Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has warned that unauthorised claims management firms are targeting consumers with ‘write-off debt’ schemes which could leave them paying fees even if they’re unsuccessful. The unauthorised claims management services say they can write off debts but often charge fees to do so, even when the scheme fails. These firms offer…
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The 2021 European Fraud Map produced by global analytics firm FICO, with data from Euromonitor International and UK Finance has indicated that the UK and the Nordic region continue to lead Europe both in terms of digital transformation and fraud loss reduction. Denmark and Sweden achieved the highest percentage decreases in losses while the UK…
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Signatories to the CRM Code, governed by the Lending Standard Board (LSB), have announced that they had made strides forward in their effort to stamp out transactions resulting in Authorised Push Payment (APP) scams, though areas of inconsistent application persist, according to the latest review. The “2022 review of adherence to Contingent Reimbursement Model (CRM)…
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During the first half of 2022, the value of alleged fraud cases exceeding £100k heard in UK Crown Courts soared by almost 300% compared to the first six months in 2021, rising from £137.4m to a staggering £532.6m. This is above the total value of alleged fraud seen in Crown Courts during the whole of…
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More than 80 per cent of regulated firms in the legal, property and finance and banking sectors are considering a switch to electronic verification of their customers new research from SmartSearch has found. The ‘big switch’ to technology comes as firms feel the growing weight of compliance around anti-money laundering (AML) and sanctions regulations –…
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Quarterly fraud analysis from global information and insights provider TransUnion found that the rate of suspected digital fraud attempts coming from the UK increased by 32% when comparing Q2 2021 and Q2 2022, with financial services and insurance having seen the biggest increases. In financial services, the rate of suspected digital fraud attempts has more…
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890,000 young people aged 18-24 have fallen victim to identity fraud according to research by GBG. The research found that 18% of young adults in the UK, almost a fifth of 18-24-year-olds said they have personally been a victim of identity fraud in the last 12 months compared to just 3% of adults aged 55…
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Almost half (45 per cent) of finance and banking firms are failing to carry out crucial ‘ghost-buster’ checks on new business clients, newly released data from SmartSearch has shown. ‘Ghost’ firms are false entities created as part of a corporate infrastructure to hide the connection of a criminal beneficiary. They are often used by sophisticated…
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Latest Cifas data shows that levels of fraudulent conduct increased by over 11% in first half of 2022 with a warning that consumers and businesses face a growing risk of identity fraud as criminals prepare to target consumers during the cost of living crisis. The warning comes as 200,000 cases of fraudulent conduct were filed…
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A new study from Juniper Research has found cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion. Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business…
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Get Safe Online has partnered with Cifas, to launch ‘Check-a-Website’. The new service, hosted on www.getsafeonline.org, will invite users to check if a website is safe to use before accessing. The aim from the launch is to prevent thousands of people in the UK falling victim to unwanted online scams every year. Criminals are increasingly turning…
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UK Finance’s latest fraud report has shown that a total of over £1.3 billion was stolen by criminals through authorised and unauthorised fraud in 2021. The banking and finance industry prevented a further £1.4 billion of unauthorised fraud from getting into the hands of criminals. Unauthorised financial fraud losses across payment cards, remote banking and…
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The Financial Ombudsman Service (FOS) received nearly 25,000 complaints about current accounts in the year to March, more than any other product. FOS says a big chunk of these were from victims of authorised fraud, such as customers being tricked into transferring money into other accounts often by scammers posing as their bank. Complaints to…
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