Credit, Collections & Insolvency News
Mastercard has announced it is developing its first European Cyber Resilience Centre, a state-of-the-art cyber and security centre in Europe that will drive collaboration between both public and private sectors, as well as regulatory bodies to further support enterprise resilience in the region. Located in Waterloo, Belgium at Mastercard’s European Headquarters, the centre is the…
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More than 100,000 UK businesses have a corporate structure so complicated it would take over half a day for them to complete anti-fraud checks, according to Experian analysis. Businesses are required to perform Know Your Customer (KYC) checks on their clients to ensure they are not involved in financial crime or fraud. Fraudsters can use…
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The latest figures from the Crime Survey for England and Wales (CSEW) show continued rises in overall fraud, with a 9% increase in the year ending September 2019, driven by a rise in ‘bank and credit account fraud’ according to the Crime Survey for England and Wales (CSEW). Commenting on the figures Josh Gunnell, Head…
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Taking stock of the identity verification landscape, Keith McGill, Head of Fraud & ID at Equifax, expects rapid adoption of biometrics in 2020 as it enters the mainstream. McGill said “The biometrics industry has been at a crossroads, with verification technology solutions until now viewed as a roadmap item for many businesses, but as it…
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The value of alleged cybercrime cases reached over £1 billion in UK Courts in 2019, according to research by KPMG – showing fraudsters are becoming more persistent. Sophisticated cyber-crime combined with traditional old school frauds have pushed the value of alleged fraud cases hitting UK Courts in 2019 to over £1 billion. Fraudsters went back…
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Fraud prevention service, Cifas has appointed Nick Downing as Chief Intelligence Officer. Downing’s previous role was Assistant Chief Constable of Kent & Essex, where he oversaw serious, organised, economic and cybercrime, as well as being the national policing lead for financial investigation and proceeds of crime. Prior to this, Nick worked for the Metropolitan Police…
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Victims of Authorised Push Payment (APP) fraud face a £3 billion shortfall in compensation according to new Fraud Tracker figures from secure payments solution Shieldpay. Some 4.2 million1 people in the UK have been caught out by scammers at some point in their life through APP fraud. APP fraud happens when someone is tricked into…
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The Information Commissioner’s Office (ICO) has fined DSG Retail £500,000 after a ‘point of sale’ computer system was compromised as a result of a cyber-attack, affecting at least 14 million people. An ICO investigation found that an attacker installed malware on 5,390 tills at DSG’s Currys PC World and Dixons Travel stores between July 2017…
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The Fifth EU Money Laundering Directive (5MLD) is due to be transposed into domestic law today The Directive also specifically endorses the use of electronic ID verification, and states that it should be used wherever available. The new directive places an increased importance on the acceptable use of electronic verification methods in confirming identity, without…
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Southwark Crown Court made a confiscation order against Dharam Gopee in the sum of £5,118,018.72. The effect of the order is to confiscate all his criminal proceeds as an illegal money lender. Gopee was also ordered to pay almost £230,000 in compensation to consumers. This follows the Financial Conduct Authority’s (FCA) prosecution in which Gopee…
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More than half of consumers (57%) would be happy to ditch all of their passwords and pins and replace them with biometric verification, according to new research from Equifax. The research also showed there is still widespread criticism towards current verification practices, with half of responders (50%) having given up on an online registration process…
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Around 7,000 people across the UK are expected to be victims of credit card fraud this Cyber Monday, with about £6 million of transactions estimated to be vulnerable to fraud, according to comparethemarket.com. comparethemarket.com’s estimates are based on data from its Credit Card Fraud Index and assumptions around the uplift of online transactions on Cyber…
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Millions of people have fallen victim to credit card fraudsters over the last year, according to new research by comparethemarket.com. Over a fifth (21%) of consumers have had to replace or cancel their credit card as a result of attempted fraud, equating to 11 million people nationwide. comparethemarket.com’s Credit Card Fraud Index found that in…
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