Credit, Collections & Insolvency News
A new report by Experian and Cifas has revealed a 9% rise in identity fraud, signalling the significant scale of fraud facing UK businesses as the festive season approaches. The data also highlights the new tactics criminals are deploying to exploit people and their personal information, and the steps businesses can take to protect themselves…
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Businesses, charities and other high-value bank account holders are being targeted by fraudsters using software to steal tens of thousands of pounds with the amount stolen from some individual accounts exceeding £1 million, according to new research from the Cyber Defence Alliance (CDA) and Cifas. The scam begins with a phone call and ends with…
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New research by the Anti-Scam Alliance (GASA), in partnership with Cifas and Tietoevry has found that scammers stole an estimated £9.4 billion from consumers over the past 12 months with the report highlighting that one in five (20%) adults say they were targeted and had money taken, with the average victim having £878.60 stolen. The…
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TSB has reported an 11% increase in purchase fraud cases from January to September 2025, with these scams making up 63% of bank transfer fraud, up from 52% in 2024. Victims lost an average of £452 per scam. Experts advise consumers to verify sellers and use secure payment methods to avoid falling victim to these…
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Fraud prevention service, Cifas has announced a partnership with Trend Micro to deliver JustMe, a first of its kind mobile app designed to protect individuals from identity fraud and online scams. Fraud accounts for as much as 44% of all recorded crimes in England and Wales, with an estimated £219 billion annual cost to the UK…
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New research from FICO has revealed that consumers are prioritising fraud protection over other considerations when selecting financial service providers. Banking-related fraud, such as stolen cards and identity theft leading to application fraud, tops their list of concerns, while traditional scams like cash theft and shopping fraud rank far lower. The data showed that 35%…
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Criminals stole £629.3 million in the first half of the year, a three per cent increase on the same period in 2024. There were over 2.09 million confirmed cases of fraud, a 17 per cent increase on this time last year according to latest UK Finance data. There was a 12% increase in financial losses from authorised…
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Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors. Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to…
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A bankrupt builder who persuaded a customer to pay him more than £30,000 for home improvements he never completed has been sentenced. Wayne Miller deliberately concealed his status as a bankrupt from his victim and abandoned the building project in Canterbury when it was nowhere near finished. He also promised to repay the customer for…
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The Financial Conduct Authority (FCA) has urged banks and payment firms to enhance controls against romance fraud. The FCA has found examples of banks going to significant lengths to protect those at risk of romance fraud. But the regulator also uncovered missed opportunities to prevent these scams, which cost victims £106 million last year. One…
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Concerns over fraud have escalated sharply across the UK financial sector, with 68% of firms saying they are more worried about it today than 18 months ago, according to a new report from Dun & Bradstreet. The data showed that 82% of UK financial services organisations say they are ‘concerned’ about fraud risk, and among…
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One in five (19%) of professionals have admitted to secretly juggling two competing jobs – known as polygamous working – and nearly a quarter (24%) think it’s ‘justifiable’, according to research published by fraud prevention service, Cifas. The ‘Workplace Fraud Trends’ research from Cifas surveyed 2,000 employees across different sectors – from HR to engineering…
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A Freedom of Information request by Which? has found that Revolut and Monzo have emerged as the top banks for fraud complaints filed with the Financial Ombudsman Service (FOS). Revolut received 1,875 complaints, while Monzo had 1,063. The data is split between authorised push payment (APP) fraud and other scam or fraud complaints. APP fraud involves…
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