Credit, Collections & Insolvency News
An analysis of the government loan scheme for struggling small businesses by the National Audit Office (NAO) has suggested that criminals could have stolen more than £1.9 billion from taxpayers. The report also found that the Bounce Back Loan Scheme succeeded in quickly supporting small businesses, but the government faces a potential loss of £15…
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Losses to unauthorised fraud fell by 8% in the first half of this year to £374.3 million, figures from UK Finance’s half-year fraud report for 2020 has revealed. More than 15,000 impersonation scams were reported an 84% increase on the year prior. with criminals exploiting the increased use of technology among the public during the…
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The Financial Conduct Authority (FCA) has confirmed that so far in 2020 no criminal prosecutions under the current anti-money laundering (AML) legislation have been made, despite its stated intention in 2019 to do so. The statistic came from a Freedom of Information request, which also said it has discontinued half of its 14 investigations into…
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Information and insights provider TransUnion’s latest quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses but increasing COVID-19 focused scams against consumers online. TransUnion came to its conclusions about fraud against businesses based on intelligence from billions of transactions for more than 40,000 websites and apps contained in…
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The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures. The data, obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team, reveals the extent to which financial services organisations and banks have been targeted by financial criminals…
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Cifas, the UK’s leading fraud prevention service, has entered into an innovative new partnership with Mango Solutions to further enhance its intelligence capabilities for members and the wider fraud prevention community. As part of this new partnership, Mango Solutions will help Cifas build and enhance its existing intelligence capabilities, as well as further deepen its…
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European business data, insights, analytics and solutions provider Graydon and UK fraud prevention service Cifas, have announced new fraud analysis which indicates a huge rise in attempted commercial fraud in the first 6 months of 2020. Graydon’s data from its sector intelligence networks has shown a rise of 66% in the value of the average…
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Latest research from Cifas, the UK’s fraud prevention service, has revealed that 2019 saw the highest ever number of cases of fraudulent conduct recorded to the National Fraud Database. In 2019 there were 364,643 cases recorded to the database, and this represents a 13% rise when compared to 2018. More specifically, there were three areas…
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Specialist lender, Just Cashflow has announced the launch of a significantly enhanced Broker Portal. The portal aims to increase the speed, efficiency and security of the application process and utilises leading fraud prevention software. Just Cashflow’s Executive Chairman John Davies said ”The enhancements to our portal have been driven by feedback from Brokers. The result…
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New figures released by the Office for National Statistics annual Crime Survey for England and Wales (CSEW) have revealed that the total number of estimated fraud incidents were 3.7 million for the year ending March 2020. The figures remain consistent with the previous year. Whilst Statistics from the National Fraud Intelligence Bureau (NFIB) which includes…
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Research by TSB shows that four in five people are tricked by scam bank messages. The study saw 2,000 people presented with texts and emails from companies such as banks and mobile phone operators, half of which were fake. Only 18% of people could correctly identify all of the messages which were scams, with this…
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The Payment Systems Regulator (PSR) has confirmed that it’s new fraud-prevention tool – referred to as Confirmation of Payee (CoP) has now reached widespread usage providing additional protection to consumers and businesses. Confirmation of Payee allows users the opportunity to check the name of the person they wish to pay against the account number they…
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New research has found that those working in leadership roles within the public sector are the least aware of new money laundering regulations. Money laundering costs UK businesses, citizens and the government upwards of £190 billion each year. In January 2020, in an effort to tackle the rising levels of fraud and eliminate money laundering,…
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