Credit, Collections & Insolvency News
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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The Payment Systems Regulator (PSR) has warned that reimbursement for those tricked into transferring money to fraudsters still largely depends on who the victim banks with. PSR data on authorised push payment (APP) scam reimbursement show that victims reported 252,626 cases of APP scams in 2023, with these totalling nearly £341 million. Under the existing…
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Barclays, NatWest, and Lloyds are among seven banks collaborating with the National Crime Agency (NCA) in a groundbreaking project to tackle criminal gangs, money laundering, and dirty money flowing through the UK. The project, which went live in May and is overseen by the Financial Conduct Authority, has already identified eight new crime networks. The…
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A quarter of fraud victims may end up getting no refund at all despite new rules designed to force banks to reimburse money lost in bank transfer scams, according to new research from personal finance site Finder. The new rules, which come into force on 7th October, apply to authorised push payment (APP) fraud – when a…
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Latest data from UK-leading fraud prevention service, Cifas has shown a sharp rise in criminals targeting the telecoms sector to carry out facility takeover fraud. More than 374,000 cases were filed to the National Fraud Database (NFD) in 2023, and of this, cases of facility takeover fraud – where a criminal utilises compromised personal data…
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A new study from Juniper Research has found that the number of fraudulent banking and money transfer transactions in the UK will increase by 111% over the next five years. The figures indicate that fraud will increase from £4.2 million in 2024, to £8.8 million in 2029 with fraudulent transactions totalling £38 million over the next…
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Which? is calling on the next Prime Minister to appoint a dedicated fraud minister to finally get a grip on fraud, as the consumer champion launches its agenda for Government. Fraud continues to blight the lives of millions of consumers and accounts for around 40 per cent of crimes committed in England and Wales.Losses to…
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New data published by global information and insights provider, TransUnion, has shown that digital fraud in the gaming sector – which includes online sports-betting and casinos etc. – is the highest in the UK. TransUnion found that 7.3% of all transactions in that industry where the consumer was located in the UK were suspected digital…
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A new report by Scams.info has found that there are 2.7 million card fraud loss reported every year in the UK. Scams.info’s report has studied the number of of fraud across a five year period to determine which fraud types are most on the rise, and which types are becoming less common. The fraud type…
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Criminals stole £1.17 billion through unauthorised and authorised fraud in 2023, a four per cent decrease compared to 2022 according to UK Finance’s annual fraud report. Losses due to unauthorised transactions across payment cards, remote banking and cheques were £708.7 million this year, down three per cent compared to 2022. The total number of recorded…
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