Watchdog sets out new rules to reimburse APP fraud victims in ‘world first’ June 7, 2023 The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud. Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention. [...]
‘Antiquated technology’ scuppering fraud threat response at over three quarters of retail banks June 1, 2023 Retail banks worldwide are struggling to upgrade their defences against fraud despite the increasing threat of financial crime. According to data collected for BioCatch, 78 per cent of financial firms worldwide are concerned about their ability to respond to emerging fraud threats quickly and effectively. The report revealed how lenders feel impelled to boost defences [...]
Blockchain and Britcoin could bolster fight against ‘fraud epidemic’, experts argue May 29, 2023 The digital pound could be an important weapon in regulators’ fight against the rising tide of fraud, experts have argued. With the widespread scale of scams in the UK, Quant’s chief executive Gilbert Verdian said “we need a complete reset”. Quant builds technology for blockchains, including those underlying central bank digital currencies (CBDCs). According to [...]
Big tech and banks conspire in new scheme to combat fraud May 23, 2023 An alliance of banks, tech companies and telecoms groups are set to pilot a new scheme to collect information on scammers as attempts to tackle the UK’s fraud epidemic step up a notch. The new group, Stop Scams UK, has members including the UK’s largest incumbent banks, challenger banks, telecoms providers and big tech firms. [...]
Fintech calls for anti-fraud tax to tackle scamming epidemic May 11, 2023 Tide has argued the government should introduce an anti-fraud tax to fund the battle against fraud as the fintech firm criticised the lack of ambition in the recently released fraud strategy. Although Tide – which provides mobile banking services for SME businesses – welcomed the creation of a National Fraud Squad, it argued it was [...]
TSB Bank demand Facebook and Whatsapp take responsibility for fraud on their platforms May 5, 2023 TSB Bank have demanded that Meta-owned companies, such as Facebook and Whatsapp, take greater responsibility for fraud carried out on their platforms as the government launches its new fraud crackdown. Launched earlier this week, the government’s fraud strategy laid out a series of proposals to stop online scammers, but it dropped plans to make tech [...]
Covid loan fraud: More than 450 company directors disqualified in crackdown April 18, 2023 More than 450 company directors have been disqualified in a crackdown on covid fraud claims. The Insolvency Service announced that 459 of the 932 disqualifications overall for fraud were related to the coronavirus financial support scheme, introduced during the pandemic to help businesses in lockdown. This comes after the organisation published its monthly figures for [...]
With just ONE PER CENT of cases leading to charges, is Britain a ‘haven for fraudsters’? A top Westminster committee thinks so. March 31, 2023 Britain is a “haven” for fraudsters as less than 1 per cent of reported cases result in charges, a damning report into the Government’s handling of the growing problem has said. MPs on the Public Accounts Committee criticised the “slow progress” on tackling the estimated 3.8 million incidents of fraud and attempted frauds. They said [...]
Who has been hit hardest by £21bn of pandemic fraud, and will the taxpayer EVER get it back? March 30, 2023 The UK Government has lost £21bn worth of taxpayers money due to fraud since the start of the pandemic, that is “very unlikely” to be unrecovered, according to the National Audit Office (NAO). The NAO said that many public bodies are unaware of the amount of fraud they face, as it revealed that levels of [...]