Credit, collections & insolvency news
Lloyds Bank has reported a significant increase in money mule accounts among individuals aged over 40, with this demographic now representing 19% of such accounts, a growth of an astonishing 73% over the last year. Younger individuals, particularly those aged 19 to 25, are also at risk, with 24% of money mule accounts belonging to…
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New data from the Take Five to Stop Fraud campaign has found that half of people (50%) say they feel busier when coming back from a holiday. A third said that being busy makes them more likely to take a chance on a cheap deal or financial offer (34%) and were also more likely to…
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The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
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Fraud and scam complaints are at their highest ever according to quarterly level, data released by the Financial Ombudsman Service (FOS). In the first quarter of this financial year (1st April – 30th June 2024), consumers lodged 8,734 complaints about fraud and scams, of which over half were in relation to customer approved online bank…
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Some of the world’s leading finance and technology firms have come together to form a new industry coalition in the UK to fight economic crime through digital verification, the Centre for Finance, Innovation and Technology (CFIT) has announced. Companies including Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian,…
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New figures published by KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in Crown Courts collectively worth £128.2 million so far this year. The research, which records alleged fraud cases with a value of £100k…
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The Institute of Economic Affairs has called for the Serious Fraud Office (SFO) to be replaced with a new agency focused on preventing economic crime. The SFO has been plagued by a series of high-profile failures, including ethical misconduct and incompetence. In 2021, a high-profile bribery conviction of a former Unaoil executive was overturned due…
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A record number of cases were filed to the National Fraud Database (NFD) in the first six months of 2024 – over 214,000 in total, representing a 15% increase compared to the same period in 2023 according to fraud prevention service, Cifas. The data, recorded between January-June 2024, reveals the tactics favoured by fraudsters including…
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The latest fraud threatening the UK could cost lenders at least a £4.2billion if businesses fail to act according to latest research from LexisNexis Risk Solutions. Synthetic ‘Frankenstein’ identities exploit stolen and faked personal information to spoof credit checks and commit high-value fraud against banks and credit providers. The study reveals there are almost three…
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A construction contractor has been banned as company director after Covid loan abuse. An Insolvency Service investigation found that Nick Addison submitted misleading information to obtain a £50,000 Bounce Back Loan, the maximum amount businesses were entitled to. Addison was the owner of a former Bedfordshire construction firm which mainly focused on dry lining and…
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Ministers have been called on to show leadership in the fight against fraud by helping businesses to better share intelligence to detect the crime and to protect customers. A coalition of businesses led by the consumer group Which? have committed to sharing data to combat fraud and appealed to the Government to prioritise the fight…
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Barclays, NatWest, and Lloyds are among seven banks collaborating with the National Crime Agency (NCA) in a groundbreaking project to tackle criminal gangs, money laundering, and dirty money flowing through the UK. The project, which went live in May and is overseen by the Financial Conduct Authority, has already identified eight new crime networks. The…
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A Bristol builder who overstated the income from his construction companies to secure two Covid Bounce Back Loans totalling £100,000 has been handed a suspended sentence. James Leslie was sentenced to two years in prison, suspended for 18 months, when he appeared at Bristol Crown Court. His father William Leslie and of the same address,…
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