SMS scam fraudster given prison sentence

25th June 2025 Consumer Lending | #fraud

A criminal has been sentenced at Inner London Crown Court to over a year in prison for operating a SMS Blaster to conduct a mass smishing campaign against victims with the intent to harvest their personal details to be used in fraud. The sentencing follows an investigation and arrest by the Dedicated Card and Payment…

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One in two consumers targeted by fraud

23rd June 2025 Consumer Lending | #fraud

One in two (50%) consumers have reported a fraud attempt had been made against them in the last three months, with many even reporting to falling victim according to new research by TransUnion. The survey found that 14% of UK respondents reported they had lost money to fraud in the last year alone, through various…

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Over £1.17bn lost to fraud in 2024

28th May 2025 Consumer Lending | #fraud

Britain’s financial sector reported 3.31 million fraud cases in 2024, marking a 12% increase from the previous year, according to latest UK Finance data. The surge resulted in £1.17 billion being stolen, unchanged from 2023. Fraud accounts for 41% of all reported crime in the country. Banks prevented £1.45 billion of unauthorised fraud through advanced…

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78% of global businesses using AI to combat fraud

19th May 2025 Consumer Lending | #AI#fraud

Global business and technology leaders are already seeing benefits from the use of AI and automation, with over three-quarters (78%) reporting measurable improvements in the ability to detect fraud and manage risk after their organisation’s integration of the technology, according to research by FIS in collaboration with Oxford Economics. To combat this disharmony, businesses across…

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£1.5bn fraud bill to progresses to the Lords

1st May 2025 Consumer Lending | #fraud

The Government has issued new powers to the Department of Work and Pensions (DWP), which will allow the DWP to recover money directly from the bank accounts of fraudsters who can repay but are wilfully gaming the system in order not to, passed an important stage in the House of Commons as it had its…

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Government invests £121m for quantum technology to tackle fraud

The Government has announced that it is investing £121 million in quantum technology to tackle crime, fraud, and money laundering. The technology will be used to tackle the first signs of fraud and halting money laundering which could save billions for the economy. The funding is being made available over the next year to expand…

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Reported fraud hits record levels

Fraud prevention service, Cifas has published its annual Fraudscape report which reveals a staggering 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13% increase and the highest number on record. The sharp rise is one of the largest annual increases ever observed by Cifas, underscoring the growing scale and…

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Two in three fintechs reporting high volumes of fraud

21st March 2025 Consumer Lending | #fintech#fraud

More than two in three UK fintech companies (68%) are reporting higher fraud volumes compared with one year ago, according to new data published by Alloy. The research showed that 79% of UK fintechs say they lost at least £500,000 to fraud in the 12 months to October 2024. Two in five (38%) fintechs reported…

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Synthetic fraud hits record levels

19th March 2025 Consumer Lending | #fraud

New figures from Experian has found that that fraudsters deploying AI technology to combine personal information to create new identities highlighting  the rise of ‘synthetic fraud’ in the UK. Analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was an increase of 60% in false identity cases in 2024 when compared to…

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Half of financial services struggling to manage credit risk and fraud prevention

New survey results from Provenir have found that nearly half of all financial services executives are struggling with managing credit risk and detecting and preventing fraud. The survey also discovered that many financial services are revamping their credit risk decisioning and fraud prevention strategies in 2025, with Artificial Intelligence (AI) playing a prominent role. Over…

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One in five lied about university degree to secure employment

4th February 2025 Consumer Lending | #fraud

Nearly a fifth (18%) of UK people have lied on their CVs and job applications in order to land a role, or know someone who has, in the last 12 months – research from the fraud prevention service, Cifas, has revealed. Its latest Fraud Behaviours Survey shows falsifying CV qualifications and supplying false information on…

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65% of money mules are under 30

31st January 2025 Consumer Lending | #fraud

A new report from BioCatch, has revealed that criminals are targeting young people in the UK with nearly two-thirds (65%) of money mules in the UK being younger than 30. The report follows new research from Cifas which found that more than one-fifth (22%) of adults in the UK thought that money muling was legal. The NCA estimates…

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Fraud cases forecasted to increase

24th January 2025 Consumer Lending | #fraud

The Financial Ombudsman Service (FOS) anticipates that fraud and scams will constitute 35% of its banking and loan cases in the 2025/26 financial year, translating to over 37,000 complaints. This marks an increase from the projected 33,000 cases by the end of the current financial year. FOS also expects to handle around 240,000 new complaints…

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