Credit, Collections & Insolvency News
Concerns over fraud have escalated sharply across the UK financial sector, with 68% of firms saying they are more worried about it today than 18 months ago, according to a new report from Dun & Bradstreet. The data showed that 82% of UK financial services organisations say they are ‘concerned’ about fraud risk, and among…
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One in five (19%) of professionals have admitted to secretly juggling two competing jobs – known as polygamous working – and nearly a quarter (24%) think it’s ‘justifiable’, according to research published by fraud prevention service, Cifas. The ‘Workplace Fraud Trends’ research from Cifas surveyed 2,000 employees across different sectors – from HR to engineering…
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A Freedom of Information request by Which? has found that Revolut and Monzo have emerged as the top banks for fraud complaints filed with the Financial Ombudsman Service (FOS). Revolut received 1,875 complaints, while Monzo had 1,063. The data is split between authorised push payment (APP) fraud and other scam or fraud complaints. APP fraud involves…
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A man from Suffolk has been sentenced to 4 years and 9 months at Ipswich Crown Court after stealing over £490,000 from bank customers after taking over their accounts by impersonating them. The sentencing follows investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Blessing Mudzinge,…
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Large organisations are to be criminally liable if they fail to prevent fraud, under new rules that come into force today. Under the new offence, companies could be held liable if one of their employees, agents or subsidiaries commits fraud with the aim of benefiting the business that they work for, unless able to demonstrate…
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Consumers are being warned of fraudsters impersonating the Financial Conduct Authority (FCA), as the regulator revealed it has received almost 5,000 fake FCA scam reports in the first half of 2025. Scammers aim to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords. There have…
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The Financial Conduct Authority (FCA) has issued a warning over scammers posing as car finance lenders, highlighting concerns over fraudsters offering fake compensation in exchange for personal details, such as names, addresses, birth dates and bank information. The regulator clarified that no car finance compensation scheme is currently in place, despite recent announcements about potential…
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New data from Lloyds has shown that thousands of football fans have been scammed, with football fans are being urged to guard to against fraud when buying match tickets for the upcoming Premier League season . The data reveals that an estimated £2.5 million has been lost to football ticket fraud over the past two…
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In the first six months of a new reimbursement scheme, £66m was returned to victims of authorised push payment (APP) scams, according to the Payment Systems Regulator (PSR) Launched in October last year, the new rules mandate banks to reimburse victims unless they were grossly negligent. Consumers reported around 109,000 claims, with 77,000 in scope for…
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A student from Northwest London has been sentenced at Southwark Crown Court to seven years in prison for the creation and selling of phishing kits, designed to help fraudsters steal money from victims. The sentencing follows investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU) who received…
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New analysis from FICO has revealed a worrying trend of rising card fraud levels and losses across the continent. The data from Euromonitor International on 18 countries shows that Card Not Present (CNP) fraud dominates card fraud losses and has increased across most countries. E-commerce fraud, e-wallet, social engineering and QR code fraud or “quishing”…
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The Financial Conduct Authority’s (FCA’s) annual report has shown that over 1,600 websites suspected of promoting financial services without permission were suspended, removed or blocked in 2024. The regulator also collaborated with big tech platforms, resulting in over 50 apps being removed from Google Play and the App Store, helping the regulator to block fraud at…
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A criminal has been sentenced at Inner London Crown Court to over a year in prison for operating a SMS Blaster to conduct a mass smishing campaign against victims with the intent to harvest their personal details to be used in fraud. The sentencing follows an investigation and arrest by the Dedicated Card and Payment…
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