One in 40 shoppers admit to falsely claiming a refund when shopping online

4th January 2022 Consumer Lending | #fraud

One in 40 shoppers has admited to falsely claiming a refund when shopping online in the last 12 months according to new research by fraud prevention service Cifas. The consumers admitted they had falsely claimed a refund for an online purchase by stating the item hadn’t been received. A further one in tenconsumers knew someone…

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HMRC fraud Investigation Service recovers £1bn from offenders

4th January 2022 Consumer Lending | #fraud

The HMRC’s Fraud Investigation Service (FIS) has recovered more than £1 billion from the proceeds of crime. More than £1 billion has been recovered from the proceeds of crime and tax offenders since the formation of a specialist HM Revenue and Customs (HMRC) fraud squad 5 years ago. Launched in April 2016, the department’s Fraud…

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Wealthier people more likely to be targeted by fraudsters

21st December 2021 Consumer Lending | #fraud

Wealthier people are more likely to be targeted by fraudsters according to research by Saltus Wealth. The research found that half of high-net-worth individuals have been victims of financial crime, rising to almost two-thirds of those with assets of more than £2 million. The Saltus Wealth Index surveyed more than 1,000 people in the UK…

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FCA fines HSBC £63.9 million over money laundering failures

17th December 2021 Consumer Lending | #aml#fraud

The Financial Conduct Authority (FCA) has fined HSBC Bank £63,946,800 for failings in its anti-money laundering (AML) processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC’s transaction monitoring systems showed serious weaknesses over a period…

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New Online Safety Bill proposals welcomed

15th December 2021 Consumer Lending | #fraud

A parliamentary committee has published a report on the draft Online Safety Bill calling for dangerous online paid-for adverts, such as those promoting scams, to be included within the Bill. A coalition of consumer groups, charities, policing leads and financial services industry bodies, including Which?, UK Finance, Martin Lewis and MoneySavingExpert, the Personal Investment Management…

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One in thirteen people admit to first-party fraud

15th December 2021 Consumer Lending | #fraud

Latest research by Cifas reveals 1 in 13 UK adults have been involved in fraudulent conduct during the last year. Those aged between 16-34 were most likely to be involved, with more than 1 in 7 admitting to participating in being involved in at least one form of first-party fraud. The most common forms of…

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NatWest fined £264m over anti-money laundering failures

NatWest has been fined £264,772,619.95 following convictions for three offences of failing to comply with money laundering regulations. It was found that the bank failed to properly monitor the activities of jeweller Fowler Oldfield between November 2012 and June 2016. The Bradford-based jeweller deposited £365 million with the bank over a five-year period, including £264 million…

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British Business Bank responds to NAO report on Bounce Back Loans

7th December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. The British Business Bank stepped up to deliver the Bounce Back Loan Scheme on behalf of Government to ensure…

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£28bn in Covid loans paid out before anti-fraud measures started

3rd December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…

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Third of global businesses lost over £1m to financial crime

A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…

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Banks urged to support fraud victims more fairly and consistently

12th November 2021 Consumer Lending | #fraud

An investigation by consumer group Which? has found that banks are getting decisions about certain customer scams and reimbursement wrong in the majority of cases. The research has analysed which banks are most often found to be treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine…

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Build to rent sees 364% rise in tenant fraud in past six months

26th October 2021 Commercial Credit Management | #fraud

The Build to Rent sector is being targeted by fraudsters with a 364% rise in fraudulent tenant applications in the past six months, according to data from tenant due diligence and guarantee firm Homeppl. To correlate with this upward trend, the detection of fraud in this space has seen a significant increase in value, meaning…

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PSR sets out plans for fraud prevention tool

The Payment Systems Regulator (PSR) has set out its latest plans to fight fraud and protect victims of APP scams by outlining its next steps for the wider implementation of fraud prevention tool, Confirmation of Payee (CoP). Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they…

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