Credit, Collections & Insolvency News
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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Anti-money-laundering (AML) firm SmartSearch has been named in the Sunday Times Sage ‘Tech Track 100’ for a second successive year. The list, published on Sunday, recognises Britain’s 100 private tech companies with the fastest-growing sales over a three-year period. Earlier in the year, the Yorkshire-based firm also reached 15th position in the Sunday Times Profit Track…
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Information and insights provider TransUnion’s latest quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses but increasing COVID-19 focused scams against consumers online. TransUnion came to its conclusions about fraud against businesses based on intelligence from billions of transactions for more than 40,000 websites and apps contained in…
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The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures. The data, obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team, reveals the extent to which financial services organisations and banks have been targeted by financial criminals…
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New Figures from Barclays have shown a surge in fraud cams amid the coronavirus crisis and lockdown, with fraud up 66% in the first six months of the year and climbing a further 5% in July. Barclays found that scams relating to investments were up by 49% last month – the biggest increase the bank’s…
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Cifas, the UK’s leading fraud prevention service, has entered into an innovative new partnership with Mango Solutions to further enhance its intelligence capabilities for members and the wider fraud prevention community. As part of this new partnership, Mango Solutions will help Cifas build and enhance its existing intelligence capabilities, as well as further deepen its…
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Latest research from Cifas, the UK’s fraud prevention service, has revealed that 2019 saw the highest ever number of cases of fraudulent conduct recorded to the National Fraud Database. In 2019 there were 364,643 cases recorded to the database, and this represents a 13% rise when compared to 2018. More specifically, there were three areas…
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Anti-money-laundering (AML) specialist firm SmartSearch has announced that it is launching operations in the USA. Expansion into the US market follows a period of sustained growth that has seen the firm frequently named among the UK’s fastest-growing companies, and a leader in the increasingly important ‘RegTech’ sector. SmartSearch’s ‘one-stop’ Know Your Customer (KYC) and AML…
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Experian and identity verification provider Global Data Consortium (GDC) have today announced a new partnership which it says will transform customer onboarding journeys for both international and new-to-country customers. The agreement enables Experian clients to onboard customers rapidly, as well as strengthening anti-fraud measures and meeting Know Your Customer (KYC) and Anti Money Laundering (AML)…
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Research by TSB shows that four in five people are tricked by scam bank messages. The study saw 2,000 people presented with texts and emails from companies such as banks and mobile phone operators, half of which were fake. Only 18% of people could correctly identify all of the messages which were scams, with this…
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UK Finance, the body representing the finance and banking industry operating in the UK, has announced the appointments of two new Managing Directors. Karen Baxter, who will lead on Intelligence Strategy for Economic Crime, and Jana Mackintosh who will lead on Payments & Innovation. Both will join the organisation in autumn this year. Baxter is…
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The Payment Systems Regulator (PSR) has confirmed that it’s new fraud-prevention tool – referred to as Confirmation of Payee (CoP) has now reached widespread usage providing additional protection to consumers and businesses. Confirmation of Payee allows users the opportunity to check the name of the person they wish to pay against the account number they…
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Fraud prevention service, Cifas has revealed that cases of identity rose by 18% in 2019 compared to the previous year – the highest ever increase recorded on the Cifas National Fraud Database. Identity fraud occurs when a fraudster abuses personal data to impersonate an innocent party, or creates a fictitious identity, often to open a…
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