Credit, collections & insolvency news
Some of the world’s leading finance and technology firms have come together to form a new industry coalition in the UK to fight economic crime through digital verification, the Centre for Finance, Innovation and Technology (CFIT) has announced. Companies including Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian,…
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New figures published by KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in Crown Courts collectively worth £128.2 million so far this year. The research, which records alleged fraud cases with a value of £100k…
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The Institute of Economic Affairs has called for the Serious Fraud Office (SFO) to be replaced with a new agency focused on preventing economic crime. The SFO has been plagued by a series of high-profile failures, including ethical misconduct and incompetence. In 2021, a high-profile bribery conviction of a former Unaoil executive was overturned due…
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A record number of cases were filed to the National Fraud Database (NFD) in the first six months of 2024 – over 214,000 in total, representing a 15% increase compared to the same period in 2023 according to fraud prevention service, Cifas. The data, recorded between January-June 2024, reveals the tactics favoured by fraudsters including…
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The latest fraud threatening the UK could cost lenders at least a £4.2billion if businesses fail to act according to latest research from LexisNexis Risk Solutions. Synthetic ‘Frankenstein’ identities exploit stolen and faked personal information to spoof credit checks and commit high-value fraud against banks and credit providers. The study reveals there are almost three…
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A construction contractor has been banned as company director after Covid loan abuse. An Insolvency Service investigation found that Nick Addison submitted misleading information to obtain a £50,000 Bounce Back Loan, the maximum amount businesses were entitled to. Addison was the owner of a former Bedfordshire construction firm which mainly focused on dry lining and…
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Ministers have been called on to show leadership in the fight against fraud by helping businesses to better share intelligence to detect the crime and to protect customers. A coalition of businesses led by the consumer group Which? have committed to sharing data to combat fraud and appealed to the Government to prioritise the fight…
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Barclays, NatWest, and Lloyds are among seven banks collaborating with the National Crime Agency (NCA) in a groundbreaking project to tackle criminal gangs, money laundering, and dirty money flowing through the UK. The project, which went live in May and is overseen by the Financial Conduct Authority, has already identified eight new crime networks. The…
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A Bristol builder who overstated the income from his construction companies to secure two Covid Bounce Back Loans totalling £100,000 has been handed a suspended sentence. James Leslie was sentenced to two years in prison, suspended for 18 months, when he appeared at Bristol Crown Court. His father William Leslie and of the same address,…
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A court has wound up a Manchester firm which offered unlicensed Insolvency Practitioner (IP) services. Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed. Its actions risked undermining the insolvency regime and the company’s directors refused to explain its trading practices to investigators The company…
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Latest data from UK-leading fraud prevention service, Cifas has shown a sharp rise in criminals targeting the telecoms sector to carry out facility takeover fraud. More than 374,000 cases were filed to the National Fraud Database (NFD) in 2023, and of this, cases of facility takeover fraud – where a criminal utilises compromised personal data…
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A new study from Juniper Research has found that the number of fraudulent banking and money transfer transactions in the UK will increase by 111% over the next five years. The figures indicate that fraud will increase from £4.2 million in 2024, to £8.8 million in 2029 with fraudulent transactions totalling £38 million over the next…
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New research from GBG has revealed 81% of European businesses believe cross-sector collaboration and intelligence sharing is key to stemming the rising tide of fraudulent criminal activity. The findings are part of GBG’s new Global Fraud Report 2024 which surveyed businesses in the UK, France, Germany, and Spain in financial services, fintech, crypto, banking, retail…
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