Credit, collections & insolvency news
Two individuals guilty of making £3 milion worth of fraudulent mortgage applications. Larry Barreto, based in the East Midlands, has been found guilty today of 11 charges of fraud by false representation following a prosecution brought by the Financial Conduct Authority. At an earlier hearing, Mr Barreto pleaded guilty to two offences of arranging and…
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New research by FICO suggests that Authorised Push Payment (APP) fraud — when someone is tricked into sending money from their bank account to a fraudster — is not being taken seriously by UK consumers. The new data also suggests one of the most vulnerable sections of society — the 65+ age group — are…
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A criminal has been sentenced following a £2 million mandate fraud case by the Dedicated Card and Payment Crime Unit (DCPCU). Michael Grant, a former contractor working for a bank as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act after commiting £2,260,729.09 of…
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The Financial Conduct Authority (FCA) has expressed disappointment with banks’ anti-crime systems and their treatment of fraud victims. The FCA’s review found that banks were not fully considering customer vulnerabilities when handling fraud claims and complaints. Customers were provided with unclear and confusing decision letters, with some containing accusatory language. The FCA is working with…
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The number of purchase fraud cases seen by TSB increased by 35%, largely driven by social media platforms., between January and October 2023, with an average loss of over £500 per case. Ahead of the busy Christmas shopping period, TSB is warning consumers about the increased risk of purchase scams, as the bank reveals a…
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A group of fraudsters have been sentenced after they conspired to access customer accounts and steal their money, leading to just over £1 million in known fraudulent transactions. Organised crime group members Tosin Aminoritse, Matthew Abass and Emmanuel Chukwumeka Okafor recruited bank insiders Tyrone Ayodele Odesanya, Ishmeal Jack and Hasses Khan, creating a sophisticated criminal…
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Criminals are turning more to targeting existing consumer services in 2023, with telecom, online retail and plastic card products particularly under attack. Fraud prevention service, Cifas has detailed that its members recorded nearly 278,000 cases to the Cifas National Fraud Database in the first nine months of 2023. Of this, more than 30,000 cases related…
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New figures released by the Payments Systems Regulator (PSR) has shown for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report showed that TSB fully reimbursed 94% of the APP scam cases reported…
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New figures from UK Finance show that the number of authorised push payments (APP) fraud cases increased by 22% year-on-year to 116,324 in the six months to the end of June, as a result of an increasing number of consumers being conned into fake purchases online. Figures also show the volume of these purchase scams increased by 43%…
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More than seven in 10 adults have been targeted by scams in the last 12 months, receiving an average of three scam attempts each week, according to data from NatWest. Scams through digital platforms, social media firms and telecommunications companies make up the entirety of the top 10 financial scams Brits say they experienced this…
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The Financial Conduct Authority (FCA) has fined Equifax 11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.…
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TransUnion has announced that it has partnered with London-based fintech company Tymit to help mitigate fraud risks whilst enabling friction-right experiences for consumers applying for Tymit’s pioneering instalment credit card. Tymit offers an alternative to traditional credit cards and buy now, pay later offerings and launched the world’s first instalment credit card. However, the credit…
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A man from East London who enabled over £1 million of fraud has been sentenced to five years and six months in prison for fraud by abuse of position and money laundering. Said Hussain, sentenced at Southwark Crown Court, was a member of staff at a bank branch in East Ham. During his employment, he abused…
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