fraud

£28bn in Covid loans paid out before anti-fraud measures started

3rd December 2021 Alternative Business Lending | #fraud

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…

Third of global businesses lost over £1m to financial crime

23rd November 2021 Commercial Collections and Recoveries | #fraud

A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…

Banks urged to support fraud victims more fairly and consistently

12th November 2021 Consumer Lending | #fraud

An investigation by consumer group Which? has found that banks are getting decisions about certain customer scams and reimbursement wrong in the majority of cases. The research has analysed which banks are most often found to be treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine…

Build to rent sees 364% rise in tenant fraud in past six months

26th October 2021 Commercial Credit Management | #fraud

The Build to Rent sector is being targeted by fraudsters with a 364% rise in fraudulent tenant applications in the past six months, according to data from tenant due diligence and guarantee firm Homeppl. To correlate with this upward trend, the detection of fraud in this space has seen a significant increase in value, meaning…

PSR sets out plans for fraud prevention tool

25th October 2021 Commercial Credit Management | #fraud #payments

The Payment Systems Regulator (PSR) has set out its latest plans to fight fraud and protect victims of APP scams by outlining its next steps for the wider implementation of fraud prevention tool, Confirmation of Payee (CoP). Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they…

Take action on fraud regulator warns charities

19th October 2021 Consumer Collections | #fraud

Latest data from Action Fraud has shown 1,059 separate incidents of fraud were reported by charities in just one year from April 2020 to March 2021. The true scale of fraud against charities is believed to be much higher, as fraud is known to be underreported. The Commission is highlighting these figures, and the live…

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