Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017. Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns…
Read moreThe Financial Conduct Authority (FCA) has issued warnings about two unauthorised firms that appear to impersonate the free, charity-run debt advice service National Debtline. The firms use the names ‘National-Debt-Helpline’ and ‘National Debtlines’ online. These warnings are part of a wider problem of commercial firms masquerading to be legitimate debt advice charities. In 2019, the…
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Over a third of consumers (36%) have been the target of a scam since lockdown began, new research by Citizens Advice reveals. Polling conducted on behalf of the charity also showed that certain groups were at an increased risk of being contacted by a scammer, often those who could least afford it. The charity has…
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New research has found that those working in leadership roles within the public sector are the least aware of new money laundering regulations. Money laundering costs UK businesses, citizens and the government upwards of £190 billion each year. In January 2020, in an effort to tackle the rising levels of fraud and eliminate money laundering,…
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Business and consumer insights specialist, Equifax has announced a partnership with customer onboarding and KYC RegTech provider, HooYu, to expand its range of identity and fraud tools. The partnership will support Equifax clients across regulated and non-regulated sectors that are striving to improve their digital customer onboarding experience, and bolster their anti-fraud processes, while meeting…
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Cifas and The Vulnerability Registration Service (VRS) have entered into a collaborative agreement that will offer protection to vulnerable individuals through the VRS national vulnerability database later this year. With effect from 1st August 2020, Cifas will no longer be providing the Protecting the Vulnerable scheme. The Protecting the Vulnerable scheme is a shared register…
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A man has pleaded guilty to sending out a large number of fraudulent text messages linked to Covid-19 following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking industry. Mohammed Khan, 20, from Camden, London, pleaded guilty to one count of fraud by false representation…
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The COVID-19 coronavirus pandemic lockdown has led to an unprecedented rise in opportunism and scam activity. The Chartered Trading Standards Institute (CTSI) has witnessed a seemingly endless stream of new scams target the public. As of mid-May, Action Fraud reports that over £3.5 million has been stolen from the UK public in coronavirus-related scams since…
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One in four business leaders unaware of anti-money laundering (AML) regulation changes according to new research by SmartSearch. More than one in four (26%) business leaders admit they have no knowledge of recent changes to money laundering regulation and what they need to do to remain compliant. The research has revealed the extent of business…
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Fraud prevention service Cifas has highlighted a scam whereby criminals posing as debt collectors are targeting bereaved relatives Fraudsters are increasingly targeting people recently bereaved. These callous scammers are purporting to be debt collectors recovering debts incurred by the deceased, and pressurising their relatives to pay the debt. Fraudsters are also contacting relatives to inform…
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Anti Money Laundering (AML) services specialist, SmartSearch has added a new facial recognition feature to its award-winning digital AML platform, with visual confirmation of customer ID feature. Due to the restrictions on travel currently in place in response to the Covid-19 outbreak, prospective new customers are unable to present ID documents and proof of address…
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Victims of bank transfer scams who have been denied refunds may be in line for compensation after the Lending Standards Board (LSB) found banks’ refund processes were flawed and ordered them to review old cases. The LSB conducted a review into how banks including Barclays, Lloyds and NatWest were adhering to a code of rules…
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Latest ONS crime figures show the total number of estimated fraud incidents at 3.7 million for 2019; the same as the previous year, based on the Crime Survey for England and Wales (CSEW). However, data from the National Fraud Intelligence Bureau (NFIB) which utilises reports from organisations including Action Fraud, Cifas and UK Finance, has…
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