Credit, Collections & Insolvency News
Nationwide Building Society has been fined £44 million by the Financial Conduct Authority (FCA) for failing to manage financial crime risks from October 2016 to July 2021. The FCA found that Nationwide lacked adequate anti-financial crime systems, allowing customers to misuse personal accounts for business activities. This oversight led to missed opportunities in detecting £27.3m…
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Research by Synectics Solutions has revealed that 23% of individuals who commit credit card-related fraud go on to offend again, the highest repeat-offending rate of any major financial product. This figure has grown from 17% to 23% in just five years, representing a 35% increase. Repeat offenders are also spreading their activity across multiple organisations,…
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Lloyds Banking Group has announced that it has extended its pioneering fraud prevention scheme, reinforcing an unwavering commitment to protecting people from the harms of fraud. The industry-first initiative, launched in 2021, will have seen £15 million of frozen criminal funds seized, then invested in innovative UK fraud prevention and victim support projects. The scheme…
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Ahead of Black Friday, the UK’s busiest retail event, new research shows that AI is making consumers more susceptible to purchase scams. As fraudsters change tactics and turn to SMS/text to directly target victims, Barclays is urging deal-seekers to act with caution to stay protected when shopping in this year’s sales. Three in four UK…
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Three men from London have been sentenced to a combined 10 years and four months after stealing a combined £568,000 from victims by fraudulently posing as bank customers and gaining access to their accounts. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).…
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A new report by Experian and Cifas has revealed a 9% rise in identity fraud, signalling the significant scale of fraud facing UK businesses as the festive season approaches. The data also highlights the new tactics criminals are deploying to exploit people and their personal information, and the steps businesses can take to protect themselves…
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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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