Credit, Collections & Insolvency News
Fraud against older people soared last year as criminals looked beyond the UK’s cities and towns for new victims, according to Experian. City dwellers whose mail is left in communal areas or in mailboxes outside of their property have long been the main target for fraudsters, as they need to intercept the credit or debit…
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New research from Equifax has indicated that young people more at risk from fraud The report says young people are significantly less likely to monitor their bank balances, exposing them to risks from fraud. Almost two thirds (64%) of Brits check their bank balances daily or weekly, but only 45% of those aged 18-34 do…
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British banks are being hit by more than one major IT or security failure that stops customers from making payments every day, a Which? Money investigation has found. In the most comprehensive analysis carried out since banks started disclosing serious IT glitches last year, the consumer champion found there were 302 incidents that prevented customers…
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Research carried out as part of BDO LLP’s annual FraudTrack report has found that the total value of fraud in the UK more than halved in 2018, following a record 15-year high in 2017, down from £2.1bn to £746.3m. The analysis, which examines reported fraud cases over £50,000 in the UK, reveals that despite the…
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An estimated £94.5m of fraud was prevented in 2018 by a specialist anti-fraud police unit sponsored by the finance industry, new figures show, the highest annual total to date. This brings the unit’s total estimated savings from reduced fraud activity to £600 million since it was established in April 2002. The Dedicated Card and Payment…
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Reservations about data security pose the biggest challenge when it comes to increasing consumer adoption of Open Banking, according to a new white paper from credit reference agency and information solutions provider, TransUnion (formerly Callcredit). Based on research with both consumers and financial sector decision-makers across the UK, the study found that consumers cite the…
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The Financial Conduct Authority’s new rules on authorised push payment (APP) fraud have launched today (Thursday 31st January). Under the new rules, victims of Authorised Push Payment (APP) fraud can now complain to the payment services provider (PSP) receiving their payment. In the case of APP fraud, the PSP is often a bank which holds the…
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Cardstream has announced a fraud prevention alliance with Gala Technology, aimed at protecting thousands of embattled Card Not Present Mail Order Telephone Order (CNP MOTO) merchants. By embedding Gala’s SOTpay technology into its Merchant Management System, Cardstream has ensured that its rapidly expanding network of reseller Partners and tens of thousands of merchants will have…
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TSB has announced a new £200,000 partnership with the Metropolitan Police (Met) to step up the fight against fraud and hunt down the criminals that sit behind it. Fraud is now one of the most common crimes in the UK and the financial impact to consumers is huge with over £2 million lost every day^.…
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The TALL Group of Companies has announced it has partnered with DIA Europe, providers of the Kappa cheque fraud prevention platform used by many leading banks, to create a new tool that is designed to strengthen the cheque industry’s protection against payment fraud. UCN Plus will help to ensure that counterfeit, forged and fraudulently altered…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreThe Financial Conduct Authority (FCA) has published new rules allowing victims of Authorised Push Payment (APP) fraud to complain to the payment services provider (PSP) receiving their payment. In the case of APP fraud, the PSP is often a bank which holds the accounts of either the victim or fraudster. Currently, the sending PSP, but…
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Measures to increase transparency and prevent abuse of limited partnerships, which some criminals have used to launder dirty money through the UK have been unveiled, as the government published its response to the consultation on the reform of Limited Partnership law. Scottish Limited Partnerships (SLPs) and Limited Partnerships (LPs) are used by thousands of legitimate British…
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