Credit, Collections & Insolvency News
New UK Finance data has indicated that there were 45,367 cases of impersonation scams last year, costing £177.6 million. The research also found that only 51 per cent of people always check if a request for money or personal information is legitimate before responding. Impersonation scams take place when a criminal contacts you pretending to…
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Latest research from fraud prevention service Cifas has revealed that identity fraud is now one of the biggest fraud threats to the public, with cases soaring by nearly a quarter over the last year. This alarming statistic is revealed in the latest publication of Fraudscape, which identifies and analyses the latest fraud trends based on…
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The Government has announced a new crackdown to prevent illegal migrants from accessing bank accounts. The change will make it more difficult for unlawful migrants to access financial services is an important tool to help deter illegal migration by preventing people from working illegally and profiting from services they are not entitled to. Having access…
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Around £21 billion has been lost by the Government due to fraud since the start of the pandemic, according to latest National Audit Office (NAO) data. The research also found that most public bodies do not know how much fraud they face and cannot demonstrate that they have the correct level of counter fraud resources.…
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Fraud prevention service, Cifas has welcomed the launch of the new Economic Crime Plan and its commitment to reduce fraud and money laundering, but warns that excluding SMEs from the ‘failure to prevent’ fraud offence may leave them vulnerable to fraud. The plan places a greater focus on fraud, which includes greater prosecution and disruption of offenders.…
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More than half of people in he UK say that they have been victims of a financial scam, with wealthier people most likely to have been targeted, according to the new research from Saltus. The latest Saltus Wealth Index Report surveyed more than 2,000 people in the UK and discovered that 51% had been victim to a financial…
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New research by Lowell has found out that over half of people have been targeted by fraud, with almost two-fifths (40%) of consumer have experienced payment card fraud. Fraudulent activity is taking place throughout the UK and the ways in which consumers are being targeted is constantly changing. Fraud committed using a debit or credit…
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The total value of alleged fraud cases £100,000 or above heard in UK courts increased by 151% from £444.7m in 2021 to £1.12bn in 2022, according to data released in KPMG UK’s latest Fraud Barometer. The figure for 2022 is similar to pre-pandemic values which saw a total value of £1.1bn for alleged fraud cases…
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The Financial Conduct Authority (FCA) has required firms to amend or remove 8,582 promotions during 2022. The amendments were 14 times more than 2021. The FCA has also published over 1,800 alerts to help prevent consumers from losing their money to scams. Social media remains a major focus for the regulator’s work in combatting misleading…
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Experian has announced it has launched CreditLock, a new feature that will enable customers to lock their Experian Credit Report at the touch of a button. CreditLock allows CreditExpert and Identity Plus customers to ‘lock’ or ‘unlock’ their Experian Credit Report using a toggle switch in the app or online. Certain high-risk credit applications (such…
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Guaranty Trust Bank has been fined £7,671,800 over serious weaknesses in its systems and controls designed to prevent money laundering. The Financial Conduct Authority found serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not…
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The Financial Conduct Authority (FCA) is warning festive shoppers of the risk of loan fee scams as fraudsters pile on the pressure at Christmas The FCA says that loan fee fraud this Christmas, with cases already up by a fifth on last year The research shows with the rising cost of living impacting consumers’ finances,…
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The Financial Conduct Authority (FCA) has fined Santander UK £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. An investigation found that between 31st December 2012 and 18th October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account…
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