Credit, Collections & Insolvency News
The Chartered Institute of Credit Management (CICM) and The European Freight Trade Association (EFTA) are claiming victory after Companies House added a warning to its website that the information available on its site has not been independently verified. Philip King, the Chief Executive of the CICM, the world’s largest recognised professional credit management body, and James Campbell, Secretary of The European…
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Research released from Barclays has revealed that one in seven (14 percent) SMEs have fallen victim to an invoice scam in the last 12 months. Exclusive data from the bank also shows that a quarter (28 percent) of reported invoice scams resulted in losses of more than £5000. The bank’s figures also reveal that hotspots…
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More than four in 10 businesses in the UK are unaware of the risks posed by invoice fraud, according to a survey by banking trade body UK Finance. Invoice finance cost firms almost £93 million in 2018. The fraud takes place when fraudsters trick firms into transferring money by posing as legitimate payees. There were…
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The inaugural Commercial Credit & Collections conference has confirmed its agenda for its forthcoming event at the Leadenhall Building on Friday 5th April. CVR Global and Aon’s Commercial Credit & Collections conference agenda includes speakers from Chartered Institute of Credit Managers (CICM) and Eversheds Sutherland. With Brexit on the horizon, the event will open with…
Read moreNew research by UK Finance has found that a total of £1.66 billion of unauthorised fraud was prevented by the banking and finance industry in 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, During the same period, a total of £1.20 billion was stolen by criminals committing both authorised and unauthorised fraud.…
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Dun & Bradstreet’s 2019 Compliance and Procurement Sentiment report finds that confidence around the effectiveness to prevent fraud, manage regulation & Brexit-related change and identify environmental, social and governance concerns (ESG) has dropped. The findings show that confidence in the current effectiveness of compliance and procurement decision makers is down 7% since June 2018, with…
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The Treasury Committee has published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation. The report outlines that: More precise estimate of the scale of economic crime in the UK needed Government should review the UK’s anti-money laundering supervision more frequently UK shouldn’t compromise in the fight against economic crime to…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreThe Director of a financing company has received a ten-year ban after heading a false invoice scheme to secure £4 million of illegitimate funds. David Marsden, from Exeter, was the Director of finance company First Capital Factors (FCF). Incorporated in 2009, FCF offered recourse factoring facilities for small and medium businesses where they would buy a company’s…
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A total of £503.4 million was stolen by criminals through authorised and unauthorised fraud in the first six months of 2018, new data from UK Finance shows. During the same period, the finance industry prevented £705.7 million of unauthorised fraud, equivalent to £2 in every £3 of attempted unauthorised fraud. Newly-collected data, published for the…
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The Information Commissioner’s Office (ICO) has issued credit reference agency Equifax with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens during a cyber attack in 2017. The incident, which happened between 13 May and 30 July 2017 in the US, affected 146 million customers globally. The…
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The winners of the second annual 2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…
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An increased focus on compliance risks detracting businesses from making investments to protect their organisation against fraud, according to new research by TransUnion (formerly Callcredit). The research, part of which forms the Fraud Fortress report, revealed that compliance is the area most commonly expected to drive increased expenditure (64%), potentially at the expense of prevention…
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