Financial

The Financial Conduct Authority (FCA) has revealed the latest figures on the level of investment scams in the UK in 2018.  The report draws on nearly 7,000 reports during 2018 together with information from Action Fraud.   The report shows that people in the UK lost over £197 million in fraudulent investment scams in 2018. 

https://www.giambronelaw.com/site/news-articles-press/library/articles/changes-in-financial-regulation-of-fraudsters-and-scammers?utm_source=Mondaq

LONDON (Reuters) - Metro Bank said on Monday some customers had been hit by a fraud which targets a weakness in telecom companies’ text messaging systems used to verify bank transactions, and the bank said it was a wider attack on British banks.

https://uk.reuters.com/article/us-britain-metro-bank-fraud/britains-metro-bank-hit-by-fraud-attack-idUKKCN1PT1RJ

The FCA has warned investors about the growing threat posed by investment scammers, after £197m of investment scam losses were reported last year

https://www.ftadviser.com/investments/2019/02/06/fca-warns-197m-lost-to-fraud/

A rapid response scheme by banks and local police prevented potential fraud victims in Nottinghamshire from being scammed out of £286,160 in 2018, new figures have revealed, bringing the total amount prevented to more than £477,000.

https://westbridgfordwire.com/figures-revealed-show-police-and-banks-scheme-prevented-477000-of-fraud-in-notts/

A “rapid response” scheme from banks and police prevented people from being scammed out of £38 million in 2018, figures from trade association UK Finance show.

Barclays bosses were put under pressure by Qatari officials to mask the Gulf state prime minister’s holding in the UK bank as it rushed to close a multibillion-pound rescue package that would help the bank avoid a government bailout, a court has heard.

https://www.theguardian.com/uk-news/2019/feb/04/barclays-bosses-pressured-by-qatar-to-mask-gulf-state-pm-holding-court-told?CMP=share_btn_tw

TSB made a huge loss in its latest financial year because of costs it incurred as a result of an IT disaster

https://www.computerweekly.com/news/252456881/TSB-blames-IT-disaster-on-huge-losses

Open banking not only opens up a world of opportunity for financial services companies seeking to improve the customer experience, but also presents a potential gold mine for fraudsters, particularly through identity fraud.

https://www.finextra.com/blogposting/16613/open-banking-opens-the-door-to-fraudulent-activity-how-can-it-be-combatted

The jury in the trial of four former Barclays executives charged with conspiracy to commit fraud have been told that Qatari entities would be implicated if the prosecution’s case proves correct.

http://www.cityam.com/272549/barclays-fraud-allegations-implicate-qatar-says-trial-judge

https://www.ft.com/content/b9c01c02-256b-11e9-b329-c7e6ceb5ffdf