Credit, Collections & Insolvency News
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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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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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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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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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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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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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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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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Latest research from Cifas has shown that nearly half (48%) of adults believe it is ‘reasonable’ to commit first-party fraud. First-party fraud, when someone knowingly misrepresents their identity or provides false information for financial or material gain, is on the rise. Examples include exaggerating salaries on mortgage applications, ordering goods online and falsely claiming they…
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The Department for Work and Pensions (DWP) has announced new measures which could see welfare fraudsters, who cheated the taxpayer out of £7 billion last year, banned from driving if they repeatedly fail to reimburse the public and repay their debt. As part of new legislation set to be introduced in Parliament to deliver the biggest…
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Two men from London have been sentenced at Inner London Crown Court after intercepting postal correspondence and using confidential information to steal money from bank accounts. The case was investigated by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit sponsored by the banking industry. The unit acted after the bank alerted…
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Lloyds Bank is warning that rogue retailers are preparing to rip off shoppers in the January sales, offering big online discounts to lure people into purchasing items that are never dispatched. The number of rogue retailers identified by Lloyds in January 2024 was 140% higher than the normal monthly average across the year, indicating that…
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Three men from London have been sentenced at Inner London Crown Court to a combined six years and nine months for using a SIM farm to send out masses of fraudulent texts and calls, conning victims out of an overall sum of £223,183.53. The sentencing follows an investigation and arrest by specialist banking industry sponsored…
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