Credit, Collections & Insolvency News
Paragon’s Motor finance has launched e-signature technology Flexi-sign to help intermediaries meet recommendations made by the Financial Conduct Authority (FCA). Flexi-sign is a new advanced electronic signature solution that enables faster pay- outs along with providing dealers and brokers with more choice and a standardised process when completing documents and verifying ID with consumers. It…
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Thirteen Organised Crime Groups (OCGs) were dismantled by the Dedicated Card and Payment Crime Unit (DCPCU) in the first half of 2019, double the number in the same period last year, according to the latest figures from UK Finance. The DCPCU is a specialist police unit funded by the banking and finance industry that targets…
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Small businesses are collectively subject to almost 10,000 cyber-attacks a day, according to new findings from the Federation of Small Businesses (FSB) One in five (20%) small firms say a cyber-attack has been committed against their business in the two years to January 2019. More than seven million individual attacks are reported over the same…
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Major UK banks will have checks in place to confirm the recipients of money transfers by 2020, the Payment Systems Regulator (PSR) has said. The ‘Confirmation of Payee’ service will see lenders cross-reference names with sort codes and account numbers to ensure funds are being sent to the right recipient. The Payment Systems Regulator (PSR)…
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Cifas, the UK’s fraud prevention service, has released a report in conjunction with WPI Economics, showing one in seven (14%) British adults have committed one or more types of consumer fraud, while two in three (66%) know someone who has. There are many types of first-party fraud – including: Fronting – setting up a service in…
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The Government has launched a new Economic Crime Plan, in a partnership between the Chancellor Philip Hammond, Home Secretary Sajid Javid, and heads of law enforcement, major financial institutions and legal, accountancy and property organisations. The plan sets out actions to better tackle the scourge of ‘dirty money’ in the UK. It brings together the…
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British consumers care far more about online payment security than speed, simplicity and convenience, according to research from Equifax, the consumer and business insights expert. Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity.…
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The Financial Conduct Authority (FCA) has fined Bank of Scotland (BOS) £45.5 million for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately…
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A new independent survey of more than 2,000 UK adults commissioned by Studio Graphene has revealed the number of people who have fallen victim to fraud and hacking in the past year. The research found that a further 16% have had an online banking, social media, shopping or email account hacked. Consequently, around one in…
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Cifas, the UK’s fraud prevention service, has published its annual report which indicates that Identity fraud has reached a record high. The Fraudscape report data identifies and analyses the country’s fraud trends based on 323,660 cases of fraudulent conduct recorded in 2018. The data, from over 470 organisations, including major UK brands from across the…
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More than 400,000 Scots (10%) have fallen victim to a financial scam at some point in their lives, new research by Bank of Scotland and YouGov has revealed and one in three people (29%) know someone who has been duped by a fraudster. Despite this, 84% say they feel confident that they would be able…
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New research by Which? has found that more than seven million people have been left unable to use their payment card due to IT glitches in the past year. One in seven people surveyed for the consumer group could not use their debit or credit card due to an outage – equating to 7.3m people…
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Citizens Advice has reported that it has had over 11,000 complaints last year by people suspicious about possible offline scams. These classic tactics from the scammers’ playbook include unsolicited doorstep selling, mail and cold calling, and saw people lose an average of almost £3,000. Scams sent through the post resulted in the highest average loss…
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