Reported fraud doubled in 2023

20th February 2024 Consumer Lending | #fraud

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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Company shut down after direct debit scam

16th February 2024 Consumer Lending | #fraud

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 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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1.9m have had their stolen ID used to commit financial fraud

6th February 2024 Consumer Lending | #fraud

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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Fraudulent e-commerce transactions 117% higher during the holidays

21st December 2023 Consumer Lending | #fraud

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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Mistrust of technology exposing a third of regulated firms to money laundering

More than a third (36 per cent) of people in regulated firms who ‘can’t trust’ electronic ID verification and instead rely on manual checks, are leaving their doors open to financial crime according to new research by SmartSearch. The research in the company’s 2023 annual survey of 500 compliance stakeholders – has doubled since their…

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Charity fraud risk rises

4th December 2023 Consumer Collections | #fraud

Charities are increasingly concerned about the rising threat of fraud on their organisations as the cost-of-living crisis takes hold, according to a new survey by accountancy and business advisory firm BDO and the Fraud Advisory Panel. The survey of 120 leaders from UK charities, published today as part of Charity Fraud Awareness Week, found that…

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Two found guilty of making £3m of fraudulent mortgage applications 

17th November 2023 Consumer Lending | #fraud

Two individuals guilty of making £3 milion worth of fraudulent mortgage applications.  Larry Barreto, based in the East Midlands, has been found guilty today of 11 charges of fraud by false representation following a prosecution brought by the Financial Conduct Authority.  At an earlier hearing, Mr Barreto pleaded guilty to two offences of arranging and…

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Consumers face risks from APP Fraud

16th November 2023 Consumer Lending | #fraud

New research by FICO suggests that Authorised Push Payment (APP) fraud — when someone is tricked into sending money from their bank account to a fraudster — is not being taken seriously by UK consumers. The new data also suggests one of the most vulnerable sections of society — the 65+ age group — are…

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Criminal sentenced in £2m mandate fraud case

9th November 2023 Consumer Lending | #fraud

A criminal has been sentenced following a £2 million mandate fraud case by the Dedicated Card and Payment Crime Unit (DCPCU). Michael Grant, a former contractor working for a bank as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act after commiting £2,260,729.09 of…

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Banks told to improve treatment of fraud victims

8th November 2023 Consumer Lending | #fraud

The Financial Conduct Authority (FCA) has expressed disappointment with banks’ anti-crime systems and their treatment of fraud victims. The FCA’s review found that banks were not fully considering customer vulnerabilities when handling fraud claims and complaints. Customers were provided with unclear and confusing decision letters, with some containing accusatory language. The FCA is working with…

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Authorised payments fraud increase by 22% 

25th October 2023 Consumer Lending | #fraud

New figures from UK Finance show that the number of authorised push payments (APP) fraud cases increased by 22% year-on-year to 116,324 in the six months to the end of June, as a result of an increasing number of consumers being conned into fake purchases online. Figures also show the volume of these purchase scams increased by 43%…

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TransUnion and Tymit agree fraud prevention partnership

6th October 2023 Company News | #fraud

TransUnion has announced that it has partnered with London-based fintech company Tymit to help mitigate fraud risks whilst enabling friction-right experiences for consumers applying for Tymit’s pioneering instalment credit card. Tymit offers an alternative to traditional credit cards and buy now, pay later offerings and launched the world’s first instalment credit card. However, the credit…

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Criminal sentenced over £1m money laundering fraud

3rd October 2023 Consumer Lending | #fraud

A man from East London who enabled over £1 million of fraud has been sentenced to five years and six months in prison for fraud by abuse of position and money laundering. Said Hussain, sentenced at Southwark Crown Court, was a member of staff at a bank branch in East Ham. During his employment, he abused…

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