Fraudsters stole £1.3bn in 2021

UK Finance’s latest fraud report has shown that a total of over £1.3 billion was stolen by criminals through authorised and unauthorised fraud in 2021. The banking and finance industry prevented a further £1.4 billion of unauthorised fraud from getting into the hands of criminals. Unauthorised financial fraud losses across payment cards, remote banking and…

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Complaints about bank scams increase

29th June 2022 Consumer Lending | #bank fraud

The Financial Ombudsman Service (FOS) received nearly 25,000 complaints about current accounts in the year to March, more than any other product. FOS says a big chunk of these were from victims of authorised fraud, such as customers being tricked into transferring money into other accounts often by scammers posing as their bank. Complaints to…

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Money laundering loopholes being missed by property firms

29th June 2022 Consumer Lending | #fraud

Up to 70 per cent of property firms surveyed for an anti-money laundering campaign have not changed their approach to onboarding new customers since sanctions were imposed on Russia after its invasion of Ukraine according to new research by SmartSearch SmartSearch says that the survey shows the worrying size of the challenge when it comes…

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FCA data strategy helping fraud crackdown

The Financial Conduct Authority (FCA) is using state-of-the-art analytics to scan 100,000 websites a day in a crackdown on scams and fraud. Although the watchdog cannot remove fraudulent sites, it has added almost 2,000 possible scams to its consumer warning list since May 2021- up a third more than during the same time the previous…

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One in four scam victims are aged 21 to 30

15th June 2022 Consumer Lending | #fraud

Data from Barclays show young adults are the most likely age group to have been scammed in recent months, with one in four victims aged between 21 and 30. This is despite 76% of this age group saying they are confident they will not get duped. Barclays said scams often take place on tech platforms…

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More than three quarters of UK targeted by scammers

14th June 2022 Consumer Lending | #fraud

Millions more people have been targeted by scammers as the cost-of-living crisis takes hold, new research by Citizens Advice has found. More than three quarters of UK adults said they have been targeted by a scammer this year – a 14% increase compared to this time last year. The most common types of scams reported…

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29.6m adults affected by scams

9th June 2022 Consumer Lending | #fraud

More than half of UK adults (56%) have or know someone who has received a suspicious communication in the last 12 months according to research from Canada Life. This equates to 29.6m people across the UK. The majority of these cases can be described as “phishing scams” (57%), when a fraudster attempts to imitate a…

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Higher income households most likely to be victims of credit card application fraud

7th June 2022 Consumer Lending | #fraud

New research from Experian has highlighted that affluent, older households are being targeted by fraudsters committing credit card application fraud. Latest data from the National Fraud Hunter Prevention Service, analysed by Experian, found the detected fraud rate for cards rose by 18% in the first three months of 2022 when compared to the same period…

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Call for FCA to be given power to direct Ofcom on removal fraudulent content

30th May 2022 Consumer Lending | #fraud

Wealth trade association, PIMFA has called for the Financial Conduct Authority (FCA) to be given the power to direct Ofcom to act over potentially fraudulent online adverts or user-generated content that appear on search engine and social media platforms in evidence to MPs scrutinising the Online Safety Bill today. Tim Fassam, Director of Government Relations…

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PSR announces proposals to make more financial firms adopt confirmation of payee

25th May 2022 Consumer Lending | #payments

The Payment Systems Regulator (PSR) has announced its plans that will see around 400 more financial firms provide Confirmation of Payee (CoP). This essential fraud protection service will increase coverage from 92% of transactions made via Faster Payments (FPS) and CHAPS (when you make a payment transfer from one account to another) to 99% worth…

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£101m of fraud prevented by finance industry funded police unit

A specialist police unit which targets the organised criminal gangs behind fraud prevented a record £101 million from being stolen in 2021, the highest amount in the unit’s 20-year history. The Dedicated Card and Payment Crime Unit (DCPCU) which is funded by the banking and finance industry, is made up of officers from the City…

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Warning that interest rate rise could create fraud spike

9th May 2022 Consumer Lending | #fraud

With the announcement this week that UK interest rates have risen to the highest level since 2009, Cifas, the UK’s leading fraud prevention service, is warning that the rise in living costs could see a sharp rise in consumers and businesses being targeted by criminals. According to the latest Cifas data, fraud is already on…

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Updates to scam prevention Code made to protect more customers

29th April 2022 Consumer Lending | #fraud

The Lending Standards Board (LSB) has published a series of updates to the Contingent Reimbursement Model Code (the CRM Code) to further strengthen what is the only set of protections of its kind for tackling Authorised Push Payment (APP) scams. The three most significant updates to the Code will help improve customers’ understanding of how…

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