Credit, Collections & Insolvency News
New analysis by Which? has found that banks are locking customers out of their accounts five times a week because of IT meltdowns. In the last year, the UK’s biggest banks were hit with a total of 265 systems failures. The consumer group, which looked at Financial Conduct Authority (FCA) figures from October 2018 to…
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Comparison website, GoCompare has joined Cifas, as an official member. The membership builds on GoCompare’s existing efforts to tackle fraud, having joined as members of the Insurance Fraud Bureau (IFB) in May. The agreement will mean that GoCompare can check suspicious activity against data at point of quote and quickly receive an indication of whether…
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The board of TSB has published an independent review of the bank’s 2018 migration to a new IT platform, which it commissioned from the law firm, Slaughter and May. The report has identified the issues behind an IT meltdown at TSB which left 1.9 million customers unable to access their accounts and cost the bank…
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One in four (25%) online consumers have fallen victim to fraud on Black Friday or Cyber Monday, according to new research from secure payments solution Shieldpay. For those who have been victims of fraud on Black Friday or Cyber Monday with emails with lures of fake deals which tempt most people to fraudulent sites when…
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A proposal to set up a fund to compensate victims of bank scams has been rejected by payments group Pay.UK. Pay UK says that there has been no industry consensus to finance a central fund. A voluntary code requiring banks to reimburse affected customers is funded to the end of December so from January it…
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New research from TSB shows that a quarter (24%) of UK consumers who have shopped on Black Friday or Cyber Monday say they have experienced attempts at fraud during the weekend sales in the past. TSB’s research shows that only one in ten (14%) think about whether a website appears fraudulent when shopping in these…
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Consumers are keen to use biometric verification in a wide range of circumstances from online shopping and banking to confirming their age at a pub and even voting in elections, according to new research from Equifax, the business and consumer insights expert. Almost three quarters (71%) would be happy to completely replace traditional security methods…
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The Treasury Committee has published a unanimously-agreed report on Economic Crime. The report says that in the first half of this year, over £600 million was stolen from consumers. Economic crime is a serious and growing problem in the UK. One method to combat it is Confirmation of Payee, which will cross-reference payee names with…
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A fifth of law firms fail on money laundering compliance and don’t have required firm risk assessment according to the Solicitors Regulation Authority (SRA) The SRA says that in March, it wrote to 400 firms asking them to demonstrate compliance with the 2017 Money Laundering Regulations by sending their firm risk assessments. Of the 400…
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Cyber security experts tackled more than one million cases of suspected credit card fraud in the last year, data from the Government’s National Cyber Security Centre shows. The figures are contained in the NCSC’s third Annual Review, which also sets out the various ways the organisation has been protecting the public. This includes a pioneering operation…
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The Office of National Statistics (ONS) latest Crime Survey for England and Wales (CSEW) indicated a continuing rise in fraud with the latest estimates showing a 15% increase, driven by a 17% rise in bank and credit account fraud. Josh Gunnell, Head of fraud & ID pre-sales at TransUnion in the UK, said “The latest…
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Machine Learning (ML) is increasingly being used in UK financial services, according to findings of a joint survey conducted by the Bank of England (BoE) and the Financial Conduct Authority (FCA). The survey, conducted in 2019, was sent to almost 300 firms, including banks, credit brokers, e-money institutions, financial market infrastructure firms, investment managers, insurers,…
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SmartSearch a provider of RegTech software focused on Anti-Money Laundering (AML) solutions, has announced that it has received a growth equity investment from Marlin Equity Partners. Marlin is a leading global investment firm with a long track-record of backing and successfully growing software businesses. SmartSearch provides AML software to 4,000 client firms and 40,000 users,…
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