Credit, Collections & Insolvency News
Global digital identity specialist, GBG is warning that fraud in the UK is rapidly becoming industrialised, with 40% of businesses reporting known or suspected fraud attempts in the last 12 months. Globally, almost half (49%) of the businesses that reported fraud attempts say it has increased in the last year. At the same time, over…
Read more
Over 50s in the UK have spent more than £4.4 billion on cars for their kids and grandkids over the past five years, according to the latest research from over 50s experts SunLife. SunLife’s new Life Well Spent report has revealed that 25% of over 50s – rising to 29% of retired over 50s – have given significant…
Read more
Experian has launched a new service which will help banks and building societies identify and close ‘money mule’ accounts which are used to house fraudulently-obtained funds. Money mules are individuals who have agreed to let their bank accounts be used by criminals in exchange for cash. According to new insights from Experian, 42% of first-party…
Read more
The Payment Systems Regulator (PSR) has confirmed new requirements for banks and payment companies that will ensure more people than ever before will get their money back if they are a victim of Authorised Push Payment (APP) fraud; prompting more action to prevent these frauds from happening in the first place. This significant new level of…
Read more
Holiday fraudsters conned UK consumers out of more than £15 million in 2022, twice as much as the year before according to new research by Action Fraud Action Fraud said there had been a surge in the number of people being conned into paying for fake flights and accommodation bookings as more people sought cheaper…
Read more
People in the UK lost £1.2bn to fraud in 2022, the equivalent of £2,300 every minute according to bank industry group UK Finance. UK Finance said around three million scams took place – slightly less than the previous year – with frauds involving payment cards being the most common. UK Finance said losses were not always…
Read more
The Government is to launch a new National Fraud Squad and expand a 2019 ban on pensions cold-calling to all financial products. As part of the crackdown, Britain’s intelligence agencies will work with new regional squads of police officers to find and stop scammers targeting Britons from abroad while the technology enabling criminals to mass…
Read more
New data published by TransUnion, shows that consumer over four in ten (43%) UK consumers who said they have been targeted by fraud were targeted by phishing in the period between September and December 2022. The data also showed that smashing, fraudulent text messages meant to trick you into revealing data (40%) and vishing fraudulent…
Read more
New UK Finance data has indicated that there were 45,367 cases of impersonation scams last year, costing £177.6 million. The research also found that only 51 per cent of people always check if a request for money or personal information is legitimate before responding. Impersonation scams take place when a criminal contacts you pretending to…
Read more
Latest research from fraud prevention service Cifas has revealed that identity fraud is now one of the biggest fraud threats to the public, with cases soaring by nearly a quarter over the last year. This alarming statistic is revealed in the latest publication of Fraudscape, which identifies and analyses the latest fraud trends based on…
Read more
The Government has announced a new crackdown to prevent illegal migrants from accessing bank accounts. The change will make it more difficult for unlawful migrants to access financial services is an important tool to help deter illegal migration by preventing people from working illegally and profiting from services they are not entitled to. Having access…
Read more
Around £21 billion has been lost by the Government due to fraud since the start of the pandemic, according to latest National Audit Office (NAO) data. The research also found that most public bodies do not know how much fraud they face and cannot demonstrate that they have the correct level of counter fraud resources.…
Read more
Fraud prevention service, Cifas has welcomed the launch of the new Economic Crime Plan and its commitment to reduce fraud and money laundering, but warns that excluding SMEs from the ‘failure to prevent’ fraud offence may leave them vulnerable to fraud. The plan places a greater focus on fraud, which includes greater prosecution and disruption of offenders.…
Read more