Credit, Collections & Insolvency News
Aviva is calling for greater consumer protection from online financial fraud by urging government to include financial scams promoted by paid-for adverts in the scope of the Online Safety Bill. The company’s Fraud Report investigated fraud and financial scams relating to pensions, savings, investments, and insurance has found consumers have low trust in the internet…
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LexisNexis Risk Solutions UK, part of RELX, has announced that it has acquired TruNarrative. Founded in 2016 and headquartered in Leeds, UK, TruNarrative enables organisations to manage the entire financial crime lifecycle within a single, unified platform that allows for simplified and automated onboarding, a dynamic risk score and transaction monitoring. The platform allows for no-code…
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Fraudulent activity soared during the course of the pandemic with loan fraud up 40% in Q2, according to Experian, with criminals opening bank accounts at five times the rate of the same quarter last year. The research found that the fraud rate for current accounts rose by 13% in Q2* compared to the previous quarter and…
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The National Crime Agency (NCA) and its subset, the National Cyber Crime Unit (NCCU) have safeguarded over one million victims of cyber crime, according to official figures. The data, contained in the NCA’s recently published annual report and accounts for the most recent financial year (FY 20-21), has been analysed by Griffin Law, the niche…
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TransUnion’s latest quarterly analysis has found that fraudsters are refocusing their efforts from financial services to other industries, with travel and leisure topping the table. Across industries, the rate of suspected digital fraud attempts rose 17% globally when comparing Q2 2021 to Q2 2020. Travel and leisure was one of the most impacted industries globally…
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Fraud prevention service, Cifas has appointed Abimbola Adesanya to its board under the Board Apprentice scheme. Adesanya is a senior finance and change management leader with over 25 years’ experience, with much of this spent within the regulated financial services industry. Abimbola’s experience combines technical and commercial experience to successfully lead finance teams and deliver…
Read moreNew research by consumer group, Which? has found that some fraud victims are being left without satisfactory support from banks. The research found that while 83% of victims of fraud or fraud attempts in the past 12 months said they were satisfied overall with how their bank had managed the incident, some customers struggled to…
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The United Kingdom is the third country most at risk of credit card fraud a new study by Merchant Machine has revealed. The research found that Ireland, France and the United Kingdom are in the top three countries most at risk of credit card fraud, with Ireland and Greece highlighting the highest percentages of increase…
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A huge shift towards carrying out everyday tasks online for millions of people during the pandemic has led to a devastating surge in scams, according to Which? analysis of Action Fraud figures. The rearch found that in the year to April 2021, 413,553 instances of fraud were reported to Action Fraud – an increase of…
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Retail banks have been issued a warning by the Financial Conduct Authority (FCA) about continuing weaknesses and failings surrounding their financial crime controls. The letter, which was penned by David Geale, the Director of Retail Banking & Payments Supervision for the FCA, and sent to banking industry chiefs across the UK, was issued in May…
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New National Fraud Database figures have revealed a surge of identity fraud with an 11% increase in the first six months of 2021 with patterns of fraudulent conduct similar to the aftermath of the 2008 financial crisis are being repeated as the economy recovers from the pandemic. Cifas’ new Fraudscape report has indicated that the…
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In its report published today the Public Accounts Committee warns that Government ‘significantly increased’ taxpayer exposure to fraud and error by its twin decisions to drop basic fraud and error checks in paying out Covid 19 loans, and to support people and businesses that it had no prior relationship with. The Department for Business (BEIS) estimates…
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Nearly one-fifth of consumers have experienced credit or debit card fraud with an increase of fraudulent activity being reported during the pandemic, according to research by Lowell. The research showed that despite nearly three-quarters of consumers (74%) believing that they would not give out any details to someone claiming to be from their bank, nearly…
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