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The finance industry regulator has warned financial technology firms they need a “significant shift in culture and behaviour” to avoid a clampdown under tough new rules.
https://www.msn.com/en-gb/money/other/fraud-fears-spark-fca-warning-to-finance-firms-look-after-your-customers-or-face-action-under-new-rules/ar-AA17LYtk
Trio guilty of multi-million dollar fraud linked to Libya
https://www.professionaladviser.com/news/4076386/fund-managers-guilty-gbp7m-sovereign-wealth-fraud
Two fund managers have been jailed for a total of 11 years after committing a large-scale fraud amounting to more than 10 million US dollars which resulted in the loss of money meant for the people of Libya.
https://uk.sports.yahoo.com/news/finance-managers-jailed-defrauding-libyan-162900146.html/
Financial watchdog warns over rise of ‘fin-fluencers’ targeting younger people on social media
https://www.theguardian.com/money/2023/feb/03/scams-fca-blocks-more-than-10000-ads-from-instagram-facebook-and-youtube?CMP=share_btn_tw
The UK’s trade finance banks are joining forces with the International Chamber of Commerce United Kingdom (ICC UK) in a new initiative to stamp out duplicate financing fraud, a practice that the business organisation says has siphoned “billions of dollars” from the global financial services industry.
https://www.gtreview.com/news/europe/uk-banks-to-take-action-on-trade-finance-fraud-in-new-icc-led-project/
Basic security flaws on some of the biggest banks' websites and apps are putting consumers at increased risk of falling victim to fraud, as found by research undertaken by Cheltenham based cybersecurity consultancy, Red Maple Technologies, on behalf of Which?
https://www.punchline-gloucester.com/articles/aanews/bank-security-flaws-put-consumers-at-risk-from-fraud
A fraudster who ran a £2.7mn investment scam has been jailed for nine years.
https://www.ftadviser.com/investments/2023/02/06/scammer-jailed-over-2-7mn-investment-fraud/
The Payment Systems Regulator’s (PSR) new fraud reimbursement scheme is “fundamentally flawed,” Chair of the Treasury Committee Harriet Baldwin has said.
https://www.cityam.com/regulators-fraud-reimbursement-scheme-is-fundamentally-flawed-top-mp-says/
PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, welcomes the news today (3 February 2023) that the Financial Conduct Authority (FCA) has blocked four times more misleading financial promotions in 2022 than a year earlier.
https://ifamagazine.com/article/pimfa-calls-for-financial-conduct-authority-to-have-greater-role-in-protecting-public-from-fraud/
Proactive Investors - Bitcoin is a hyped-up fraud. A pet rock. A waste of time.
https://uk.investing.com/news/cryptocurrency-news/bitcoin-is-a-hypedup-fraud-says-jpmorgan-head-jamie-dimon-2888268
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