Victims of Authorised Push Payment (APP) fraud face a £3 billion shortfall in compensation according to new Fraud Tracker figures from secure payments solution Shieldpay. Some 4.2 million1 people in the UK have been caught out by scammers at some point in their life through APP fraud. APP fraud happens when someone is tricked into…

The Information Commissioner’s Office (ICO) has fined DSG Retail £500,000 after a ‘point of sale’ computer system was compromised as a result of a cyber-attack, affecting at least 14 million people. An ICO investigation found that an attacker installed malware on 5,390 tills at DSG’s Currys PC World and Dixons Travel stores between July 2017…

The Fifth EU Money Laundering Directive (5MLD) is due to be transposed into domestic law today The Directive also specifically endorses the use of electronic ID verification, and states that it should be used wherever available. The new directive places an increased importance on the acceptable use of electronic verification methods in confirming identity, without…

Southwark Crown Court made a confiscation order against Dharam Gopee in the sum of £5,118,018.72. The effect of the order is to confiscate all his criminal proceeds as an illegal money lender. Gopee was also ordered to pay almost £230,000 in compensation to consumers. This follows the Financial Conduct Authority’s (FCA) prosecution in which Gopee…

More than half of consumers (57%) would be happy to ditch all of their passwords and pins and replace them with biometric verification, according to new research from Equifax. The research also showed there is still widespread criticism towards current verification practices, with half of responders (50%) having given up on an online registration process…

Around 7,000 people across the UK are expected to be victims of credit card fraud this Cyber Monday, with about £6 million of transactions estimated to be vulnerable to fraud, according to comparethemarket.com. comparethemarket.com’s estimates are based on data from its Credit Card Fraud Index and assumptions around the uplift of online transactions on Cyber…

Millions of people have fallen victim to credit card fraudsters over the last year, according to new research by comparethemarket.com. Over a fifth (21%) of consumers have had to replace or cancel their credit card as a result of attempted fraud, equating to 11 million people nationwide. comparethemarket.com’s Credit Card Fraud Index found that in…

New analysis by Which? has found that banks are locking customers out of their accounts five times a week because of IT meltdowns. In the last year, the UK’s biggest banks were hit with a total of 265 systems failures. The consumer group, which looked at Financial Conduct Authority (FCA) figures from October 2018 to…

Comparison website, GoCompare has joined Cifas, as an official member. The membership builds on GoCompare’s existing efforts to tackle fraud, having joined as members of the Insurance Fraud Bureau (IFB) in May. The agreement will mean that GoCompare can check suspicious activity against data at point of quote and quickly receive an indication of whether…

The board of TSB has published an independent review of the bank’s 2018 migration to a new IT platform, which it commissioned from the law firm, Slaughter and May. The report has identified the issues behind an IT meltdown at TSB which left 1.9 million customers unable to access their accounts and cost the bank…

1 2 3 18