Credit, Collections & Insolvency News
UK fraud prevention service, Cifas has released a new report identifying and detailing the fraud trends from over 300,000 cases of fraudulent conduct recorded in 2017. The data, from 306 organisations, including many major UK brands, is one of the most comprehensive pictures of fraud and fraudulent attempts in the UK. Although there has been…
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The proliferation of new payment methods, e-wallets, and blockchain cryptocurrencies has allowed cheap and rapid payments for everything from holiday cash to business to business transfers. However, this boon is part and parcel of the new ‘trust economy’ and it is not risk-free. Businesses will have to intelligently respond to the increased hazards posed by…
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Criminals are launching more online attacks on UK businesses than ever before, it has been revealed in a new report by The National Cyber Security Centre. The report details some of the biggest cyber attacks from the last year and notes that risks to UK businesses continue to grow. Emerging threats are also highlighted, such…
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The Credit Services Association (CSA), has announced the first of the major sponsors for the 2018 UK Credit and Collections Conference (UKCCC), which this year moves to Crowne Plaza, Stratford Upon Avon. Conexus Recovery and Field Services, which has clients across the banking, utilities, retail and debt purchasing sectors, is returning as a sponsor and…
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Short-term lender Trusted Quid has announced its data has been accessed between 1st July 2016 and 17th February 2018. Information entered when applying for a loan directly via the was accessed. In a statement on the website Trusted Quid said “This does not involve customer data stored on Trusted Quid’s main systems (server). It also does not involve customers or applicants who have…
Read moreThe Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, is to host the Credit and Collections Technology Awards at this year’s CSA Gala Dinner on 13 September. The co-branded event, which will form part of the CSA’s UK Credit and Collections Conference (UKCCC), reflects the Association’s growing recognition…
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Banks and card companies prevented £1,458.6 million in unauthorised financial fraud last year, equivalent to £2 in every £3 of attempted unauthorised fraud being stopped, the latest data from UK Finance shows. In 2017, fraud losses on payment cards fell 8 per cent year-on-year to £566.0 million. At the same time, card spending increased by…
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Tesco Bank has cancelled some of its customers’ credit cards, after concerns that a number of accounts may have been compromised. The bank said that only a tiny number of its three million credit card users would be affected, and apologised for the inconvenience. A Tesco Bank spokesman said “We take the security of our customers’ accounts…
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Fraud prevention service, Cifas, has released new figures showing stark increases in the number young people acting as ‘money mules’ and those falling victim to identity fraud. The data has been released to coincide with the launch of new anti-fraud lessons plans, developed by Cifas, in association with the PSHE Association, the national body for…
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The Payment Systems Regulator has announced the outcome of its consultation on introducing a contingent reimbursement model for victims of authorised push payment (APP) scams. An industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection. The consultation, which ran from November 2017 to January 2018,…
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New laws to help protect company directors from identity fraud and personal harm will be introduced by the Government. The new laws will enable company directors to remove their personal addresses from the UK’s official company register on Companies House. Directors must still provide their business address as a legal requirement. This comes in response…
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Latest figures from the Office for National Statistics (ONS) has shown that the value of fraud is continuing to increase. Commenting on the statistics Sundeep Tengur, Banking Fraud Solutions Manager SAS UK & Ireland said “Although the number of cases reported has fallen, recent research shows that the value of the UK’s fraudulent activity hit…
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The total value of fraud has risen 538% to £2.11bn in the last 15 years and is up 6.5% from £1.99bn in 2016. Volume of reported fraud increased 172% to 577, up from 212 cases in 2003. Fraud in the financial services sector increased dramatically in 2017 rising 318% to just under £900m according to latest research…
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