Credit, Collections & Insolvency News
HSBC has backed calls for tech firms to help cover the cost of fraud, saying incoming compensation rules will not be enough to prevent scams. The Payment Systems Regulator (PSR) is expected to make reimbursement of up to £85,000 mandatory from 7th October with most firms having failed to sign up to, or consistently apply,…
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Lloyds Bank has reported a significant increase in money mule accounts among individuals aged over 40, with this demographic now representing 19% of such accounts, a growth of an astonishing 73% over the last year. Younger individuals, particularly those aged 19 to 25, are also at risk, with 24% of money mule accounts belonging to…
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New data from the Take Five to Stop Fraud campaign has found that half of people (50%) say they feel busier when coming back from a holiday. A third said that being busy makes them more likely to take a chance on a cheap deal or financial offer (34%) and were also more likely to…
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Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, The figures were obtained via a freedom of information request sent to the National Fraud Intelligence Bureau run by City of London Police. The research found that credit card fraud is the…
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The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
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Fraud and scam complaints are at their highest ever according to quarterly level, data released by the Financial Ombudsman Service (FOS). In the first quarter of this financial year (1st April – 30th June 2024), consumers lodged 8,734 complaints about fraud and scams, of which over half were in relation to customer approved online bank…
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Some of the world’s leading finance and technology firms have come together to form a new industry coalition in the UK to fight economic crime through digital verification, the Centre for Finance, Innovation and Technology (CFIT) has announced. Companies including Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian,…
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New figures published by KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in Crown Courts collectively worth £128.2 million so far this year. The research, which records alleged fraud cases with a value of £100k…
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The Institute of Economic Affairs has called for the Serious Fraud Office (SFO) to be replaced with a new agency focused on preventing economic crime. The SFO has been plagued by a series of high-profile failures, including ethical misconduct and incompetence. In 2021, a high-profile bribery conviction of a former Unaoil executive was overturned due…
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A record number of cases were filed to the National Fraud Database (NFD) in the first six months of 2024 – over 214,000 in total, representing a 15% increase compared to the same period in 2023 according to fraud prevention service, Cifas. The data, recorded between January-June 2024, reveals the tactics favoured by fraudsters including…
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The latest fraud threatening the UK could cost lenders at least a £4.2billion if businesses fail to act according to latest research from LexisNexis Risk Solutions. Synthetic ‘Frankenstein’ identities exploit stolen and faked personal information to spoof credit checks and commit high-value fraud against banks and credit providers. The study reveals there are almost three…
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The Financial Conduct Authority (FCA) has secured an order of £4 million against an unauthorised mortgage broker and its associates who exploited vulnerable consumers. London Property Investments (U.K) Limited (LPI) arranged mortgages while NPI Holdings Limited (NPI) bought properties and rented them back to the sellers, both without FCA authorisation. Daniel Stevens, the director of…
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Ministers have been called on to show leadership in the fight against fraud by helping businesses to better share intelligence to detect the crime and to protect customers. A coalition of businesses led by the consumer group Which? have committed to sharing data to combat fraud and appealed to the Government to prioritise the fight…
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