Credit, Collections & Insolvency News
Research from fraud prevention service, Cifas, has revealed that nearly two-thirds (63%) of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff will become an ‘insider threat’. As many businesses prepare to recognise International Fraud Awareness Week (17-23 November), a recent Cifas survey…
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A new study by FICO has underscored the need for banks to strike a better balance between customer satisfaction and fraud mitigation as real-time payments (RTP) surge in popularity. In the survey, one in four (26%) per cent of consumers said that they had reported actual or suspected scam losses to their bank. About three-quarters…
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Larger businesses are experiencing far higher levels of fraud than smaller businesses as fraudsters seek to exploit vulnerabilities in organisations with higher numbers of employees, a new survey from accountancy and business advisory firm BDO has found. While a quarter (27%) of small businesses surveyed by the firm said they had suffered fraud in the…
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The Co-operative Bank has conducted research to identify the fraud hotspots, looking at the number of fraud cases in different parts of the UK. The research also looked at the most common types of fraud in the UK and how much this is costing victims by using National Fraud Intelligence Bureau (NFIB) data. North Wales…
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The Serious Fraud Office (SFO) is set to receive an additional £9.3 million in funding to enhance its capabilities in combating fraud. Funding has been provided to create a new team which will extend SFO’s capabilities to seize assets from convicted fraudsters, and expand and accelerate the use of technology to assist disclosure. It will…
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The Government has published new guidance that will provide organisations with advice on how to take action to prevent fraud. Introduced last year as part of the Economic Crime and Corporate Transparency Act (ECCT), the offence is intended to hold large organisations to account if they profit from fraud. Under the offence, which has cross-Parliament…
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The Payment Systems Regulator (PSR) has announced that hundreds of additional financial firms will adopt the Confirmation of Payee (CoP) name-checking service, in the industry’s fight against fraud. The expanded rollout means that over 99% of all transactions made through Faster Payments and CHAPS are now safeguarded by this vital anti-fraud measure, offering consumers an…
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Latest figures from the Office for National Statistics (ONS) in its Crime Survey for England and Wales (CSEW) showed that consumer and retail fraud increased by 19%, reaching approximately 963,000 incidents. Chad Reimers, General Manager of Fraud & ID at TransUnion said “The latest Crime in England and Wales figures from the Office for National…
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UK Finance’s half-year fraud report has found that criminals stole £571.7 million through unauthorised and authorised fraud, a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems with 72 per cent of APP fraud started online and 16 per cent started through…
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Experian has announced a new partnership with Sardine, the specialist in behavioural biometrics and device intelligence-based fraud prevention. As online attacks and scams become increasingly sophisticated with the use of GenAI deep fakes, mobile emulators, advanced bots, and VPNs, it’s critical for businesses to identify genuine customers to prevent fraud losses and meet evolving compliance…
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Today (7th October, 2024) marks the start of major new protections for victims of Authorised Push Payment (APP) scams. APP fraud happens when someone is tricked into sending money to a fraudster via bank transfer, which can lead to devastating impacts on its victims and reduce consumer confidence when making payments. Payment firms are now…
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The Contingent Reimbursement Model (CRM) Code which puts in place requirements for signatory Payment Service Providers (PSPs) to detect, prevent and reimburse Authorised Push Payment (APP) fraud will close on 7th October as new statutory rules on APP fraud reimbursement come into effect, the Lending Standards Board (LSB) has confirmed. Since its introduction in 2019,…
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Criminals are targeting students following rise in money muling cases, with over 19,000 muling reports were filed to the Cifas National Fraud Database (NFD) during January-June 2024. Over 2,000 reports more than were made in comparison to the same timeframe last year. Herders favouring social media and online platforms to target at speed. Cifas members…
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