Credit, Collections & Insolvency News
The Office for National Statistics (ONS) has released its latest statistics for crime in England and Wales which indicate that fraud offences remain stable. Josh Gunnell, Head of Fraud & ID Pre-Sales, TransUnion (formerly Callcredit), said “The volume of fraud offences in the past year has remained relatively stable meaning that the risk of becoming a victim of…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures. The paper follows the payments chaos which followed a hardware failure at Visa that hit millions of transactions across Europe in June,…
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Ticket sales and distribution company, Ticketmaster has revealed it has suffered a major data breach in which tens of thousands of people had their card details stolen. The breach has compromised payment card and personal information of customers who made purchases on its UK website. According to the company, the breach was carried out through malicious…
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The Financial Coduct Authority (FCA) has announced proposed changes to complaint handling rules to help victims of authorised push payment fraud Authorised push payment (APP) fraud is where a fraudster tricks an individual consumer or micro business to instruct their payment services provider (PSP), such as their bank, to send money from their account to an…
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Figures published by UK Finance have revealed that £24.7 million of fraud has been prevented and 197 arrests made thanks to the introduction of the Banking Protocol, a ground-breaking scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch. The publication of the latest figures marks one…
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95 arrests have been made across Europe following a joint law enforcement operation targeting online fraudsters between 4 and 15 June 2018. The suspects arrested during the operation are believed to be responsible for more than 20,000 fraudulent transactions using compromised credit cards, with an estimated value exceeding EUR 8 million (£7 million). The action…
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A new collaborative report, released by Cifas, the UK’s leading fraud prevention service, and Forensic Pathways, highlights that alongside the dark web, the surface web plays an integral role in the selling of personal information. The new research reveals that personal data is being sold on the surface web via forums and is available through…
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Almost three-quarters of the nation fear their personal details will be stolen everytime they hand over bank details and email addresses to companies, it has emerged. Two thirds are concerned their data may have been stolen without their knowledge. The general distrust of organisations and web-based stores emerged in a study of 2,000 adults, which…
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Yahoo! UK Services Limited has been fined £250,000 by the Information Commissioner’s Office (ICO) following a cyber-attack in November 2014. The incident was publicly disclosed in September 2016, almost two years after it had taken place. Because of when the breach happened, the ICO’s investigation was carried out under the Data Protection Act 1998. The ICO said…
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Dixons Carphone has announced that it has launched an investigation into unauthorised data access breach, The company says that as part of a review of our systems and data, it has determined that there has been unauthorised access to certain data held by the company. A promptly launched investigation has engaged leading cyber security experts and added extra…
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Mobile current account provider Monese has announced that it has become an official member of CIFAS – the UK’S largest cross-sector fraud sharing organisation. Alongside this partnership, Monese are building an in-house team of data scientists to develop sophisticated machine learning that can will catch financial crime absent of human intervention. Banks of all ages…
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The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls since they are at risk from those seeking to launder the proceeds of crime or…
Read moreFraud prevention service Cifas has announced its conference line up for this year’s annual conference. Senior figures from leading fraud prevention organisations across the globe will come together in London to discuss international approaches to tackling fraud and financial crime. CEOs from South Africa, the US, Australia and the Netherlands will come together on stage…
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