Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has called for legislative change to address concerns beyond its remit in its latest Perimeter Report. .The report recommends that duties on internet companies in the Online Safety Bill should extend to paid-for advertising, as well as user-generated content. The FCA also believes that the Bill should designate content relating…
Read more
Two criminals from London have been sentenced at Inner London Crown Court after pleading guilty to conspiring together to commit £217,000 of fraud. The sentencing, on 15 October 2021, followed a successful investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit sponsored by the banking and finance industry that investigates…
Read more
Latest data from Action Fraud has shown 1,059 separate incidents of fraud were reported by charities in just one year from April 2020 to March 2021. The true scale of fraud against charities is believed to be much higher, as fraud is known to be underreported. The Commission is highlighting these figures, and the live…
Read more
National Westminster Bank Plc (NatWest) has entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007). The court heard around £356m, £264m in cash, from one Bradford-based business customer was deposited in its NatWest account over a five-year period. The…
Read more
A recent survey conducted by YouGov on behalf of the Chartered Trading Standards Institute (CTSI) discovered that 9% (479,880) of 18-24-year-olds (young adults) lost over £500 to scams since the beginning of the first Covid-19 pandemic lockdown in March 2020. The survey, which measures consumer confidence since lockdown began, found that younger people across the…
Read more
Banks need to do more to treat people fairly when they are the victim of fraud, according to the Financial Ombudsman (FOS). The latest complaints data also revealed there had been an increase in complaints about cryptocurrencies during the pandemic. The number of customers asking the Financial Ombudsman Service for help with fraud and scams…
Read more
More than £4 million on average was stolen by fraudsters every day in the UK during the first half of the year as losses skyrocketed during the pandemic according to new UK Finance figures. The figures show that fraud committed when individuals are tricked into handing over money and personal details surged by 71% compared…
Read more
A specialist police unit that targets the organised criminal gangs behind fraud prevented a further £85 million from being stolen in the first half of this year. The Dedicated Card and Payment Crime Unit (DCPCU) is funded by the banking and finance industry and is made up of officers from the City of London Police…
Read more
Consumer group Which? has warned that victims of bank transfer scams are being “abandoned” by banks when trying to reclaim stolen money. Which? says measures like the voluntary reimbursement code have failed to adequately protect consumers and provide reimbursement, saying there is a need for stronger action to support victims. Losses linked to authorised push…
Read more
Major technology companies, including Google, Facebook, Instagram, Twitter, Amazon, Microsoft and TikTok have pledged to support Take Five to Stop Fraud, an anti-fraud campaign run by UK Finance. The announcement coincides with Take Five Week, a week dedicated to highlighting the work of the campaign that offers straight-forward and impartial advice to help everyone protect…
Read more
A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
Read more
The public has been warned of a surge in impersonation scams as cases more than double as new research finds that nearly one in four people find it hard to say ‘no’ to requests from a stranger on the phone according to new UK Finance research. The figures have been shared at the start of…
Read more
More than £32 million of fraud has been prevented by the finance industry and the police through the Banking Protocol scheme in the first half of 2021, new UK Finance figures have revealed. The figures are up 65% compared to the same period last year and brings the total amount of fraud prevented to £174 million since…
Read more