Credit, Collections & Insolvency News
Less than half (49%) of consumers regularly change their passwords as a way to prevent fraud, according to research from Callcredit Information Group. Yet, the majority (66%) perceive the risk of identity theft and online fraud as one of their biggest concerns around sharing personal information online. The research, commissioned by Callcredit Information Group as…
Read more
The Information Commissioner’s Office (ICO) has dealt with record numbers of data protection incidents, nuisance marketing cases and individual complaints. Releasing the ICO’s annual performance statistics for 2016/17, Deputy Commissioner Simon Entwisle revealed that the regulator had received more reported data protection breaches and fined more companies for unlawful activities than ever before. The ICO’s free…
Read moreResearch from Equifax has revealed that 60% of consumers think that fewer than three security steps, including passwords, card readers or letters from a memorable word, are insufficient to assure their bank account is secure and not accessible by other people. The online survey, conducted by YouGov, found just over a fifth of the British…
Read more
Families in Britain who are struggling financially are increasingly becoming prime targets of financial fraud, according to new research from Experian. This group, made up of more than 4 million people in the UK, have experienced the highest growth rate in fraud between 2014 and 2016. Of all the fraudulent credit applications made using an…
Read more
Online research from Equifax reveals that 61% of Brits underestimate the financial cost of fraud, valuing the impact at less than £1 billion. Over half (54%) estimate the cost to be £500m or below, well below the £1.1 billion level published in the latest KPMG Fraud Barometer. The survey, conducted by YouGov, found 60% of…
Read more
The Central Bank of Ireland has fined Allied Irish Banks,(‘AIB’) €2,275,000 and reprimanded it for six breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010. All six breaches have been admitted by AIB. The Central Bank identified six breaches of the CJA 2010 as a result of significant failures in AIB’s anti‐money…
Read more
According to the National Crime Agency’s Strategic Cyber Industry Group, in its Cyber Crime Assessment report 2016, there is “A need for a stronger law enforcement and business partnership to fight cyber crime” In this article, Andrew Sheldon MSc, one of the UK’s leading experts in the field of digital forensics technology and application, explains how the…
Read more
Online research from Equifax has revealed that a significant portion of social media users risk identity theft by giving fraudsters easy access to personal information. The online survey conducted by YouGov found that almost one-third (30%) of British adults with a social media account include their full name and date of birth on their profile…
Read more
Financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of 2 per cent on the previous year, figures from Financial Fraud Action UK show. The new data shows banks and card companies prevented £1.38 billion of fraud last year, equivalent to £6.40 in every £10 of attempted…
Read more
Equifax, has launched a bespoke Document Verifier solution to provide faster identity authentication for financial product applications using facial recognition. The solution can verify whether an applicant is genuine in a matter of seconds by comparing a live image of the applicant with a photograph of their passport or driving licence, both taken on a…
Read more
New research from Equifax, shows that 56% of people online would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online. The online survey, conducted by YouGov, found that a third (33%) of people would prefer to use fingerprint recognition as a security method to access their…
Read more
More than three million people have been frozen out of credit in the past 12 months, despite mainstream lenders promising to increase access, according to new research. Almost one in five people who applied for credit in the last 12 months – either a credit card, personal loan or mortgage – had their applications refused,…
Read more
The UK government is setting up a new body that will tackle money laundering and criminal financing. The Office for Professional Body Anti Money Laundering Supervision (OPBAS) will deal with potential weaknesses in the supervisory system and aim to improve its standards. It will also ensure supervisors and law enforcement work together more effectively, the…
Read more