Financial

Life savings have been stolen from TSB accounts by fraudsters "exploiting" the bank's IT problems, with 1,300 people losing money.

https://www.bbc.co.uk/news/business-44385710

TSB chief executive Paul Pester has apologised “profusely” to customers who suffered fraud as a result of the IT problems that caused chaos for the bank as he appeared for a second time before MPs.

http://www.itv.com/news/2018-06-06/tsb-overwhelmed-by-fraud-reports-after-it-problems-says-chief-executive/

The suspected organised crime group has allegedly laundered millions of pounds through retail banks in the City of London.

http://news.cityoflondon.police.uk/r/1046/eight_people_arrested_as_part_of_a_suspected_mone

A young man from Enfield who allowed his account to be used by fraudsters to transfer funds has was sentenced at Inner London Crown Court, and received a 12 month community order and 280 hours of unpaid work.

https://www.financialfraudaction.org.uk/news/2018/06/06/sentencing-of-26-year-old-money-mules-from-enfield-serves-as-stark-warning/

The Sanctions and Anti-Money Laundering Act 2018 received Royal Assent on 23 May 2018. Prior to this Act the UK's domestic sanctions regimes were confined to terrorism legislation.

http://www.mondaq.com/uk/x/708234/White+Collar+Crime+Fraud/Sanctions+And+AntiMoney+Laundering+Act+2018

The policy development update provides some information on recent and upcoming FCA publications but should not be regarded as comprehensive.

https://www.fca.org.uk/news/policy-development-update

Is the cryptocurrency a big fraud or wise investment?

https://www.standard.co.uk/business/bitcoin-on-trial-is-the-cryptocurrency-a-wise-investment-or-a-fraud-a3851171.html

With UK finance fraud losses standing at £618 million in 2016 (Financial Fraud Action UK), fraud is no laughing matter.

https://www.finextra.com/blogposting/15398/juggling-authentication-techniques-to-prevent-fraud-and-comply-with-gdpr

One month after TSB’s disastrous IT upgrades, customers of the UK bank are falling victim to fraudsters and phishing scams.

https://digit.fyi/tsb-customer-fraud/

TSB’s computer meltdown woes, which saw nearly two million customers locked out of their accounts, show no sign of abating as fraud reports continue to rise and the bank tells some companies that customers whose direct debit payments had failed, were dead.

http://www.thenational.scot/news/16253124.TSB_under_fire_over_telling_companies_customers_were_dead/