Credit, Collections & Insolvency News
A student from Northwest London has been sentenced at Southwark Crown Court to seven years in prison for the creation and selling of phishing kits, designed to help fraudsters steal money from victims. The sentencing follows investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU) who received…
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New analysis from FICO has revealed a worrying trend of rising card fraud levels and losses across the continent. The data from Euromonitor International on 18 countries shows that Card Not Present (CNP) fraud dominates card fraud losses and has increased across most countries. E-commerce fraud, e-wallet, social engineering and QR code fraud or “quishing”…
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The Financial Conduct Authority’s (FCA’s) annual report has shown that over 1,600 websites suspected of promoting financial services without permission were suspended, removed or blocked in 2024. The regulator also collaborated with big tech platforms, resulting in over 50 apps being removed from Google Play and the App Store, helping the regulator to block fraud at…
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A criminal has been sentenced at Inner London Crown Court to over a year in prison for operating a SMS Blaster to conduct a mass smishing campaign against victims with the intent to harvest their personal details to be used in fraud. The sentencing follows an investigation and arrest by the Dedicated Card and Payment…
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One in two (50%) consumers have reported a fraud attempt had been made against them in the last three months, with many even reporting to falling victim according to new research by TransUnion. The survey found that 14% of UK respondents reported they had lost money to fraud in the last year alone, through various…
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Britain’s financial sector reported 3.31 million fraud cases in 2024, marking a 12% increase from the previous year, according to latest UK Finance data. The surge resulted in £1.17 billion being stolen, unchanged from 2023. Fraud accounts for 41% of all reported crime in the country. Banks prevented £1.45 billion of unauthorised fraud through advanced…
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Global business and technology leaders are already seeing benefits from the use of AI and automation, with over three-quarters (78%) reporting measurable improvements in the ability to detect fraud and manage risk after their organisation’s integration of the technology, according to research by FIS in collaboration with Oxford Economics. To combat this disharmony, businesses across…
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The Government has issued new powers to the Department of Work and Pensions (DWP), which will allow the DWP to recover money directly from the bank accounts of fraudsters who can repay but are wilfully gaming the system in order not to, passed an important stage in the House of Commons as it had its…
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The Government has announced that it is investing £121 million in quantum technology to tackle crime, fraud, and money laundering. The technology will be used to tackle the first signs of fraud and halting money laundering which could save billions for the economy. The funding is being made available over the next year to expand…
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Fraud prevention service, Cifas has published its annual Fraudscape report which reveals a staggering 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13% increase and the highest number on record. The sharp rise is one of the largest annual increases ever observed by Cifas, underscoring the growing scale and…
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More than two in three UK fintech companies (68%) are reporting higher fraud volumes compared with one year ago, according to new data published by Alloy. The research showed that 79% of UK fintechs say they lost at least £500,000 to fraud in the 12 months to October 2024. Two in five (38%) fintechs reported…
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New figures from Experian has found that that fraudsters deploying AI technology to combine personal information to create new identities highlighting the rise of ‘synthetic fraud’ in the UK. Analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was an increase of 60% in false identity cases in 2024 when compared to…
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New survey results from Provenir have found that nearly half of all financial services executives are struggling with managing credit risk and detecting and preventing fraud. The survey also discovered that many financial services are revamping their credit risk decisioning and fraud prevention strategies in 2025, with Artificial Intelligence (AI) playing a prominent role. Over…
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