Financial

The Financial Conduct Authority (FCA) has recently announced that they are extending the deadline for Strong Customer Authentication (SCA) for e-commerce transactions to 14th March 2022.

https://thefintechtimes.com/the-fca-extended-the-sca-deadline-to-2022-heres-what-fintechs-think/

Cifas and UK Finance are warning of the increasing number of middle-aged money mules and businesses being recruited to launder money.

https://www.yourmoney.com/saving-banking/growth-in-number-of-middle-aged-money-mules/

One of the two fraudsters at a company that got £70 million from London Capital & Finance before it collapsed was today jailed for 13 years for conning vulnerable victims out of £36 million in a boiler room fraud.

https://www.msn.com/en-gb/news/uknews/fraudster-at-firm-linked-to-london-capital-and-finance-jailed-for-13-years/ar-AAKux62?ocid=st

Less than half of the losses of fraud victims who transfer cash to scammers’ bank accounts have been repaid under a voluntary code that banks are applying inconsistently, according to a consumer group.

https://www.centralfifetimes.com/news/national-news/19334478.victims-bank-transfer-scams-get-46-money-back-says/?ref=twtrec

The Financial Conduct Authority (“FCA”) has launched its first criminal prosecution for offences under the Money Laundering Regulations. It is also the first criminal prosecution against a bank for such offences. Previous FCA action has focussed on imposing fines for breaches and regulatory action over criminal prosecution. However, they have been heavily criticised previously for failing to prosecute breaches. Does this case signal a new regulatory approach?

https://www.twobirds.com/en/news/articles/2021/global/natwest-to-face-the-first-criminal-prosecution-by-the-fca

Investors are being urged to be vigilant after an investment bond scam has emerged, whereby the fraudsters are pretending to be from Aviva Investors in order to dupe savers.

https://www.ftadviser.com/investments/2021/05/26/scammers-use-aviva-name-to-target-bond-investors/

More than £63m has been lost nationally by victims of investment fraud via a social media platform, says Action Fraud

https://www.computerweekly.com/news/252501404/Millions-of-pounds-lost-to-crypto-fraud-on-social-media

Five men from Merseyside have been charged in a National Crime Agency investigation emerging from the take down of encrypted comms platform EncroChat.

https://www.nationalcrimeagency.gov.uk/news/operation-venetic-five-charged-in-merseyside-money-laundering-investigation-linked-to-car-showroom

Cryptocurrency scams and phishing attacks are getting out of hand. Malicious actors are masquerading as representatives of trusted cryptocurrency apps such as Atomic Wallet and Trust Wallet, and phishing for users' private keys and other personal information to steal cryptocurrency.

https://www.laptopmag.com/uk/news/crypto-scams-are-running-amok-to-steal-your-coins-how-to-protect-yourself

The Financial Conduct Authority (FCA) has delayed the implementation of changes to the Strong Customer Authentication Compliance (SCA) which aims to reduce the number of fraudulent online payments.

https://www.drapersonline.com/news/deadline-for-fraud-prevention-regulation-delayed