Credit, Collections & Insolvency News
One in five people (15%) have provided personal information to someone before realising they were not genuine, according to new research from Nationwide. Among them is actress and broadcaster Lisa Riley MBE, who was tricked into providing personal information through a convincing scam that appeared completely legitimate. The research also found consumers are exposed to…
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Financial firms are shutting down hundreds of thousands of suspected money mule accounts, but organised criminal groups are still shifting dirty money through multiple bank accounts before cashing out, according to a Financial Conduct Authority (FCA) survey. The FCA has found firms have closed an increasing number of suspected mule accounts over the last three…
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New analysis by Fico has shown that the UK financial services sector is making good strides in preventing fraud, as card fraud losses rose by just 2% year-on-year. This is in stark contrast to many European countries, including Norway, Sweden, Poland, Hungary and Greece, where fraud losses have jumped by 15% or more year-on-year. Across…
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Fraud prevention service, Cifas, has announced that Companies House is joining the National Fraud Database (NFD) membership. Identity fraud continues to be the most prevalent fraud type recorded to the NFD, accounting for 59% of all cases during the first half of 2026. With criminals increasingly using false or stolen identities, Companies House’s participation in…
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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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