Credit, Collections & Insolvency News
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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Greater organisational collaboration across the financial services sector, working alongside law enforcement and Government agencies, will be the key means of putting cybercriminals out of business according to the latest report from UK Finance and KPMG launched today. The report, “Staying Ahead of Cybercrime” discusses how greater cooperation both within businesses and between firms, law enforcement…
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The Financial Conduct Authority (FCA) is urging the public to be alert to the growing threat of loan fee scams targeting borrowers. This plea comes as last year over £3.5 million was lost to loan fee fraud and reports to the FCA consumer helpline increased by 44%. Victims of loan fee fraud are often targeted…
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Identity intelligence specialist GB Group has announced its latest financial results. In a statement, the company said it expects to report a 53% improvement on its operating profit. In a trading update ahead of its final results in June, the Chester-based business said it anticipates operating profits of £26m for the year to March 31,…
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