Credit, collections & insolvency news
One in 40 shoppers has admited to falsely claiming a refund when shopping online in the last 12 months according to new research by fraud prevention service Cifas. The consumers admitted they had falsely claimed a refund for an online purchase by stating the item hadn’t been received. A further one in tenconsumers knew someone…
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The HMRC’s Fraud Investigation Service (FIS) has recovered more than £1 billion from the proceeds of crime. More than £1 billion has been recovered from the proceeds of crime and tax offenders since the formation of a specialist HM Revenue and Customs (HMRC) fraud squad 5 years ago. Launched in April 2016, the department’s Fraud…
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Wealthier people are more likely to be targeted by fraudsters according to research by Saltus Wealth. The research found that half of high-net-worth individuals have been victims of financial crime, rising to almost two-thirds of those with assets of more than £2 million. The Saltus Wealth Index surveyed more than 1,000 people in the UK…
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The Financial Conduct Authority (FCA) has fined HSBC Bank £63,946,800 for failings in its anti-money laundering (AML) processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC’s transaction monitoring systems showed serious weaknesses over a period…
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A parliamentary committee has published a report on the draft Online Safety Bill calling for dangerous online paid-for adverts, such as those promoting scams, to be included within the Bill. A coalition of consumer groups, charities, policing leads and financial services industry bodies, including Which?, UK Finance, Martin Lewis and MoneySavingExpert, the Personal Investment Management…
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Latest research by Cifas reveals 1 in 13 UK adults have been involved in fraudulent conduct during the last year. Those aged between 16-34 were most likely to be involved, with more than 1 in 7 admitting to participating in being involved in at least one form of first-party fraud. The most common forms of…
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NatWest has been fined £264,772,619.95 following convictions for three offences of failing to comply with money laundering regulations. It was found that the bank failed to properly monitor the activities of jeweller Fowler Oldfield between November 2012 and June 2016. The Bradford-based jeweller deposited £365 million with the bank over a five-year period, including £264 million…
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The Government has announced that it will fund £510 million to target fraudsters lying to the DWP about their benefit claims. The money will be used to improve the department’s capability and capacity to detect and deter benefit fraud and catch fraudsters, recovering more taxpayer money that funds essential public services. This crackdown will include…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Individuals who have been tricked into transferring money to a fraudster are set to be entitled to reimbursements under new plans by the Payment Systems Regulator (PSR). The PSR is also calling for the biggest banks to publish their performance data in relation to authorised push payment (APP) scams. The PSR is consulting on proposals…
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HMRC has ramped up efforts to recoup £1 billion from fraudulent or incorrect furlough pay-outs, with more than 26,500 investigations into potentially fraudulent pandemic support claims launched over the past eight months. The level of fraud and error in the benefit system almost doubled during the pandemic from what was already the highest rate since…
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Almost half (41%) of finance leaders say they are focusing on cloud computing and Software as-a-Service (SaaS) in 2022, as many are still working towards supporting remote teams, a new survey has found. Cybersecurity (31%) was second on the tech wish-list, followed by Big Data analytics (22%) and Artificial Intelligence (13%). The research, commissioned by…
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An investigation by consumer group Which? has found that banks are getting decisions about certain customer scams and reimbursement wrong in the majority of cases. The research has analysed which banks are most often found to be treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine…
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