Credit, collections & insolvency news
Identity fraud continues to grow and now costs the UK an estimated £1.8 billion each year. It is one of the most common case types filed to the Cifa sNational Fraud Database by its 750-plus industry members – accounting for 64% of all filings in 2023 with more than 237,000 identity fraud cases recorded. Industry…
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Complaints regarding banks’ handling of fraud have reached a record high, with the Financial Ombudsman Service (FOS) reporting 9,091 cases from July to September, a significant increase from 6,264 in the same period last year. This surge includes 4,956 cases related to authorised push payment (APP) scams, where consumers mistakenly send money to fraudsters. In…
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A report by Global Anti-Scam Alliance’s (GASA) conducted in association with UK’s leading fraud prevention service, Cifas has revealed UK people lost £11.4 billion to scams in the last 12 months, up £4 billion on last year. With Black Friday imminent and expected to trigger a spike in scam attempts this week, GASA and Cifas are…
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Research by the Payment Systems Regulator (PSR) reveals that 36% of fraud victims are now hesitant to adopt new money management methods with vulnerable groups are particularly affected. Almost one in five fraud victims said their experience left them feeling anxious or depressed, while half reported a diminished trust in others. A third of victims…
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Research from fraud prevention service, Cifas, has revealed that nearly two-thirds (63%) of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff will become an ‘insider threat’. As many businesses prepare to recognise International Fraud Awareness Week (17-23 November), a recent Cifas survey…
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A new study by FICO has underscored the need for banks to strike a better balance between customer satisfaction and fraud mitigation as real-time payments (RTP) surge in popularity. In the survey, one in four (26%) per cent of consumers said that they had reported actual or suspected scam losses to their bank. About three-quarters…
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UK cyber security and law enforcement chiefs have issued an urgent alert to Black Friday bargain hunters after new figures revealed rising losses to online scammers during the festive shopping season. Clothing, high-end tech products and even cars were among the products featuring in scams as GCHQ’s National Cyber Security Centre (NCSC) and Action Fraud…
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Larger businesses are experiencing far higher levels of fraud than smaller businesses as fraudsters seek to exploit vulnerabilities in organisations with higher numbers of employees, a new survey from accountancy and business advisory firm BDO has found. While a quarter (27%) of small businesses surveyed by the firm said they had suffered fraud in the…
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The Co-operative Bank has conducted research to identify the fraud hotspots, looking at the number of fraud cases in different parts of the UK. The research also looked at the most common types of fraud in the UK and how much this is costing victims by using National Fraud Intelligence Bureau (NFIB) data. North Wales…
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The Serious Fraud Office (SFO) is set to receive an additional £9.3 million in funding to enhance its capabilities in combating fraud. Funding has been provided to create a new team which will extend SFO’s capabilities to seize assets from convicted fraudsters, and expand and accelerate the use of technology to assist disclosure. It will…
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A man has been sentenced at Manchester Crown Court to 6 years and 9 months in custody for defrauding elderly customers out of an estimated £958,949. He posed as a bank employee working to investigate fraud, tricking customers into handing over control of their bank. The sentencing follows an investigation and arrest by specialist banking…
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Latest figures from the Office for National Statistics (ONS) in its Crime Survey for England and Wales (CSEW) showed that consumer and retail fraud increased by 19%, reaching approximately 963,000 incidents. Chad Reimers, General Manager of Fraud & ID at TransUnion said “The latest Crime in England and Wales figures from the Office for National…
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UK Finance’s half-year fraud report has found that criminals stole £571.7 million through unauthorised and authorised fraud, a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems with 72 per cent of APP fraud started online and 16 per cent started through…
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