Credit, Collections & Insolvency News
As the Economic Crime and Corporate Transparency Bill makes its way through the House of Lords, a new corporate criminal offence of ‘failure to prevent fraud’ is likely to hit businesses soon according to research RSM UK Figures obtained by RSM UK under a freedom of information request show a 10% rise in reported cases…
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More than half of people in he UK say that they have been victims of a financial scam, with wealthier people most likely to have been targeted, according to the new research from Saltus. The latest Saltus Wealth Index Report surveyed more than 2,000 people in the UK and discovered that 51% had been victim to a financial…
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New research by Lowell has found out that over half of people have been targeted by fraud, with almost two-fifths (40%) of consumer have experienced payment card fraud. Fraudulent activity is taking place throughout the UK and the ways in which consumers are being targeted is constantly changing. Fraud committed using a debit or credit…
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The total value of alleged fraud cases £100,000 or above heard in UK courts increased by 151% from £444.7m in 2021 to £1.12bn in 2022, according to data released in KPMG UK’s latest Fraud Barometer. The figure for 2022 is similar to pre-pandemic values which saw a total value of £1.1bn for alleged fraud cases…
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Credit card application fraud rose to its highest-ever recorded level in 2022, new analysis from Experian reveals. Credit card application fraud rose by 18% in the last quarter of 2022, with fraudsters looking to take advantage of people’s Personally Identifiable Information (PII) and take out credit and borrowing in their name. The rise means the…
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The Payment Systems Regulator (PSR) has published its latest consultation on guidance to support payment service providers (PSPs – like banks and building societies) with providing correct data when they report their Authorised Push Payment (APP) scams data to the regulator. The PSR wants to see better protections for everyone from APP scams and last…
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The Lending Standards Board (LSB) has stepped in and made further updates to the Contingent Reimbursement Model Code (CRM Code) in a bid to stamp out Authorised Push Payment (APP) scams before any money changes hands. The LSB has published updates to the Code, requiring signatory firms receiving scam payments to play a greater role…
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A study by the consumer group Which? has found that banks are putting customers at risk of fraud by sending security codes via text. In an investigation into 13 current account providers, The consumer champion’s tests found several banks were missing basic online and app protections. The research comes after 29,102 cases of remote banking…
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A report from the House of Commons Treasury select committee has criticised the Payment Systems Regulator (PSR) for planning to hand off responsibility for recompensing individuals targeted by scams to payments operator Pay.UK. The select committees says fraud is the most common crime in England and Wales, and one of the most reported in Scotland.…
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The Financial Conduct Authority (FCA) has required firms to amend or remove 8,582 promotions during 2022. The amendments were 14 times more than 2021. The FCA has also published over 1,800 alerts to help prevent consumers from losing their money to scams. Social media remains a major focus for the regulator’s work in combatting misleading…
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Attempted fraud in the financial industry has risen sharply since the start of the cost of living crisis began in late 2021. Fraud prevention provider Homeppl has confirmed this week that 91% of the fraud they flag in applications stems from applicants attempting to conceal their true financial status by modifying original financial documents or…
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Around 8.6 million people in the UK have used fake, fraudulent or someone else’s identity in person or online to gain access to goods, services or credit, according to independent research by GBG, the digital identity experts. The findings have been released following the return to Parliament of the delayed Online Safety Bill, a new set…
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Experian has announced it has launched CreditLock, a new feature that will enable customers to lock their Experian Credit Report at the touch of a button. CreditLock allows CreditExpert and Identity Plus customers to ‘lock’ or ‘unlock’ their Experian Credit Report using a toggle switch in the app or online. Certain high-risk credit applications (such…
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