Credit, Collections & Insolvency News
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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A recent Global Anti-Scam Alliance (GASA) survey, conducted in association with Cifas has found that a substantial 10% of Britons lost money to scams or identity theft in the last 12 months, culminating in financial losses approximated at £7.5 billion. 62% of respondents indicated that they had received scam messages at least once per month,…
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The Serious Fraud Office (SFO) has brought fraud charges against four individuals, including a former director, who oversaw the financial failure of a chain of almost 200 high street bakeries. The SFO has charged former director and Chief Financial Officer of Patisserie Holdings Plc for 12 years, Christopher Marsh, and his wife, accountant Louise Marsh,…
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Under 25s are more likely than older age groups to have been targeted by impersonation scams. An impersonation scam is where a criminal contacts you pretending to be a person or organisation you trust. These scams can be very sophisticated and often start with attempts to trick you into disclosing personal and financial information. Criminals…
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A company Director who illegally took out a Bounce Back Loan has been jailed for 8 months after her overstated his company turnover in order to secure the taxpayer-backed funds. Aleksander Staskiewicz was sentenced to 8 months imprisonment at Southampton Crown Court on 17th August 2023, for offences contrary to the Fraud Act 2006 and…
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New research from Canada Life has revealed that one in two (51%) adults have or know someone who has experienced a financial scam attempt in the last 12 months. This equates to approximately 26.8 million UK adults. Of these, 3.6 million went on to personally fall victim to the scam. The average amount lost to…
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Plans to ban cold calls for financial products such as sham cryptocurrency schemes, mortgages and insurance have been set out with the launch of a consultation, marking the next step in delivering the Government’s Fraud Strategy. The eight-week consultation will cover proposals to ban cold calls offering any financial products to clamp down on fraudsters…
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Over £55.5 million of fraud was prevented last year thanks to the Banking Protocol rapid scam response scheme, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme developed by UK Finance, National Trading Standards and local police forces. Bank and building society staff are trained to spot the warning…
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Latest figures from the Crime Survey for England and Wales (CSEW) has shown that fraud has returned to pre-coronavirus pandemic levels (no significant change); this suggests previous increases in fraud may have been specific to the coronavirus pandemic period, rather than a sustained change in trends Despite no significant change in fraud overall, there was…
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Despite increasing fraud volumes, the UK enjoys lower rates of successful fraud attempts as a proportion of overall transactions (0.2%) compared to the rest of the globe (1.3%) thanks to a world-leading fraud prevention market according to the latest online fraud analysis published by LexisNexis Risk Solutions. Almost 9 in 10 (88%) UK financial services…
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The Security Minister convened a meeting of the Joint Fraud Taskforce to discuss measures to tackle fraud including an online fraud charter. Representatives from across the private sector met at 10 Downing Street to update government on progress made to tackle fraud and protect the public from scams. The Security Minister, Tom Tugendhat, convened a…
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Global digital identity specialist, GBG is warning that fraud in the UK is rapidly becoming industrialised, with 40% of businesses reporting known or suspected fraud attempts in the last 12 months. Globally, almost half (49%) of the businesses that reported fraud attempts say it has increased in the last year. At the same time, over…
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Holiday fraudsters conned UK consumers out of more than £15 million in 2022, twice as much as the year before according to new research by Action Fraud Action Fraud said there had been a surge in the number of people being conned into paying for fake flights and accommodation bookings as more people sought cheaper…
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