Credit, Collections & Insolvency News
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 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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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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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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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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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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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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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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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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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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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…
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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…
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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…
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