Credit, Collections & Insolvency News
The Serious Fraud Office (SFO) is set to receive an additional £9.3 million in funding to enhance its capabilities in combating fraud. Funding has been provided to create a new team which will extend SFO’s capabilities to seize assets from convicted fraudsters, and expand and accelerate the use of technology to assist disclosure. It will…
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A man has been sentenced at Manchester Crown Court to 6 years and 9 months in custody for defrauding elderly customers out of an estimated £958,949. He posed as a bank employee working to investigate fraud, tricking customers into handing over control of their bank. The sentencing follows an investigation and arrest by specialist banking…
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Latest figures from the Office for National Statistics (ONS) in its Crime Survey for England and Wales (CSEW) showed that consumer and retail fraud increased by 19%, reaching approximately 963,000 incidents. Chad Reimers, General Manager of Fraud & ID at TransUnion said “The latest Crime in England and Wales figures from the Office for National…
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UK Finance’s half-year fraud report has found that criminals stole £571.7 million through unauthorised and authorised fraud, a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems with 72 per cent of APP fraud started online and 16 per cent started through…
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According to a recent report by FGS Global, British business leaders are increasingly concerned about the impact of cyber-attacks, with 85% of firms experiencing a crisis in the past year. The report reveals that business leaders across Britain, including top executives from EY and JD Sports, are concerned about cybersecurity. This concern comes after a…
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The Social Market Foundation (SMF) has called for a united international effort to combat fraud, which has cost the UK economy approximately £16bn between 2021 and 2023. The report highlights that 21% of adults globally have fallen victim to fraud in the past three years, with £168bn lost to fraudsters worldwide. Including the wider social…
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Criminals are targeting students following rise in money muling cases, with over 19,000 muling reports were filed to the Cifas National Fraud Database (NFD) during January-June 2024. Over 2,000 reports more than were made in comparison to the same timeframe last year. Herders favouring social media and online platforms to target at speed. Cifas members…
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Lloyds Bank has reported a significant increase in money mule accounts among individuals aged over 40, with this demographic now representing 19% of such accounts, a growth of an astonishing 73% over the last year. Younger individuals, particularly those aged 19 to 25, are also at risk, with 24% of money mule accounts belonging to…
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New data from the Take Five to Stop Fraud campaign has found that half of people (50%) say they feel busier when coming back from a holiday. A third said that being busy makes them more likely to take a chance on a cheap deal or financial offer (34%) and were also more likely to…
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The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
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Fraud and scam complaints are at their highest ever according to quarterly level, data released by the Financial Ombudsman Service (FOS). In the first quarter of this financial year (1st April – 30th June 2024), consumers lodged 8,734 complaints about fraud and scams, of which over half were in relation to customer approved online bank…
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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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