Credit, Collections & Insolvency News
Last year, fraud in banking and finance cost the UK over £1 billion, with more than £2,300 being fraudulently obtained every minute. The many forms of fraud account for over 40% of all crime in England and Wales. The UK government has stated that there needs to be a focus on stopping fraud at its…
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Fraud prevention service, Cifas has released its 2024 Fraudscape report, detailing the latest fraud data and intelligence recorded by its members during 2023. The research found that more than 374,000 cases were reported to the Cifas National Fraud Database (NFD), with members recording an incident of fraud every two minutes, preventing more than £1.8bn in…
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Uswitch has reported that consumers lost £422 million from 92,739 reported cases of fraud in the last quarter. In Quarter 4 (Q4) of 2023, consumers between the ages of 30-39 were the most likely to be the subject of fraud and cybercrime, with those aged 20-29 following closely behind. Over three quarters (76%) of fraud…
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Just over one in five (21%) of adults across UK and 14 other countries around the world were defrauded between 2021 and 2023 according to research by the Social Market Foundation (SMF), a cross-party Westminster think tank that a surveyed almost 29,000 people. The SMF surveyed 15 countries, including Japan, Singapore, Brazil, Germany, USA, Mexico…
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New Lloyds Bank data shows that impersonation scams have risen 13% over the past year. An impersonation scam is where a fraudster convinces their victim to make a payment, or give personal or financial details, by pretending to be someone else. Scammers frequently impersonate police officers, bank staff and HMRC, although they may also pretend…
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New data reveals that more than nine out of 10 (92%) regulated firms do not carry out daily monitoring on clients. This exposes them to potential sanctions breaches and other financial crime such as money laundering, warn digital compliance experts at SmartSearch. Under UK law, regulated firms must identify and verify anyone they work with, to…
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The value of reported UK fraud increased to £2.3bn in 2023, more than double the £1.1bn recorded in 2022 and the second largest annual fraud value recorded by BDO in 20 years. The report found that the number of reported cases rose by 18% to a three-year high, with high-value cases over £50m increasing by…
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A company which tricked people into signing up for monthly direct debits has been shut down following an investigation by the Insolvency Service. Paragrim Ltd, trading under the Mediacraze.net website, deliberately misled consumers into providing bank details for what they assumed were everyday online purchases, such as car parking or television streaming services. But after…
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A fraudster has been sentenced to three years and ten months after stealing money from banking customer accounts. The man from North London who committed approximately £80,000 of card fraud has been sentenced at Southwark Crown Court to three years and ten months in prison, following an investigation by the Dedicated Card and Payment Crime…
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New analysis by FICO has suggested that 1.9 million consumers have had their stolen ID used to commit financial fraud The research has also found that fraud protection is the highest priority for individuals when opening a financial account. The findings found that 4.3% of respondents have had their ID stolen and used by a…
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Figures published by KPMG UK’s Fraud Barometer, which records alleged fraud cases with a value of £100,000 and above, has revealed that the total volume of fraud cases heard in UK Crown Courts was 226 cases in 2023, up from 221 cases in 2022. In contrast, fraud value was £992.9 million, a slight decrease from…
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New research by TransUnion has found that suspected fraudulent e-commerce transactions are 117% higher during the holidays compared to the rest of the year. The analysis reviewed e-commerce transactions throughout the Cyber Five days, spanning from the Thursday before Black Friday, 23 November to Cyber Monday, 27 November 2023. For consumers located in the UK…
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The Payment Systems Regulator (PSR) has outlined new consumer protections for people who have been tricked into transferring money to scammers will be able to receive up to £415,000 back per claim under new fraud requirements coming into force next year, The measures are is in line with the maximum award the Financial Ombudsman Service…
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