Credit, Collections & Insolvency News
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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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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