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Complaints to financial ombudsman up by 40% because of fraud, scams and payday loans
A more than 40% surge in consumer complaints about fraud and scams has helped push the overall number of gripes seen by the financial ombudsman to its highest levels in five years.
The regulating bodies and financial institutions are taking a number of measures to prevent financial fraud. Binary options trading, in particular, is being controlled with a greater degree of robustness to protect the unwary general public being drawn into a situation where they suffer financial losses.
http://www.mondaq.com/uk/x/804770/White+Collar+Crime+Fraud/Dealing+With+The+Aftermath+Of+Forex+And+Binary+Options+Fraudsters
Across financial services fraud is a growing issue and motor finance has seen a notable increase in recent years with criminals making fraudulent car finance applications using fake documents and identities to acquire and steal vehicles.
https://www.motortrader.com/supplier-network/supplier-networksupplier-networkmann-island-finance/press_release/finance-fraud-is-an-increasing-issue
A convicted money launderer who tried to fly to Dubai with £1.5m in his suitcases has been ordered to hand over the money permanently.
https://nationalcrimeagency.gov.uk/news/closed-case-plane-passenger-with-1-5m-in-baggage-ordered-to-give-it-up
Lloyds Banking Group has been forced to launch a review of a scheme set up to compensate victims of fraud at the Reading branch of HBOS.
The so-called “Troika Laundromat” fraud, uncovered after one of the largest banking information leaks ever, highlights the ever-growing importance for those within the regulated sector to implement robust customer due diligence (“CDD”) policies which are tailored to the specific money laundering risks posed by their customers.
https://www.bcl.com/the-troika-laundromat-fraud-exposing-the-weaknesses-in-uks-anti-money-laundering-regime/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original
The number of reported financial investment-related fraud cases grew by 74% in 2018, driven by complaints about unregulated "shadow savings market" and cryptocurrency investments, revealing "cracks in the structure" of the UK's regulatory regime, according to law firm Pinsent Masons.
https://www.professionaladviser.com/professional-adviser/news/3074775/financial-fraud-spike-reveals-cracks-in-structure-of-uk-regulation
The financial services industry is under continued pressure to create more convenient ways of paying for goods and services.
https://www.finextra.com/blogposting/17184/is-your-organisation-doing-enough-to-keep-pace-with-fraud
Reported fraud cases related to financial investments rose 74 per cent to 6,890 last year, up from 3,950 in 2017.
http://www.cityam.com/276807/financial-investment-fraud-cases-jumped-74-per-cent-2018
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