Financial

The banking industry’s answer to 999 now covers nearly all UK current accounts as Monzo joins the anti-fraud service, with the digital lender recently facing criticism for its performance in tackling scams.

Monzo, which now boasts more than 9m British customers, has become part of the 159 hotline created by Stop Scams UK, an industry body backed by the Financial Conduct Authority and Ofcom.

Ringing the 159 number puts callers directly through to staff at their banking provider, who can give advice to help work out whether they are being targeted by scammers.

https://www.cityam.com/bank-fraud-helpline-hits-99-per-cent-coverage-as-monzo-bolsters-efforts/

The Financial Conduct Authority has charged Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell with multiple counts of conspiracy to commit fraud by false representation.

The four individuals allegedly ran an unauthorised investment scheme which defrauded investors out of £3.9mn.

https://www.ftadviser.com/regulation/2024/03/22/fca-charges-4-individuals-over-alleged-3-9mn-investment-fraud/

Bosses from the UK’s biggest high street banks have told MPs that social media companies could do more to prevent the increasing amount of fraud originating on their platforms.

UK chief executives from Barclays, Lloyds, Natwest and Santander said in a Treasury Committee session that they were doing more work with social media and telecommunications firms to prevent fraud but that there was still progress to be made.

https://www.cityam.com/barclays-santander-natwest-and-lloyds-bosses-warn-of-rising-fraud-threat-from-social-media/

Britain’s biggest Bitcoin scam case has resulted in the successful prosecution of a former takeaway worker, who illegally sat on £2bn worth of the crypto currency.

A lavish multimillion pound house in the heart of Hampstead and jet-setting around the world was the life of Jian Wen, 42, for years.

The Crown Prosecution Service (CPS) announced today she had been convicted after investigating her role in a massive international scam, linked to another Chinese national.

https://www.cityam.com/biggest-bitcoin-fraud-in-uk-history-as-ex-takeaway-worker-convicted-in-2bn-scam/

Our Business Plan details the work we'll do over the next 12 months to help deliver the commitments in our Strategy.

People across the UK rely on the financial services sector, whether for their bank account, mortgage or pension. The sector employs more than 1.1 million people and, alongside related professional services, contributes an estimated £100bn in tax per year. Our role is to ensure that financial services markets function well. We are the financial conduct regulator of firms and markets in the UK and the prudential supervisor for the vast majority of (non-systemic) firms we regulate.

https://www.fca.org.uk/publications/business-plans/2024-25

If my last three columns haven’t put you off investing into something you can’t rationalise the risk for, this will surely do it. Once again, I repeat Einstein’s comment (because he was a bright guy): “if you couldn’t explain something simply, you didn’t understand it” and therefore you shouldn’t invest into it.

https://www.irishnews.com/news/business/peter-mcgahan-financial-fraud-in-the-name-of-god-and-crypto-risk-IL3DB27SVVBE5EVKPXLRROKWBY/

Two men have been arrested in connection with fraudulent banking schemes in Glasgow and Manchester.

The pair, aged 36 and 45, were charged and will appear at Glasgow Sheriff Court at a later date.

The arrests were part of a Police Scotland investigation into several frauds, with victims reporting information being used to bypass bank security to access their accounts.

https://www.shropshirestar.com/news/uk-news/2024/03/18/two-men-charged-in-connection-with-alleged-fraudulent-banking-schemes/

Our previous fraud events have highlighted just how devastating scams can be and why protection and prevention have never been more important. But is it time for the criminals to be worried?

Our recent digital event ‘How to Catch a Fraudster’ brought together a top team of financial crime experts to explain how they’re catching the scammers.

https://www.coutts.com/insight-articles/news/2024/fraud-event-how-to-catch-a-fraudster.html

Former banker Tom Hayes was convicted multiple counts of conspiracy to defraud over manipulating the Libor rate.

An ex-City trader jailed over interest rate benchmark manipulation received an “extraordinarily unfair” trial and should have his convictions overturned, the Court of Appeal has been told.

https://www.shropshirestar.com/news/uk-news/2024/03/14/trader-jailed-over-rate-rigging-had-extraordinarily-unfair-trial-court-told/

Providers will have a further 72 hours to investigate payments, where there are reasonable grounds to suspect fraud or dishonesty.

Payment service providers such as banks will be given more time to contact customers, police and others when they have reasonable grounds to suspect fraud before they send a payment, under draft legislation published on Tuesday.

https://www.shropshirestar.com/news/uk-news/2024/03/12/banks-given-extra-time-to-break-the-spell-of-scammers-before-sending-payments/