Credit, Collections & Insolvency News
More than 220,000 fraud-risk cases were recorded to the UK National Fraud Database (NFD) in the first six months of 2026, with identity fraud accounting for 59%. The figures, revealed by fraud prevention service Cifas, mark the highest total volume of cases recorded throughout January-June. The latest data shows that stolen personal information is a…
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The Information Commissioner’s Office (ICO) has executed search warrants across the UK as it cracks down on suspected nuisance marketing linked to car finance mis-selling claims as part of the joint regulatory taskforce. More than 12 million complaints about nuisance marketing text messages have been submitted by the public since September 2025, with up to…
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The UK’s fraud prevention service, Cifas, has announced a major partnership with the Global Signal Exchange (GSE) to strengthen the global fight against a threat estimated to cost the global economy $579.4bn (over £433bn) in 2025. Together, Cifas and the GSE, will work to identify, disrupt, and prevent online scams at scale across borders and…
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Victims of authorised push payment (APP) scams received £243 million in reimbursements from payment companies last year, according to the Payment Systems Regulator. APP scams involve consumers being deceived into sending money to seemingly legitimate parties. In 2024, new rules mandated that payment companies must reimburse victims up to £85,000. The regulator is set to…
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A criminal from Preston has been sentenced at Manchester Crown Court to six years in prison after pleading guilty to a series of fraud offences, including making purchases using stolen cards, gaining unauthorised access to someone’s online account, and intercepting parcels. The sentencing follows an investigation and arrest by a specialist, banking-industry-sponsored police unit, the…
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Fraud rates within Open Banking payments remain below wider UK payments industry benchmarks as adoption of Open Banking continues to grow, according to the first edition of the Open Banking Payments & Fraud Monitor, published today by Open Banking Limited (OBL). Drawing on data from account providers representing more than 60% of Open Banking payment…
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Fewer victims, more money returned and firms stepping up to tackle and prevent fraud. These are some of the findings from Frontier Economics’ independent review, which confirms that the Authorised Push Payment (APP) reimbursement policy is having a positive impact, with in-scope losses falling significantly since its introduction. Frontier found that APP fraud losses have…
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UK Finance announces it is supporting Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group and Santander in developing a financial services-led digital verification service. Many online processes still require customers to repeatedly verify their identity, often by sharing multiple physical documents or pieces of information to confirm a single detail, such as their…
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UK Finance’s latest Annual Fraud Report shows its members reported that criminals stole £1.28 billion through payment fraud in 2025, an increase of four per cent, demonstrating how fraud continues to operate on an industrial scale and is a national security threat. The report also shows that most authorised push payment (APP) fraud cases still…
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Boss of firm which sparked almost 38,000 complaints over high-interest loan spam texts banned as company director until 2032. Leanne Richardson was the director of ESL Consultancy Services Ltd, which generated almost 38,000 spam text complaints. ESL Consultancy Services Ltd was fined £200,000 by the Information Commissioner’s Office (ICO) but went into liquidation without paying…
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Two men have been sentenced at Southwark Crown Court to a combined two years and eleven months for working together to sell fraudulent SMS spamming services online to fraudsters. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between June 2020 and November…
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A criminal from London has been sentenced at Southwark Crown Court to four years and five months in prison after defrauding customers of potentially up to £500,000 over 19 months. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between October 2022 and…
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The Payment Systems Regulator (PSR) has set out its work programme for 2026/27 highlighting its focus on tackling high card fees, maintaining world-leading protections against Authorised Push Payment (APP) fraud and supporting innovation and competition across UK payments. This year’s work plan sets out how the regulator will build on recent reforms, take forward further…
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