Credit, Collections & Insolvency News
Three Unexplained Wealth Orders (UWO) have been secured as part of a National Crime Agency investigation into London property linked to a politically exposed person believed to be involved in serious crime. The UWOs, which were obtained at the High Court last week, are for three residential properties in prime locations – originally bought for…
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New protection for individuals tricked into transferring money to fraudsters comes into force today (Tuesday 28th May). The new code aims to make sure that customers making payments are not penalised for fraudsters’ criminal actions – even in circumstances where the customer’s bank has done everything reasonably expected of it to protect the customer. The…
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Banks cannot delay tackling transfer fraud a single day longer, according to new research by Which? The research shows that a staggering £674 a minute is lost to this devastating crime. The consumer champion is calling for all banks to urgently reassure their customers that they will be better protected against fraudsters by signing up…
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Over two fifths (43%) of people are put off selling items or services online due to the risk of fraud according to newly published Fraud Tracker data from Shieldpay, the secure payments provider. The rise of online marketplaces, such as Facebook Marketplace, Gumtree and Shpock, has supported a rapid increase in people buying and selling…
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The number of complaints to the Financial Ombudsman Service (FOS) about fraud and scams has surged to record highs, figures show. The 40% rise in grievances after people have been tricked out of their money has pushed the overall number of complaints to its highest level in five years. For the first time in ten…
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The number of recorded crime series incorporates fraud offences collated by the National Fraud Intelligence Bureau (NFIB) from three reporting bodies: Action Fraud (the public-facing national fraud and cybercrime reporting centre) and two industry bodies, Cifas and UK Finance (who report instances of fraud where their member organisations have been a victim) show an Increase…
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Nearly half (47%) of people who have sold an item or service online have fallen victim to fraud according to new Fraud Tracker data from Shieldpay. This totals some 7.5 million1 people and the financial impact is not to be underestimated; the average amount lost to fraudsters is £2,054, with 10% of sellers defrauded by…
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TSB has announced a UK banking first, a Fraud Refund Guarantee, to ensure the Bank’s 5.2 million customers are protected if they are an innocent victim of fraud – whether it’s unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters. TSB’s announcement marks a significant step-change in banking, where today customers…
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The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA. The announcement follows FCA investigations into two areas of Standard Chartered’s business identified…
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New research by UK Finance has found that a total of £1.66 billion of unauthorised fraud was prevented by the banking and finance industry in 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, During the same period, a total of £1.20 billion was stolen by criminals committing both authorised and unauthorised fraud.…
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Cifas, the UK’s leading fraud prevention service with over 450 members, has released new figures showing a marked increase in the number of individuals committing insurance fraud with false claims. Between 2017 and 2018, there has been a nationwide increase of 27% in fraudulent insurance claims. The new figures reveal that Cifas members identified household…
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The Treasury Committee has published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation. The report outlines that: More precise estimate of the scale of economic crime in the UK needed Government should review the UK’s anti-money laundering supervision more frequently UK shouldn’t compromise in the fight against economic crime to…
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Boards at some of the UK’s biggest companies still don’t fully understand the potential impact of a cyber attack according to a new report. The Government’s Cyber Governance Health Check looks at the approach the UK’s FTSE 350 companies take for cyber security. The 2018 report published today shows that less than a fifth (16%)…
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