A specialist police unit that targets the organised criminal gangs behind fraud prevented a further £85 million from being stolen in the first half of this year. The Dedicated Card and Payment Crime Unit (DCPCU) is funded by the banking and finance industry and is made up of officers from the City of London Police…
Consumer group Which? has warned that victims of bank transfer scams are being “abandoned” by banks when trying to reclaim stolen money. Which? says measures like the voluntary reimbursement code have failed to adequately protect consumers and provide reimbursement, saying there is a need for stronger action to support victims. Losses linked to authorised push…
Major technology companies, including Google, Facebook, Instagram, Twitter, Amazon, Microsoft and TikTok have pledged to support Take Five to Stop Fraud, an anti-fraud campaign run by UK Finance. The announcement coincides with Take Five Week, a week dedicated to highlighting the work of the campaign that offers straight-forward and impartial advice to help everyone protect…
A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
More than £32 million of fraud has been prevented by the finance industry and the police through the Banking Protocol scheme in the first half of 2021, new UK Finance figures have revealed. The figures are up 65% compared to the same period last year and brings the total amount of fraud prevented to £174 million since…
Aviva is calling for greater consumer protection from online financial fraud by urging government to include financial scams promoted by paid-for adverts in the scope of the Online Safety Bill. The company’s Fraud Report investigated fraud and financial scams relating to pensions, savings, investments, and insurance has found consumers have low trust in the internet…
LexisNexis Risk Solutions UK, part of RELX, has announced that it has acquired TruNarrative. Founded in 2016 and headquartered in Leeds, UK, TruNarrative enables organisations to manage the entire financial crime lifecycle within a single, unified platform that allows for simplified and automated onboarding, a dynamic risk score and transaction monitoring. The platform allows for no-code…
Fraudulent activity soared during the course of the pandemic with loan fraud up 40% in Q2, according to Experian, with criminals opening bank accounts at five times the rate of the same quarter last year. The research found that the fraud rate for current accounts rose by 13% in Q2* compared to the previous quarter and…
The National Crime Agency (NCA) and its subset, the National Cyber Crime Unit (NCCU) have safeguarded over one million victims of cyber crime, according to official figures. The data, contained in the NCA’s recently published annual report and accounts for the most recent financial year (FY 20-21), has been analysed by Griffin Law, the niche…