Machine learning and biometrics predicted to be a key in the fraud battle according to Equifax The company says that lenders can fight back against fraudulent credit applications in a challenging COVID-19 landscape. Keith McGill, Head of ID & Fraud at Equifax said “Businesses and consumers are grappling with an amalgam of new fraud and…

Consumer sentiment has rebounded to pre-pandemic levels according to fresh data from PwC UK, which shows that at -1, sentiment is now in line with levels seen between 2015-19, and is now better than at any point between 2008-14. It is a significant turnaround from the low point of -26 recorded the weekend before the…

The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result of new rules proposed by the Treasury. Currently, lenders have to comply with a 1970s law that dictates the text of official default notices issued by the banks. Default Notices…

Londoners are the least content when it comes to their financial situation and have the lowest ‘money wellness’ in the country according to new research by First Direct bank,. Financial researchers used a complicated aggregation index to create a table that ranks ‘money wellness’ on a scale from 0-100, with the national average standing at…

More than 40% of workers are relying on at least one new loan, credit card or overdraft in order to make ends meet, according to new research by Hastee. Over a third of those surveyed said they were being even more cautious with their cash every month, while 27% needed to sacrifice essential purchases due to…

Credit Connect’s hosted it’s first-ever Online Collections Technology Think Tank last week which saw collections strategies and the impact of the pandemic discussed by eleven collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, vulnerable customers, affordability, and open banking collections were discussed by panelists and Chair Vanessa Northam…

The Financial Ombudsman Service (FOS) has published its latest complaints data which saw complaints fall to its lowest level in seven years. In data for the most recent six-month period (1st January to 30th June), FOS dealt with just over 118,000 complaints compared to 188,000 in the first half of 2018 and 313,000 in the…

The Financial Conduct Authority (FCA) has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance,…

Three-quarters of older homeowners would welcome additional support from advisers if they were vulnerable according to new research from more2life. More2life asked homeowners aged 55 and over how they would react if their adviser offered them support because they thought they were vulnerable, three-quarters (74%) said they would be comfortable with this. However, even though…