Two found guilty of making £3m of fraudulent mortgage applications 

17th November 2023 Consumer Lending | #fraud

Two individuals guilty of making £3 milion worth of fraudulent mortgage applications.  Larry Barreto, based in the East Midlands, has been found guilty today of 11 charges of fraud by false representation following a prosecution brought by the Financial Conduct Authority.  At an earlier hearing, Mr Barreto pleaded guilty to two offences of arranging and…

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Consumers face risks from APP Fraud

16th November 2023 Consumer Lending | #fraud

New research by FICO suggests that Authorised Push Payment (APP) fraud — when someone is tricked into sending money from their bank account to a fraudster — is not being taken seriously by UK consumers. The new data also suggests one of the most vulnerable sections of society — the 65+ age group — are…

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Criminal sentenced in £2m mandate fraud case

9th November 2023 Consumer Lending | #fraud

A criminal has been sentenced following a £2 million mandate fraud case by the Dedicated Card and Payment Crime Unit (DCPCU). Michael Grant, a former contractor working for a bank as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act after commiting £2,260,729.09 of…

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Banks told to improve treatment of fraud victims

8th November 2023 Consumer Lending | #fraud

The Financial Conduct Authority (FCA) has expressed disappointment with banks’ anti-crime systems and their treatment of fraud victims. The FCA’s review found that banks were not fully considering customer vulnerabilities when handling fraud claims and complaints. Customers were provided with unclear and confusing decision letters, with some containing accusatory language. The FCA is working with…

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TSB sees 35% rise in purchase fraud cases

8th November 2023 Consumer Lending | #fraud rise

The number of purchase fraud cases seen by TSB increased by 35%, largely driven by social media platforms.,  between January and October 2023, with an average loss of over £500 per case. Ahead of the busy Christmas shopping period, TSB is warning consumers about the increased risk of purchase scams, as the bank reveals a…

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Criminal group sentenced following £1m conspirancy to fraud

8th November 2023 Consumer Lending |

A group of fraudsters have been sentenced after they conspired to access customer accounts and steal their money, leading to just over £1 million in known fraudulent transactions. Organised crime group members Tosin Aminoritse, Matthew Abass and Emmanuel Chukwumeka Okafor recruited bank insiders Tyrone Ayodele Odesanya, Ishmeal Jack and Hasses Khan, creating a sophisticated criminal…

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Cifas reports 9% rise in facility rise takeover

1st November 2023 Consumer Lending | #fraud increase

Criminals are turning more to targeting existing consumer services in 2023, with telecom, online retail and plastic card products particularly under attack. Fraud prevention service, Cifas has detailed that its members recorded nearly 278,000 cases to the Cifas National Fraud Database in the first nine months of 2023. Of this, more than 30,000 cases related…

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Report highlights APP scam threat

31st October 2023 Consumer Lending |

New figures released by the Payments Systems Regulator (PSR) has shown for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report showed that  TSB fully reimbursed 94% of the APP scam cases reported…

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Authorised payments fraud increase by 22% 

25th October 2023 Consumer Lending | #fraud

New figures from UK Finance show that the number of authorised push payments (APP) fraud cases increased by 22% year-on-year to 116,324 in the six months to the end of June, as a result of an increasing number of consumers being conned into fake purchases online. Figures also show the volume of these purchase scams increased by 43%…

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Seven in ten have been targeted by scams

20th October 2023 Consumer Lending |

More than seven in 10 adults have been targeted by scams in the last 12 months, receiving an average of three scam attempts each week, according to data from NatWest. Scams through digital platforms, social media firms and telecommunications companies make up the entirety of the top 10 financial scams Brits say they experienced this…

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FCA fines Equifax £11m over ‘largest cyber-security breach in history’

The Financial Conduct Authority (FCA) has fined Equifax 11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.…

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TransUnion and Tymit agree fraud prevention partnership

6th October 2023 Company News | #fraud

TransUnion has announced that it has partnered with London-based fintech company Tymit to help mitigate fraud risks whilst enabling friction-right experiences for consumers applying for Tymit’s pioneering instalment credit card. Tymit offers an alternative to traditional credit cards and buy now, pay later offerings and launched the world’s first instalment credit card. However, the credit…

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Criminal sentenced over £1m money laundering fraud

3rd October 2023 Consumer Lending | #fraud

A man from East London who enabled over £1 million of fraud has been sentenced to five years and six months in prison for fraud by abuse of position and money laundering. Said Hussain, sentenced at Southwark Crown Court, was a member of staff at a bank branch in East Ham. During his employment, he abused…

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