Credit, Collections & Insolvency News
Qatari-owned Al Rayan Bank has been fined £4.02 million (£4,023,600) by the Financial Conduct Authority (FCA), which uncovered multiple failings between April 2015 and November 2017. The Knightsbridge branch of the Shariah-compliant bank accepted cash deposits of hundreds of thousands of pounds without doing proper anti-money-laundering (AML) and terrorist financing checks. It failed to carry…
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Guaranty Trust Bank has been fined £7,671,800 over serious weaknesses in its systems and controls designed to prevent money laundering. The Financial Conduct Authority found serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not…
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Criminal gangs will continue to launder money in the UK as long as regulated firms insist on trusting manual verification checks, an anti-money laundering specialist SmartSearch has warned. A cross-sector survey of 500 UK-based decision-makers revealed that regulated firms in the North West, North East, and East of England rely most on manual checks to…
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The Financial Conduct Authority (FCA) is warning festive shoppers of the risk of loan fee scams as fraudsters pile on the pressure at Christmas The FCA says that loan fee fraud this Christmas, with cases already up by a fifth on last year The research shows with the rising cost of living impacting consumers’ finances,…
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The Financial Conduct Authority (FCA) has fined Santander UK £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. An investigation found that between 31st December 2012 and 18th October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account…
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The Payment Systems Regulator (PSR) has outlined the technical process that banks and building societies will have to follow as part of its new reporting requirement for authorised push payment (APP) scams. APP scams are a major problem in the UK. In the first half of this year, there were over 95,000 incidents of APP scams, with…
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Experian has today been recognised for its verification technology and solutions, achieving certification through the Government’s Digital Identity and Attributes Trust Framework (DIATF) The framework outlines the Government’s vision and rules for the future use of digital identities, with the ambition to make it easier and simpler for individuals to prove who they are using…
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New research by FICO has revealed that strong fraud protection could be a competitive differentiator. When asked to rank their considerations in selecting a financial account provider, the top factor for 30 percent was good fraud prevention. This came above value for money at 26 percent. Greater levels of checks across the financial services sector…
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Fraud prevention service, Cifas is urging the Government to take action as cases of fraud continue to rise – raising concerns that 2023 may see the highest ever levels of fraud recorded. Latest figures reveal that there were over 309,000 cases recorded to the Cifas National Fraud Database, up 17% when compared to the same…
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Some banks may be leaving customers vulnerable to fraudulent spoofing attempts, according to an investigation by consumer group Which? Spoofing, where fraudsters impersonate legitimate companies, such as banks, utilities providers or government agencies, is a common tactic used to deceive victims. Ofcom estimates that 40.8 million UK adults have received a suspicious call or text…
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With UK Finance announcing that ‘the level of fraud in the UK is such that it must be considered a national security threat’ independent research by GBG has found that two in three (66%) people in the UK, nearly 36 million consumers, think that businesses are cutting corners when it comes to protecting them from fraud by failing to…
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The number of people searching online for ‘Fraud prevention’ has increased 22% this month. With a 17% increase in fraudulent activity year on year, there are more and more ways of becoming a victim of fraud according to analysis by credit management company Lowell. With millions of consumers being affected by the current energy crisis…
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Cases of fraud have continued to soar as the cost-of-living crisis pushes households to breaking point, according to fraud prevention service Cifas. In its Fraudscape report, Cifas figures reveal that the UK could be heading into 2023 with unprecedented levels of fraud. In the first nine months of 2022, over 309,000 cases were recorded to…
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