Credit, Collections & Insolvency News
Research commissioned by Vodafone has found that the equivalent of 1.3m small businesses would go bust if they were targeted by hackers, leading to calls for the Government to put more money into cyber defences. The report urged the Government to expand and to protect small and medium-sized businesses further by providing more support to…
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New figures show that lenders have prevented nearly £1.6 billion in fraudulent claims against the Government-backed bounce-back loan schemes. The British Business Bank, which administers the scheme for the Treasury, said that 43,958 attempted loans had been blocked because they were suspected to be fraudulent claims since the scheme was launched in May to help…
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The Government has announced a new Covid-19 business loan scheme as part of its budget announcement. The new scheme called the Recovery Loans Scheme replaces the Bounce Back Loan and Coronavirus Business Interruption Loan Scheme, which have paid out nearly £73 billion to British businesses. The Recovery Loan Scheme will launch on 6th April 2021,…
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As the Government made vital funds available to support businesses through the deepest recession for 300 years, a lack of due diligence and robust ID verification left the door wide open to organised crime gangs to exploit the opportunity according to anti-money laundering (AML) solution provider, SmartSearch The company has called on lenders, brokers and…
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Fraud prevention service, Cifas is urging retailers to better protect their customer’s information as designers and fashion chains look to attract new customers during London Fashion Week. The move comes as the latest data from the National Fraud Database reveals that facility takeover fraud in the retail sector rose by an enormous 195% in 2020.…
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High street banks could be forced to reimburse all scam victims under rules proposed by the Payment Systems Regulator (PSR). The new regulations would also see banks forced to publish figures showing how often they pay back blameless fraud victims. The PSR has launched two calls for views exploring greater protections for everyone using payment…
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Experian has launched the newest version of its fraud prevention platform to help businesses dealing with the rapid surge in demand for digital services and the growth of online accounts. The company says that due to the digital acceleration instigated by Covid-19, online retailers, businesses, and their customers are at risk of the growing threat…
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Cifas, the UK’s leading fraud prevention service, is warning UK taxpayers to be vigilant of scams as the 31st January deadline for self-assessment tax returns approaches. On top of scammers taking advantage of the uncertainty caused by the pandemic throughout 2020, HMRC received more than 846,000 reports of suspicious communications impersonating them in the 12…
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Fraud specialist, Cifas has warned organisations to protect themselves against the risk of internal fraud and theft over the busy Christmas period. During this time, many organisations hire temporary staff to cope with increased demand, particularly in the retail, warehousing, and delivery sectors, meaning organisations need to ensure they are taking steps to guard against…
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Predatech, a cyber security company with a focus on the financial sector, has launched to help protect businesses against the growing cyber threat. According to the Government’s Cyber Security Breaches Survey 2020, cyber attacks are becoming more frequent and sophisticated, with 46% of businesses reporting having a cyber security breach or attack in the last…
Read moreThe winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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Over £1.1 billion of suspected fraud via the government’s bounce back loan scheme has been prevented by lenders so far, an indication of how criminals have aggressively targeted the scheme. Estimates from the British Business Bank provided to the Commons public accounts committee said lenders had rejected 26,933 bounce-back loans over concerns they could be…
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Research carried out by Cifas, the fraud prevention service, shows that 80% of fraud prevention professionals believe businesses are unprepared for an expected surge in fraud as the Covid-19 crisis presents fraudsters with new opportunities. The results come as part of a survey carried out among professionals from some of the UK’s leading organisations and…
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