealing the number of 14-18-year olds misusing their bank accounts has risen by 73 per cent in two years. As part of the Don’t Be Fooled awareness campaign, over the coming weeks a number of…

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