SMEs warned of increased risk of targeted scams

UK Finance is warning UK small and medium-sized enterprises (SMEs) to be alert for scams targeting their companies. As many businesses start the new year with people working from home, fraudsters will try to take advantage of opportunities to steal money where firms might be working outside of their normal processes. Criminals often attempt to impersonate a chief executive, senior manager, or supplier to try and convince staff to make an urgent payment…

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British Business Bank responds to NAO report on Bounce Back Loans

7th December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. The British Business Bank stepped up to deliver the Bounce Back Loan Scheme on behalf of Government to ensure…

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£28bn in Covid loans paid out before anti-fraud measures started

3rd December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…

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Third of global businesses lost over £1m to financial crime

A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…

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HMRC intensifies efforts to claw back fraudulent pandemic payouts

HMRC has ramped up efforts to recoup £1 billion from fraudulent or incorrect furlough pay-outs, with more than 26,500 investigations into potentially fraudulent pandemic support claims launched over the past eight months. The level of fraud and error in the benefit system almost doubled during the pandemic from what was already the highest rate since…

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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Covid support fraud sees director prosecutions jump

2nd November 2021 Business Lending | #business fraud

New research from Mazars has shown that prosecutions of company directors for fraud tripled over the past year amid a crackdown on coronavirus loan scams, with 122 company directors convicted of crimes during the year to the end of September — a rise from 40 during the previous 12 months. The total points to a…

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Insolvency Service cracks down on misuse of Bounce Back Loans

26th October 2021 Business Lending | #business fraud

Three directors have been banned following investigations which found that nearly £100,000 worth of Bounce Back loans had been inappropriately applied for, or misused following investigations by the Insolvency Service. The Bounce Back Loan (BBL) scheme ran to March 2021 and provided loans of up £50,000 to help businesses survive the impact of the Covid-19…

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Build to rent sees 364% rise in tenant fraud in past six months

26th October 2021 Commercial Credit Management | #fraud

The Build to Rent sector is being targeted by fraudsters with a 364% rise in fraudulent tenant applications in the past six months, according to data from tenant due diligence and guarantee firm Homeppl. To correlate with this upward trend, the detection of fraud in this space has seen a significant increase in value, meaning…

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PSR sets out plans for fraud prevention tool

The Payment Systems Regulator (PSR) has set out its latest plans to fight fraud and protect victims of APP scams by outlining its next steps for the wider implementation of fraud prevention tool, Confirmation of Payee (CoP). Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they…

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£32m of fraud prevented in first half of 2021

8th September 2021 Consumer Collections |

More than £32 million of fraud has been prevented by the finance industry and the police through the Banking Protocol scheme in the first half of 2021, new UK Finance figures have revealed. The figures are up 65% compared to the same period last year and brings the total amount of fraud prevented to £174 million since…

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2021 Credit & Collections Technology Awards shortlist and Think Tank announced

2nd September 2021 Alternative Business Lending |

The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…

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Fraudsters move focus from financial services to travel and leisure sector

23rd August 2021 Consumer Collections |

TransUnion’s latest quarterly analysis has found that fraudsters are refocusing their efforts from financial services to other industries, with travel and leisure topping the table. Across industries, the rate of suspected digital fraud attempts rose 17% globally when comparing Q2 2021 to Q2 2020. Travel and leisure was one of the most impacted industries globally…

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