Credit, Collections & Insolvency News
People under 35 are more likely than older age groups to have been targeted in an impersonation scam and be swayed to provide personal or financial information, according to a new survey by UK Finance. An impersonation scam is where a criminal contacts you pretending to be a person or organisation you trust. These scams…
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Latest UK Finance figures have indicated that bank staff have worked with the police to stop £202.8 million of fraud since 2016 with the help of the Banking Protocol scheme. National Trading Standards and local police forces stopped £60.7 million of fraud, 34% more than in 2020, with data showing that bank branch staff made…
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Digital identity (ID) verification and fraud prevention, specialist Mitek has announced the acquisition of KYC (know your customer) technology specialist, HooYu. The United Nations (UN) estimates that up to three percent of the world’s GDP – or nearly two trillion dollars – is money laundered annually. The increased regulatory eye, together with the rise in…
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People aged between 20 and 39 are the most likely to have reported being scammed in the past year, Which? research reveals, with many young victims losing huge sums of money to online shopping scams, pyramid schemes and rental fraud. The analysis found that between November 2020 and December 2021, individual victims lodged a total…
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The Government has announced changes to the Online Safety Bill to tackle scams and fraud. The measures mean that social media sites and search engines will be forced to stamp out fraudsters and scammers on their platforms as the government strengthens its pioneering internet safety laws. The move comes as the government also launches a consultation as…
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Victims are losing more to bank transfer scams every hour than the average UK worker earns a year, new research from Which? has revealed. A voluntary reimbursement code on bank transfer scams, also known as authorised push payment fraud (APP), was introduced in May 2019, and most major banks have signed up. It instructs them…
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Nearly one in 10 smartphone users in the UK (9%), as many as 5.7 million people, have fallen victim to identity fraud in the last 12 months, according to research by GBG, the experts in digital identity. GBG’s State of Digital Identity Report 2022 has revealed that young adults aged 18-to-24 were hardest hit with…
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Latest data from the National Fraud Hunter Prevention Service, analysed by Experian, found the detected fraud rate for cards rose by 42% between October and December 2021, when compared to the previous quarter, the highest rate since 2017. Typically, an increase in fraudulent activity is detected over the festive shopping period, but 2021 proved especially…
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Virgin Money, the UK’s sixth largest bank, is the latest firm to become fully registered to the Contingent Reimbursement Model Code (the CRM Code) – a voluntary standard overseen by the primary self-regulatory body of the financial services industry, the Lending Standards Board (LSB). The CRM Code sets out protections to prevent, detect and mitigate…
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Fraud prevention service, Cifas is urging consumers to report fraud committed against the public purse as new research reveals one in ten people know someone dishonestly claiming a discount on their Council Tax Bill. Current rules mean any household with only one adult living at the address can claim a 25% discount on their Council…
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The ONS has released crime figures with reported crimes to the National Fraud Intelligence Bureau from Action Fraud, Cifas and UK Finance that showed there were 5.1 million fraud offences in the year to September 2021, up 36% from two years earlier with 26% of victims lost money that was never paid back. The statistics…
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One in 40 shoppers has admited to falsely claiming a refund when shopping online in the last 12 months according to new research by fraud prevention service Cifas. The consumers admitted they had falsely claimed a refund for an online purchase by stating the item hadn’t been received. A further one in tenconsumers knew someone…
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The HMRC’s Fraud Investigation Service (FIS) has recovered more than £1 billion from the proceeds of crime. More than £1 billion has been recovered from the proceeds of crime and tax offenders since the formation of a specialist HM Revenue and Customs (HMRC) fraud squad 5 years ago. Launched in April 2016, the department’s Fraud…
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