Financial

Banks tell 77% of fraud victims that they’re partly or fully responsible for their losses, making them ineligible for reimbursement, new figures from the Lending Standards Board (LSB) reveal.

https://www.moneyexpert.com/news/banks-routinely-denying-refunds-to-victims-of-fraud/

Challenges arising from the pandemic have left gaping holes in banking security, putting consumers at risk of fraud

Covid-19 security challenges leave bank customers at risk (computerweekly.com)

UK Finance has announced a change to the process of reimbursing ‘no blame’ cases of authorised push payment (APP) scams, bringing in a process which enables signatory banks to individually pay back cases rather than through a shared central pot.

https://www.finextra.com/newsarticle/37971/banks-to-be-given-autonomy-in-reimbursing-app-fraud-victims

Following an investigation, the FCA has commenced criminal proceedings against Larry Barreto and Tassib Hussain.

FCA commences criminal proceedings for fraud and unauthorised business | FCA

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes the intervention today (20 April 2021) from Financial Conduct Authority chief executive Nikhil Rathi in the debate on online financial harm.

PIMFA Welcomes Intervention From Financial Conduct Authority CEO Nikhil Rathi In Debate Over Online Financial Harms (mondovisione.com)

Financial fraud used to be considered a 'victimless crime', because banks and financial companies would pay back the victim and equilibrium would be restored.

Fraud victim? Too bad - FTAdviser.com

A young woman scammed out of £10,000 in savings has been told she will not be compensated by Halifax Bank.

Halifax refuses to repay £10k to fraud victim - FTAdviser.com

To parody the oft recited line from the opening number ‘Aquarius’ from the 1967 musical Hair, this is the “dawning of the age of the digital”.

NFTs and the rise of crypto frauds - CityAM : CityAM

A man has been charged in connection with a PSNI investigation into a multi-million pound banking and money laundering fraud.

Man (39) charged in PSNI £3m banking fraud probe - The Irish News

A consultation by the PSR (Payment Systems Regulator) to PSP(Payment System Provides)/Banks to prevent Authorised Push Payment Scams (APP) at source and to provide better support to the victims is underway.

Customers have 50 percent chance of reimbursement after APP fraud (finextra.com)