Financial

The pandemic has caused a major upheaval in the financial services industry, with lockdowns and social distancing causing everyone to move online. With this shift to digital has come an increase in the potential of cyberattacks, leaving many thinking that the financial industry needs to raise awareness of the importance of data privacy.

A group of MPs and peers has called on UK banks to follow the example of Australia’s largest banks and adopt ‘model litigant principles’, which aim to level the playing field in disputes with customers.

Advances in technology and innovation in payments, as well as changing consumer needs and expectations, have spurred new UK proposals to extend existing regulation of cryptoassets.

Investment fraud in the UK is on the rise, according to recent statistics, prompting investors to consider the possible actions they can take in a bid to recover lost funds.

Action Fraud has joined with City of London Police and the Financial Conduct Authority (FCA) to warn investors about ‘clone firms’ after fraudsters made away with more than £78m using the scam in 2020.

A major residential developer has warned investors to stay away from a promised investment opportunity in the company which is a fraud.

PIMFA, the trade association for the wealth management and financial advice industry, is disappointed but not surprised by the latest data from Action Fraud showing the average fraud suffered by victims amounted to £45,000. Without change to hold online platforms to account this is only likely to get worse.

Bank boss calls for cross-industry cooperation to reduce scams that trick people into making instant payments online

High street banks are scrambling to claw back emergency coronavirus loans linked to suspected fraud.

https://www.cityam.com/banks-claw-back-fraudulent-bounce-back-loans/

Fraud is an age-old problem that has plagued every industry since businesses began trading. It takes many forms and guises and is a constantly evolving threat, as the perpetrators adapt to the ever-changing business environment they seek to disrupt. Perhaps one of the most well-known examples of fraud is money laundering.