Credit, Collections & Insolvency News
The Institute of Directors has found that seven in ten (72%) of business leaders view cyber risk as a significant concern for their organisation, with 58% believing that the risk of a cyber attack on their organisation has increased. In its poll of nearly 600 directors, the IoD also found that 54% believe that every…
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Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…
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A record number of scams were removed from the internet in 2021 thanks to the Active Cyber Defence programme. The National Cyber Security Centre (NSCS) has revealed that more than 2.7 million scam campaigns were stamped out in 2021, nearly four times more than in 2020. The rise reflects the expansion of NCSC services to…
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With the announcement this week that UK interest rates have risen to the highest level since 2009, Cifas, the UK’s leading fraud prevention service, is warning that the rise in living costs could see a sharp rise in consumers and businesses being targeted by criminals. According to the latest Cifas data, fraud is already on…
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The Lending Standards Board (LSB) has published a series of updates to the Contingent Reimbursement Model Code (the CRM Code) to further strengthen what is the only set of protections of its kind for tackling Authorised Push Payment (APP) scams. The three most significant updates to the Code will help improve customers’ understanding of how…
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Fraud prevention service, Cifas has released its annual Fraudscape report, detailing the latest data and intelligence recorded by Cifas members during 2021. The report reveals that a new case of fraudulent conduct was filed by organisations every 90 seconds on average, with over 360,000 cases recorded to the National Fraud Database – an increase of…
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According to new research by TransUnion, 42% of consumers say they have been targeted by online fraud in the past three months. Among those targeted, the five most common scams faced were phishing (46%), third-party seller scams on legitimate online retail websites (25%), stolen credit card or fraudulent charges (23%), account takeover (20%) and identity…
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Latest UK Finance figures have indicated that bank staff have worked with the police to stop £202.8 million of fraud since 2016 with the help of the Banking Protocol scheme. National Trading Standards and local police forces stopped £60.7 million of fraud, 34% more than in 2020, with data showing that bank branch staff made…
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The government is encouraging organisations to be vigilant of cyber threats as new data reveals nearly a third of firms suffering cyber attacks hit every week. Businesses and charities are being urged to strengthen their cyber security practices with almost one in three businesses (31 per cent) and a quarter (26 per cent) of charities…
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The Government has announced changes to the Online Safety Bill to tackle scams and fraud. The measures mean that social media sites and search engines will be forced to stamp out fraudsters and scammers on their platforms as the government strengthens its pioneering internet safety laws. The move comes as the government also launches a consultation as…
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Victims are losing more to bank transfer scams every hour than the average UK worker earns a year, new research from Which? has revealed. A voluntary reimbursement code on bank transfer scams, also known as authorised push payment fraud (APP), was introduced in May 2019, and most major banks have signed up. It instructs them…
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Nearly one in 10 smartphone users in the UK (9%), as many as 5.7 million people, have fallen victim to identity fraud in the last 12 months, according to research by GBG, the experts in digital identity. GBG’s State of Digital Identity Report 2022 has revealed that young adults aged 18-to-24 were hardest hit with…
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Latest data from the National Fraud Hunter Prevention Service, analysed by Experian, found the detected fraud rate for cards rose by 42% between October and December 2021, when compared to the previous quarter, the highest rate since 2017. Typically, an increase in fraudulent activity is detected over the festive shopping period, but 2021 proved especially…
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