Credit, Collections & Insolvency News
A total of £503.4 million was stolen by criminals through authorised and unauthorised fraud in the first six months of 2018, new data from UK Finance shows. During the same period, the finance industry prevented £705.7 million of unauthorised fraud, equivalent to £2 in every £3 of attempted unauthorised fraud. Newly-collected data, published for the…
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Business data, insights and analytics specialist, Graydon has announced a strategic technology partnership with global financial crime experts, TruNarrative. The partnership will provide a comprehensive onboarding tool for the UK’s business community. Graydon Onboarding is the UK’s first commercial onboarding solution combining credit decisioning, fraud detection and compliance screening. With fraud on the rise (estimated…
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The Information Commissioner’s Office (ICO) has issued credit reference agency Equifax with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens during a cyber attack in 2017. The incident, which happened between 13 May and 30 July 2017 in the US, affected 146 million customers globally. The…
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The winners of the second annual 2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…
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The winners of the second annual Credit & Collections Technology Awards were announced last night at the Credit Services Associations’s annual Gala dinner at the Crown Plaza in Stratford-upon-Avon. Eighteen winners from the Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation were revealed. Stay tuned…
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An increased focus on compliance risks detracting businesses from making investments to protect their organisation against fraud, according to new research by TransUnion (formerly Callcredit). The research, part of which forms the Fraud Fortress report, revealed that compliance is the area most commonly expected to drive increased expenditure (64%), potentially at the expense of prevention…
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One in four (23%) consumers have been victims of fraud when shopping online – with 8% duped more than once, according to the inaugural Shieldpay Fraud Tracker. The cost of online scams is significant. Those which were tricked whilst purchasing an item online lost £608 on average – with one in seven (14%) victims defrauded…
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The Financial Ombudsman Service (FOS) has said Banks should not automatically assume customers are at fault when they have fallen victim to a scam. Caroline Wayman, Chief Executive of the (FOS) said “Today, it’s often loopholes in new technologies, rather than in old ones, that fraudsters are using to their advantage. Your first step toward being…
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The Dedicated Card and Payment Crime Unit (DCPCU) has prevented £25m of fraud and carried out 84 arrests and interviews under caution in the first half of 2018, new figures have revealed. The DCPCU, a specialist police unit sponsored by the finance industry, achieved estimated savings of £25m from preventing and disrupting fraud in the…
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From today the Financial Conduct Authority (FCA) will enforce new rules requiring providers of personal and business accounts to publish information that will help current customers to compare bank accounts from different providers. Banks will have to report major operational and security incidents that have taken place and disclose whether 24-hour customer helplines are available. The pressure…
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Fraud prevention service, Cifas has released new figures showing that identity fraud has fallen for the first time since 2014. Cifas members recorded 84,463 cases in the first six months of the year, a 5% drop compared to the same period in 2017 (89,199). Despite the reduction, identity fraud still represents over half of all…
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Nearly 1 in 10 UK adults (9%) have been defrauded via their debit or credit card in the last year, equating to 4.7 million people across the country. This is according to a poll of 2,000 UK adults commissioned by Compare the Market, which found that nearly 5 million people have had their credit card,…
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New figures from analytic software specialist Fico with Euromonitor International and UK Finance, has indicated that the UK has made significant gains in the fight against payments card fraud in 2017. France and the UK achieved reductions of 6 and 8 percent, respectively, for the biggest reductions in net fraud losses. This is despite losses across the…
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