Credit, Collections & Insolvency News
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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As more consumers go online for banking and other financial transactions, new research from TransUnion has found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (and the first four months of 2021 the company found the percentage of suspected digital fraud attempts in…
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New data from FICO’s updated European fraud map shows that the UK achieved the greatest fall in card fraud monetary losses, dropping 7 percent and £46 million year-on-year. However, other nations among the 18 European countries studied did not fare as well. Overall, card fraud losses in these countries was reduced by €62 million. Matt…
Read moreThe Lending Standards Board (LSB) says banks must urgently improve the way they apply a code that reimburses bank transfer scam victims. The LSB warned of systemic failings and said firms must work without delay to ensure the best outcomes for customers. It has written to the Chief Executives of banks which have signed up…
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New research by Uswitch.com has revealed impersonation scams as collectively having had the highest financial impact from fraud in the UK. with £96.6 million lost to impersonation fraud of police or bank staff in 2020, alongside £53.7 million lost to other types of impersonation scams. Unlike impersonation scams, where collectively more than half (56%) of…
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Research by Consumer group Which? has found that not all banks are using the full technology available to them to protect customers from phishing scams. The consumer champion looked into what protections banks were putting in place to protect their customers from receiving fraudulent emails, SMS messages and phone calls. These so-called phishing attacks are…
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New data from FICO has revealed the levels of consumer tolerance to new account opening security checks. With 23 percent of respondents admitting to going to a competitor financial services provider if asked to visit a branch or post documents as part of the digital application process. According to the data, if asked to visit…
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Consumer watchdog Which? says banks should show how many customers are repaid money from accounts lost due to fraud. Most large banks compensate some funds to customers who are defrauded by criminals and publish information on compensation rates as a group, with only Barclays and TSB committing to doing so individually. Which? says Banks must…
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A man has been sentenced for fraud after taking £26,000 in credit whilst bankrupt. Neil Maloney ( from Oswaldtwistle, Lancashire, was sentenced to 21 months, suspended for 2 years, for fraud offences after taking more than £26,000 in credit from a car parts distributor. Maloney was made bankrupt in December 2015 and his discharge from…
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HM Revenue & Customs (HMRC) has spent £262,251 on cyber security training for its staff over the two most recent financial years, according to official figures. This data was obtained and analysed under the Freedom of Information (FOI) act by the Parliament Street think tank. The FOI response from HMRC revealed that £150,456 was spent…
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Research by tenant due diligence firm, Homeppl says that it has found that there has been a 263% increase in the value of fraudulent tenant applications in just three months. The recent rise in fraudulent tenant activity has been severely impacting real estate agents and landlords, presenting significant financial risks where, for example, long-term periods…
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Online banking fraud victims lost over £160 million in the past year (2020-21) according to new research by Moneytransfers.com The research says that for many of us, online banking and credit/debit cards are an essential part of our everyday lives as they allow us to pay for a multitude of necessities such as food and…
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Vanquis Bank has announced a partnership with SQA Consulting to help combat financial crime. By introducing an Elimination Algorithm, UK credit card provider Vanquis, part of the Provident Financial Group, plans to reduce its manual processes and increase efficiency, whilst saving huge amounts of time previously spent processing false-positive alerts. Following compliance testing and a…
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