Credit, Collections & Insolvency News
More than half (52 percent) of UK consumers think fraud is an inevitable part of shopping online, according to new research conducted by Paysafe, a leading global payments provider. In a wake-up call for online business, the Lost in Transaction report contradicts the widely-held belief that consumers value convenience and experience over security when shopping…
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Financial fraud losses of £366.4 million in the first half of 2017 were 8 per cent lower year-on-year, figures from UK Finance show. The data, which covers payment cards, remote banking and cheques, also shows that the industry prevented over £750 million of fraud during the same period, or 67 per cent of attempted fraud.…
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Mobile & single sign-on access pose the biggest risk to future ID verification and fraud prevention according to latest research by Callcredit Information Group. The research reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the…
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Fraud prevention service, Cifas has released new figures showing that identity fraud has continued to rise at record levels in the first six months of 2017. A record 89,000 identity frauds were recorded, up 5% from last year. Representing over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation, 83% of…
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The Information Commissioner’s Office (ICO) has fined TalkTalk Telecom Group PLC £100,000 after it failed to look after its customers’ data and risked it falling into the hands of scammers and fraudsters. An ICO investigation found TalkTalk breached the Data Protection Act because it allowed staff to have access to large quantities of customers’ data. Its…
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TSB is set to introduce iris recognition to its mobile banking app – the first bank in Europe to commit to provide the technology – as the Bank’s high-tech transformation gathers pace. Customers with a Samsung Galaxy S8 or S8+ smartphone will be able, from September 2017, to unlock their TSB mobile banking app using…
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Fraud is the most commonly experienced crime in England and Wales and most happens online. While the landscape for tackling online fraud is complex, the Home Office’s response is not proportionate to the threat, according to the National Audit Office (NAO). The City of London Police is the national lead force for online fraud and…
Read moreA new trade body representing over 300 firms in the UK providing credit, banking, markets and payment-related services has launched. The finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. The association’s members offer a wide range of financial and advisory services across both mutual and…
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European Card Fraud for 19 Countries hit a record €1.8 billion in 2016. Fico has launched an interactive map with Euromonitor International shows that the UK had highest card fraud losses in 19 countries surveyed. Report highlights include: Total card fraud losses for 19 European countries studied reached nearly €1.8 billion UK card fraud rose…
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Callcredit Information Group has acquired the Spanish Confirma group of companies, comprising Confirma Sistemas and Soluciones Confirma, which specialise in fraud prevention and anti-money laundering (AML) software solutions. The acquisition, sees Callcredit take a majority shareholding in the Madrid- headquartered business. Callcredit entered the Spanish market in 2015 and has been developing its business and…
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A lack of understanding and trust in technology is stalling mainstream adoption of innovative new services which could make millions of people’s daily lives simpler and more secure, new HSBC research reveals. A new HSBC research report, Trust in Technology, shows that technologies such as fingerprint recognition, voice recognition and robo-advice hold enormous potential for…
Read moreMore than one in ten (12%) Britons have had to cancel a credit or debit card in the past year due to online fraud, according to new research by comparethemarket.com. The latest statistics show a worsening state of affairs when it comes to cybercrime, with the number of people cancelling cards rising from 4.5 million…
Read morePeer-to-peer lending platform RateSetter has appointed Joanna Wright as Chief Risk Officer. She will start in the role on 11th September. Wright joins RateSetter from GE Capital where she was Chief Risk Officer for GE Capital Bank in the UK, leading a team of over 200 risk professionals with responsibility for prudential and enterprise risks…
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