Financial

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/

Banks and other financial firms have rejected over a million new customers and cut off 370,000 existing ones due to financial crime concerns, Britain’s Financial Conduct Authority said

https://uk.reuters.com/article/uk-britain-banks-cyber/uk-watchdog-tells-banks-to-fight-cybercrime-with-innovative-tech-idUKKCN1IN1BY

Hundreds of technology firms raising money in the fevered market for cryptocurrencies are using deceptive or even fraudulent tactics to lure investors.

https://www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115

UK challenger bank Tandem has opened up a new front in the fight against fraud, by starting a two-way in-app conversation with users before blocking suspicious transactions

https://www.finextra.com/newsarticle/32142/tandem-initiates-fraud-conversation-to-relieve-the-hassle-of-blocked-transactions

A cancer patient has had her £29,000 critical illness insurance payout stolen, MoneySavingExpert.com can reveal, as yet more cases emerge of TSB customers being targeted by fraudsters in the wake of its IT meltdown.

https://www.moneysavingexpert.com/news/banking/2018/05/tsb-to-refund-fraud-victims-as-cancer-patient-has-29000-payout-stolen

A vet who was called by a fraudster pretending to be from TSB has told how she lost almost £17,000 in a matter of minutes, amid mounting concern that TSB customers are being targeted by conmen taking advantage of the bank's recent IT meltdown.

https://www.moneysavingexpert.com/news/banking/2018/05/i-lost-17000-from-my-tsb-account-after-fraudsters-call

The Serious Fraud Office’s five-year investigation into Barclays' refinancing during the global financial crisis ground to a halt after a court dismissed the charges against the bank.

https://www.ftadviser.com/investments/2018/05/21/serious-fraud-office-charges-against-barclays-dismissed/

Banks, technology companies and regulators should work together to find new ways of categorising risks emanating from burgeoning technology, which could affect a lender’s regulatory capital requirements

https://www.ft.com/content/a3f24e26-5ace-11e8-bdb7-f6677d2e1ce8

The art of hiding money from the taxman is under threat from laws demanding greater transparency

https://www.theguardian.com/business/2018/may/21/breaking-bad-to-the-paradise-papers-all-you-need-to-know-about-money-laundering

City of London Police have written to the lawyer representing a rabbi who was arrested during a probe into the wealth management company HBFS to confirm there will be “no further action” against him.

https://www.thejc.com/news/uk-news/no-further-action-following-fraud-probe-into-rabbi-1.464194