Credit, Collections & Insolvency News
An Accountant who took out three Bounce Back Loans has been given a 12-year director ban by the Insolvency Service and must repay £75,000. Dion Mailich took out three Bounce Back Loans for his business – despite being only entitled to one. The Accountant applied for loans totalling £125,000 – five times the amount his…
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A man from Milton Keynes who committed approximately £867,299 of fraud has been sentenced at Isleworth Crown Court to 7 years 10 months in prison, following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking industry. Zaheer Abbas, pleaded guilty to 12 counts of fraud…
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Just over one in five (21%) of adults across UK and 14 other countries around the world were defrauded between 2021 and 2023 according to research by the Social Market Foundation (SMF), a cross-party Westminster think tank that a surveyed almost 29,000 people. The SMF surveyed 15 countries, including Japan, Singapore, Brazil, Germany, USA, Mexico…
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New Lloyds Bank data shows that impersonation scams have risen 13% over the past year. An impersonation scam is where a fraudster convinces their victim to make a payment, or give personal or financial details, by pretending to be someone else. Scammers frequently impersonate police officers, bank staff and HMRC, although they may also pretend…
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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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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 Mediacraze.net 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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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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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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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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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 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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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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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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