Credit, Collections & Insolvency News
New research by the Anti-Scam Alliance (GASA), in partnership with Cifas and Tietoevry has found that scammers stole an estimated £9.4 billion from consumers over the past 12 months with the report highlighting that one in five (20%) adults say they were targeted and had money taken, with the average victim having £878.60 stolen. The…
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TSB has reported an 11% increase in purchase fraud cases from January to September 2025, with these scams making up 63% of bank transfer fraud, up from 52% in 2024. Victims lost an average of £452 per scam. Experts advise consumers to verify sellers and use secure payment methods to avoid falling victim to these…
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Fraud prevention service, Cifas has announced a partnership with Trend Micro to deliver JustMe, a first of its kind mobile app designed to protect individuals from identity fraud and online scams. Fraud accounts for as much as 44% of all recorded crimes in England and Wales, with an estimated £219 billion annual cost to the UK…
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New research from FICO has revealed that consumers are prioritising fraud protection over other considerations when selecting financial service providers. Banking-related fraud, such as stolen cards and identity theft leading to application fraud, tops their list of concerns, while traditional scams like cash theft and shopping fraud rank far lower. The data showed that 35%…
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Criminals stole £629.3 million in the first half of the year, a three per cent increase on the same period in 2024. There were over 2.09 million confirmed cases of fraud, a 17 per cent increase on this time last year according to latest UK Finance data. There was a 12% increase in financial losses from authorised…
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The Financial Conduct Authority (FCA) has urged banks and payment firms to enhance controls against romance fraud. The FCA has found examples of banks going to significant lengths to protect those at risk of romance fraud. But the regulator also uncovered missed opportunities to prevent these scams, which cost victims £106 million last year. One…
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Confidence in the UK’s ability to regulate fraud has collapsed to a historic low as the payments industry grapples with an explosion in AI-powered attacks, according to a comprehensive three-year analysis revealing the steepest decline in regulatory trust on record. according to analysis by The Payments Association. The research reveals a significant decline in confidence in…
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Concerns over fraud have escalated sharply across the UK financial sector, with 68% of firms saying they are more worried about it today than 18 months ago, according to a new report from Dun & Bradstreet. The data showed that 82% of UK financial services organisations say they are ‘concerned’ about fraud risk, and among…
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One in five (19%) of professionals have admitted to secretly juggling two competing jobs – known as polygamous working – and nearly a quarter (24%) think it’s ‘justifiable’, according to research published by fraud prevention service, Cifas. The ‘Workplace Fraud Trends’ research from Cifas surveyed 2,000 employees across different sectors – from HR to engineering…
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A Freedom of Information request by Which? has found that Revolut and Monzo have emerged as the top banks for fraud complaints filed with the Financial Ombudsman Service (FOS). Revolut received 1,875 complaints, while Monzo had 1,063. The data is split between authorised push payment (APP) fraud and other scam or fraud complaints. APP fraud involves…
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A man from Suffolk has been sentenced to 4 years and 9 months at Ipswich Crown Court after stealing over £490,000 from bank customers after taking over their accounts by impersonating them. The sentencing follows investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Blessing Mudzinge,…
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Large organisations are to be criminally liable if they fail to prevent fraud, under new rules that come into force today. Under the new offence, companies could be held liable if one of their employees, agents or subsidiaries commits fraud with the aim of benefiting the business that they work for, unless able to demonstrate…
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Consumers are being warned of fraudsters impersonating the Financial Conduct Authority (FCA), as the regulator revealed it has received almost 5,000 fake FCA scam reports in the first half of 2025. Scammers aim to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords. There have…
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