Credit, Collections & Insolvency News
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
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
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
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
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
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
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
Cybercrime and online fraud have risen sharply over the past year, with criminals exploiting the Covid-19 pandemic. Research by BAE Systems showed that three quarters of financial services firms have experienced an increase in digital crime since the pandemic began in March 2020, including coronavirus-related fraud and phishing or ransomware attacks. The research indicates that…
Read more
New research has revealed that 56% of businesses are operating without any form of cyber-security insurance. This is despite one in five companies reporting an attack in the last 12 months and the likelihood of a continued surge in cyber-attacks in the coming months, and beyond. The companies reporting a cyber-attack, over half said security…
Read more
Bounce Back Loan Scheme (BBLS) fraud, where companies apply for multiple government-backed loans to exceed lending caps, could be far lower than anticipated and points to the success of the scheme and creditor checks, according to data from the latest Equifax Market Pulse series. Previous estimates of how much the BBLS could lose to fraud…
Read more
New research from the Institute of Directors (IoD) has found that a third of businesses are more vulnerable to cybercrime than pre-pandemic. In a poll of just under 800 IoD members, one in three directors indicated that their organisation is now more vulnerable to cyber crime. The sharp rise in home working due to the pandemic has meant that businesses have become more exposed to cyber threats.…
Read more
UK consumers lost a record £479 million last year to scammers according to new figures from UK Finance. The report showed that criminals turned to online and technology-enabled scams to exploit people’s fears about the Covid-19 pandemic. Impersonation scam cases, in which criminals impersonate trusted organisations to trick victims into handing over their money, almost…
Read more
Two in five businesses (39 per cent) and a quarter of charities (26 per cent) report having cyber security breaches or attacks in the last 12 months, according to new figures from the Department for Digital, Culture, Media and Sport (DCMS). The Government’s Cyber Security Breaches Survey 2021 report also shows the cyber risk to organisations…
Read more