financial fraud

£101m of fraud prevented by finance industry funded police unit

17th May 2022 Consumer Lending | #financial fraud

A specialist police unit which targets the organised criminal gangs behind fraud prevented a record £101 million from being stolen in 2021, the highest amount in the unit’s 20-year history. The Dedicated Card and Payment Crime Unit (DCPCU) which is funded by the banking and finance industry, is made up of officers from the City…

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PSR sets out plans for mandatory reimbursements for APP scams

19th November 2021 Consumer Lending | #financial fraud#payments

Individuals who have been tricked into transferring money to a fraudster are set to be entitled to reimbursements under new plans by the Payment Systems Regulator (PSR). The PSR is also calling for the biggest banks to publish their performance data in relation to authorised push payment (APP) scams. The PSR is consulting on proposals…

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NatWest faces £340m fine after pleading guilty to money laundering failures

8th October 2021 Consumer Collections | #aml#financial fraud#money laundering failures

National Westminster Bank Plc (NatWest) has entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007). The court heard around £356m, £264m in cash, from one Bradford-based business customer was deposited in its NatWest account over a five-year period. The…

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