Retail sector sees rise in digital fraud attempts

8th November 2023 Commercial Credit Management |

The retail industry has seen a bigger rise in suspected digital fraud attempts coming from the UK than any other industry in the first half of 2023 based on the recent insights from TransUnion. The data shows that the rate of suspected digital fraud, when a consumer or a fraudster is in the UK during…

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Covid loan bill hits £7.39bn 

The Government has paid out £7.39bn to settle bad Covid-era loans, with £2.23bn more in arrears and £750m in default. With data showing that the Government paid out £1.2bn to settle pandemic emergency loans that had gone bad in Q2, Department of Business, Energy and Industrial Strategy figures suggest taxpayers could ending up paying £11.5bn…

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HMRC ‘dawn raids’ have increased by 36% in the past year

New research by UHY Hacker Young has shown that the number of ‘dawn raids’ undertaken by HMRC has increased 36% in the past year, from 458 in 2021/22 to 623 in 2022/23 HMRC ‘dawn raids’ are unannounced searches used to gather evidence for possible prosecution for tax fraud or for furlough fraud (HMRC is responsible…

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Director who fraudulently applied for a Bounce Back Loan is jailed for 12 months

The director of haulage company fraudulently applied for a £50,000 Bounce Back Loan and then applied to dissolve the company has been jailed for 12 months. Kulwinder Sidhu, has been sentenced to 12 months imprisonment, after pleading guilty to offences under the Companies Act and the Fraud Act, having abused the Bounce Back Loan financial…

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Asset finance fraud cases soar

7th November 2022 Asset Finance | #asset finance fraud

Fraudulent activity for asset finance products has seen a 162% increase, according to fraud prevention service Cifas. As a result of the cost-of-living crisis, the asset finance industry is facing significant challenges, with rising costs causing a surge in fraud. The motor finance sector has been particularly hard-hit, seeing a 13% increase in fraud in…

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FEATURE: What it means to be on the cutting edge of fraud technology

With the pandemic having accelerated the shift away from face-to-face credit applications, the fraud landscape continues to evolve – and this trend shows no signs of a reversal. Given the inherently remote and anonymous nature of internet-based credit decisioning, this presents higher risks for lenders. The lender landscape has changed too. More consumer payment options,…

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Covid-19 rescue schemes lost £4.5bn to error and fraud

The latest report from the National Audit Office (NAo) into the Covid-19 business support schemes criticizes the Government for not doing more to prevent mistakes and fraudulent claims when rolling out the programs. The NAO said a total of £4.5 billion or nearly 4.6% of the total cost of the Government’s £96.9bn emergency Covid-19 support…

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Invoice Fraud costing business £295,000

10th October 2022 Business Lending | #invoice fraud

Financial professionals estimate over £295,000 is lost to invoice fraud per business, every year in the UK, whilst one in five (20%) finance professionals are unaware or unable to even estimate the cost of invoice fraud to their business according to research by Medius. The research found that with mounting pressure on finance teams, they…

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R3 unveils anti-fraud proposals

Insolvency and restructuring trade body, R3 has published a policy paper containing a number of recommendations to improve the UK’s fight against fraud. National Crime Agency estimates suggest fraud costs the UK economy around £190 billion a year, while research from the Office for National Statistics showed that instances of fraud increased by 41% between…

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Only 15% of BBLS fraud has been investigated in the past two years

9th September 2022 Commercial Credit Management | #fraud

Only 15% of The Bounce Bank Loan Scheme (BBLS) fraud has been investigated by the National Investigation Service in the past two years according to research by  international law firm RPC. The Bounce Bank Loan Scheme, common to other COVID related support schemes, was heavily targeted by fraudsters. It was argued by the previous Government…

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£1.1bn of BBLS cash flagged as suspected fraud

Reuters has reported that Government data will show that around £1.1bn of small business loans made under Bounce Back Loan Scheme (BBLS) have been classified as suspected fraud. The Government’s current central estimate for bounce back loan fraud is for 7.5% of the total lent. In addition to the suspected fraud, banks have claimed £2.6bn…

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Retailer banned from running companies after false bounce back loan claim

A retailer from Walsall has been disqualified from running companies for 9 years after abusing a £45,000 bounce back loan she was not entitled to. Rebecca Simmons was a director of Tia-Bella, trading from premises in Wolverhampton. The company, a specialty balloon and gifts retailer, was incorporated in March 2019 but just over 2 years…

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Bounce Back Loan fraudster jailed for two years

A Director of Manchester pizza takeaway has been jailed for two years after he fraudulently claimed £20,000 Bounce Back Loan funds. Abdulrazag Zagroba appeared at Manchester Crown Court and was sentenced to 24 months before Recorder Hudson. The case was the first successful criminal prosecution of a bounce bank loan fraudster for the Insolvency Service,…

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