Financial

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

Four people, including a man from Clayton-le-Moors, have been jailed following an investigation into a £20 million Bitcoin fraud.

https://uk.sports.yahoo.com/news/clayton-le-moors-man-dubbed-135831494.html

A man who convinced friends and family to invest millions of pounds in his Ponzi scheme to fund his own lifestyle has today been jailed.

https://www.thebusinessdesk.com/eastmidlands/news/2067225-castle-donington-man-jailed-for-running-multimillion-pound-investment-scheme

Recent fines issued to two banks by the Financial Conduct Authority (FCA) highlight the regulator’s continued focus on driving compliance with anti-money laundering (AML) requirements in UK financial services, an expert has said.

https://www.pinsentmasons.com/en-gb/out-law/news/fca-fines-aml-compliance

A British investor said to have lost £1m in the collapse of cryptocurrency trading platform FTX is among 13 people to have made fraud reports to UK police.

https://uk.style.yahoo.com/british-investor-lost-1m-ftx-120000663.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr