Credit, Collections & Insolvency News
More than four out of five (82%) decision-makers in accounting now use automation as part of their anti-money laundering (AML) checks, despite half expressing some level of distrust in electronic checks. The latest findings from leading AML software provider, SmartSearch, show a distinct lack of trust in electronic checks and verification, with 9% of senior business…
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A new study by global analytics software provider FICO has highlighted the biggest barriers to digital interaction between bank and customer at a time when digital has become ‘king’ According to the data, based on a survey of decision-makers by independent research firm OMDIA of 172 banks across 8 countries, including 27 UK banks, the…
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Research carried out by Cifas, the fraud prevention service, shows that 80% of fraud prevention professionals believe businesses are unprepared for an expected surge in fraud as the Covid-19 crisis presents fraudsters with new opportunities. The results come as part of a survey carried out among professionals from some of the UK’s leading organisations and…
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Machine learning and biometrics predicted to be a key in the fraud battle according to Equifax The company says that lenders can fight back against fraudulent credit applications in a challenging COVID-19 landscape. Keith McGill, Head of ID & Fraud at Equifax said “Businesses and consumers are grappling with an amalgam of new fraud and…
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Global information and insights provider TransUnion has extended its fraud and identification offering with a new Document Verification and Facial Recognition solution, to help combat the increasing rise of identity fraud. Shail Deep, Chief Product Officer at TransUnion said: “Over the past five years, identity fraud cases have risen by 32% according to Cifas and…
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The Financial Conduct Authority (FCA) has opened application windows for two ‘sandbox’ services to support innovative firms tackling challenges caused by the coronavirus (Covid-19) pandemic. Application windows for Cohort 7 of the Regulatory Sandbox and the pilot of a new Digital Sandbox initiative have opened with an emphasis on supporting products and solutions that will assist consumers and firms…
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The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
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Losses to unauthorised fraud fell by 8% in the first half of this year to £374.3 million, figures from UK Finance’s half-year fraud report for 2020 has revealed. More than 15,000 impersonation scams were reported an 84% increase on the year prior. with criminals exploiting the increased use of technology among the public during the…
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The Financial Conduct Authority (FCA) has confirmed that so far in 2020 no criminal prosecutions under the current anti-money laundering (AML) legislation have been made, despite its stated intention in 2019 to do so. The statistic came from a Freedom of Information request, which also said it has discontinued half of its 14 investigations into…
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UK banks achieved the biggest reduction in card fraud losses last year among 18 countries across Europe, according to the updated FICO European Fraud Map. More than half of the countries saw increases in card fraud losses in 2019 according to the report, based on data from Euromonitor International and UK Finance. Toby Carlin, Director…
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UK Finance analysis has shown that bank scams have increased by 84% during the coronavirus lockdown, with cases of impersonation fraud nearly doubling in the first six months of the year. The banking trade body said there had been 15,000 reports of such scams, with these resulting in losses of £58 million a 3% year-on-year…
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Fraud prevention service, Cifas has appointed John Browett as its new Chair. In a career spanning thirty years, Browett has held the position of Chief Executive within a number of major UK businesses including Tesco.com, Dixons Retail, Monsoon-Accessorize, and Dunelm Group. He has extensive experience of transforming and strengthening the position of some of the…
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Bank branch staff worked with the police to stop £19 million of fraud in the first half of 2020 through the Banking Protocol, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme that enables bank branch staff to alert their local police force when they suspect a customer is…
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