£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…

Read more

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…

Read more

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…

Read more

Fraudulent companies shut down after abusing Covid loan support scheme

11th August 2021 Commercial Credit Management |

Two companies who fraudulently applied for thousands of pounds worth of Covid support loans have been wound up in the courts. The two separate companies submitted false documents to at least 41 local authorities and the Government’s Bounce Back Loan scheme to secure £230,000 worth of grants put in place to support businesses during the…

Read more

Volume of fraud cases hitting courts doubles

4th August 2021 Commercial Credit Management |

The number of alleged fraud cases being heard in UK courts in the first half of 2021 has almost doubled compared to the same time in 2020, as UK courts saw a continued recovery in the system following Covid-19 lockdowns. Figures from KPMG UK’s Fraud Barometer, found 151 alleged fraud cases were heard in the…

Read more

Bounce Back Loan Scheme estimated to have cost the taxpayer £27bn in fraud

In its report published today the Public Accounts Committee warns that Government ‘significantly increased’ taxpayer exposure to fraud and error by its twin decisions to drop basic fraud and error checks in paying out Covid 19 loans, and to support people and businesses that it had no prior relationship with. The Department for Business (BEIS) estimates…

Read more

HMRC investigates 12,828 pandemic scheme claims

29th June 2021 Business Lending |

HMRC has launched 12,828 investigations into the use of the Government’s pandemic-related business support schemes, looking into potential fraud and other non-compliance with rules. Analysis by law firm BLM shows there were 7,384 investigations related to the job retention scheme, 5,020 linked to the self-employment income support scheme and 424 related to Eat Out to…

Read more

Business closures spark loan fraud fears

16th June 2021 Business |

New research figures from Mazars show that almost 40,000 businesses were struck off the Companies House register in the first three months of the year, a rise of 743% on Q1 2020. Strike-offs from Companies House increased to 39,601 in the first three months of 2021 compared to just 4,695 in the same period in…

Read more

Enhanced data breach support service launches

11th June 2021 Commercial Credit Management |

Credit reference agency TransUnion has announced that it has launched its enhanced data breach support service for businesses in the UK. The data breach support service will enable an organisation’s customers to access their credit information and also offers specific features to help safeguard their identity. The tools will help businesses protect consumers whose information…

Read more

Banks urged to disclose fraud repayment figures

4th June 2021 Banking and Loans |

Consumer watchdog Which? says banks should show how many customers are repaid money from accounts lost due to fraud. Most large banks compensate some funds to customers who are defrauded by criminals and publish information on compensation rates as a group, with only Barclays and TSB committing to doing so individually. Which? says Banks must…

Read more

Fraud statistics highlight increase in business owner targeting

Cifas and UK Finance have warned of the increasing number of middle-aged money mules and businesses being recruited to launder money. Traditionally, criminals have focussed on recruiting mostly younger people and students as money mules. However, there are now signs that middle-aged people are being targeted, with the latest data from the National Fraud Database…

Read more

Police loan fraud investigations increased 50% in February

27th May 2021 Business |

City of London police investigated 50% more fraud probes in connection with the Government’s Bounce Back Loan scheme (BBLs) in February than the month before according to new research by RPC. The international law firm found that Bounce Back Loan fraud investigations increased from 17 in January 2021 to 26 and 28 in February and…

Read more

Online safety bill to clamp down on fraud

13th May 2021 Consumer Collections |

The Government has announced that internet laws, as part of the draft Online Safety Bill, will include measures to tackle user-generated fraud. The proposed change will mean online companies will, for the first time, have to take responsibility for tackling fraudulent user-generated content, such as posts on social media, on their platforms. This includes romance…

Read more

1 2 3 10