Credit, Collections & Insolvency News
One in four (23%) consumers have been victims of fraud when shopping online – with 8% duped more than once, according to the inaugural Shieldpay Fraud Tracker. The cost of online scams is significant. Those which were tricked whilst purchasing an item online lost £608 on average – with one in seven (14%) victims defrauded…
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Fraud prevention service, Cifas has released new figures showing that identity fraud has fallen for the first time since 2014. Cifas members recorded 84,463 cases in the first six months of the year, a 5% drop compared to the same period in 2017 (89,199). Despite the reduction, identity fraud still represents over half of all…
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The finalists for Credit Connect’s second annual Credit & Collections Technology Awards 2018, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 18 categories. The Technology focused-Awards scheme seeks…
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The Office for National Statistics (ONS) has released its latest statistics for crime in England and Wales which indicate that fraud offences remain stable. Josh Gunnell, Head of Fraud & ID Pre-Sales, TransUnion (formerly Callcredit), said “The volume of fraud offences in the past year has remained relatively stable meaning that the risk of becoming a victim of…
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Nearly two thirds (63%) of businesses believe that a malicious data breach by an employee is a significant threat (up from 41% in 2017), according to Callcredit’s 2018 annual fraud report. The study, entitled Building a Fraud Fortress, examines how businesses can protect themselves, their customers and their staff, and finds that fraud leaders are…
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The proportion of firms citing cyber attack as a key risk has increased for the third consecutive time in the Bank of England’s Systemic Risk Survey. The survey highlights perceived risks to the UK financial system. Although overall confidence in the UK’s system has increased, the number of firms who perceive cyber attack as a risk has increased…
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Credit risk analytics expert, Jaywing, has announced a new partnership with specialist SME bank Hampshire Trust Bank (HTB). Increasing regulatory demands on small banks via their ICAAP and SREP poses new challenges to firms who need to be able to actively identify, understand and manage all aspects of risk that their organisation faces in the…
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95 arrests have been made across Europe following a joint law enforcement operation targeting online fraudsters between 4 and 15 June 2018. The suspects arrested during the operation are believed to be responsible for more than 20,000 fraudulent transactions using compromised credit cards, with an estimated value exceeding EUR 8 million (£7 million). The action…
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Many firms are unprepared for the impact that disruptions from cybercrime, staff losses and severe weather can cause, according to new research by the Federation of Small Business (FSB). The data, part of wider forthcoming research into how the UK can better use supply chains, shows that only 35% of small businesses and the self-employed…
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Less than a quarter (22%) of businesses believe social engineering will be a major threat in the next two to three years, despite the fact that 42% of fraud prevention managers are frequently experiencing phishing attacks, according to research by Callcredit Information Group. The research highlights the anomaly between the growing risk which social engineering…
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The Federation of Small Businesses (FSB) has called on small firms hit by TSB disruption to be compensated. Responding to the announcement that the Financial Conduct Authority and Prudential Regulation Authority are investigating recent IT disruption at TSB Bank, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “It’s vital that small business owners affected…
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New research released by Callcredit Information Group has revealed that over half (59%) of businesses predict a serious fraud incident or security breach within the next year if they continue with their current technology, processes and tools. In addition, a further 17% of those surveyed revealed that this is something they have already experienced. The…
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The Government has announced measures to crack down on the abuse of a specialised financial arrangement to launder dirty foreign money through the UK. Scottish Limited Partnerships (SLPs) and Limited Partnerships (LPs) are used by thousands of legitimate British businesses, particularly the private equity and pensions industry, to invest more than £30 billion a year…
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