Increase in criminals impersonating telecoms customers

12th July 2024 Consumer Lending | #fraud

Latest data from UK-leading fraud prevention service, Cifas has shown a sharp rise in criminals targeting the telecoms sector to carry out facility takeover fraud. More than 374,000 cases were filed to the National Fraud Database (NFD) in 2023, and of this, cases of facility takeover fraud – where a criminal utilises compromised personal data…

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Fraudulent banking transactions forecasted to rise 111% over the 5 years

8th July 2024 Consumer Lending | #fraud

A new study from Juniper Research has found that the number of fraudulent banking and money transfer transactions in the UK will increase by 111% over the next five years. The figures indicate that fraud will increase from £4.2 million in 2024, to £8.8 million in 2029 with fraudulent transactions totalling £38 million over the next…

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Call for next government to appoint dedicated fraud minister

17th June 2024 Consumer Lending | #fraud

Which? is calling on the next Prime Minister to appoint a dedicated fraud minister to finally get a grip on fraud, as the consumer champion launches its agenda for Government. Fraud continues to blight the lives of millions of consumers and accounts for around 40 per cent of crimes committed in England and Wales.Losses to…

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Gaming sector is the most targeted industry for digital fraud

31st May 2024 Consumer Lending |

New data published by global information and insights provider, TransUnion, has shown that digital fraud in the gaming sector – which includes online sports-betting and casinos etc. – is the highest in the UK. TransUnion found that 7.3% of all transactions in that industry where the consumer was located in the UK were suspected digital…

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2.7m card fraud is filed every year

A new report by Scams.info has found that there are 2.7 million card fraud loss reported every year in the UK. Scams.info’s report has studied the number of of fraud across a five year period to determine which fraud types are most on the rise, and which types are becoming less common. The fraud type…

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More than £1 billion stolen through fraud in 2023

22nd May 2024 Consumer Lending | #fraud

Criminals stole £1.17 billion through unauthorised and authorised fraud in 2023, a four per cent decrease compared to 2022 according to UK Finance’s annual fraud report. Losses due to unauthorised transactions across payment cards, remote banking and cheques were £708.7 million this year, down three per cent compared to 2022. The total number of recorded…

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Anti-Money Laundering spend expected to grow by 170% in the next four years

A new study by Juniper Research has found that the global spend on AML (Anti-money Laundering) systems from non-financial institutions will grow 170% over the next four years; rising from $2.3 billion in 2024. The analysis says that the substantial growth will be driven by a tightening of regulatory requirements; necessitating areas such as legal…

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Call for Government to ‘do more’ to tackle fraud epidemic

20th May 2024 Consumer Lending | #fraud

Fraud prevention service Cifas has officially launched its ‘Fraud Pledges 2024’ with proposals requesting that the government commit to reforms and prevention strategies that better protect communities and businesses from fraud. Fraud represents approximately 38% of all crime in England and Wales and has more than doubled in Scotland over the past nine years, recent…

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Weaknesses in banks’ security leaves customers exposed to scammers

3rd May 2024 Consumer Lending | #fraud

Weaknesses in some banks’ security could leave customers exposed to scammers, a new Which? investigation has found. The research found that with more people than ever before using mobile banking, criminals are increasingly viewing mobile phones as gateways to consumers’ personal finances. Which? researchers tested banking website and app security across four key criteria: login…

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FEATURE: Strengthening the fraud defences across banking, telecoms and retail

24th April 2024 Consumer Lending | #fraud

Last year, fraud in banking and finance cost the UK over £1 billion, with more than £2,300 being fraudulently obtained every minute. The many forms of fraud account for over 40% of all crime in England and Wales. The UK government has stated that there needs to be a focus on stopping fraud at its…

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Warning over threat of AI generated fraud

Fraud prevention service, Cifas has released its 2024 Fraudscape report, detailing the latest fraud data and intelligence recorded by its members during 2023. The research found that more than 374,000 cases were reported to the Cifas National Fraud Database (NFD), with members recording an incident of fraud every two minutes, preventing more than £1.8bn in…

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£422m lost to fraud in the last quarter

10th April 2024 Consumer Lending | #fraud

Uswitch has reported that consumers lost £422 million from 92,739 reported cases of fraud in the last quarter. In Quarter 4 (Q4) of 2023, consumers between the ages of 30-39  were the most likely to be the subject of fraud and cybercrime, with those aged 20-29 following closely behind. Over three quarters (76%) of fraud…

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One in five have been a victim of fraud in the last couple of years

12th March 2024 Consumer Lending | #fraud

Just over one in five (21%) of adults across UK and 14 other countries around the world were defrauded between 2021 and 2023 according to research by the Social Market Foundation (SMF), a cross-party Westminster think tank that a surveyed almost 29,000 people. The SMF surveyed 15 countries, including Japan, Singapore, Brazil, Germany, USA, Mexico…

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