Frauds

The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud.

Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention.

A type of crime called courier fraud is reportedly growing in prevalence, and also disproportionately targets older people in the UK.

City of London Police has now warned that there is a “growing trend” of courier fraud “in and around retirement villages, care homes and assisted living accommodation”.

As if finding a home wasn’t stressful enough, it seems that “71% of the value of fraud in the UK was property related, with an estimated £216 million lost.”

At least, that’s according to Jack Malnick at Sold.co.uk, who also shares that “Google trend data shows that searches for “property scam” have risen by 909% in the last month.”

People in their seventies or older lost more than £12.6 million to courier fraud last year – 77 per cent of all money stolen by this type of crime, latest data from City of London Police reveals.

https://www.policeprofessional.com/news/people-over-70-lost-more-than-12-6m-to-courier-fraud-last-year-new-data-shows/

Hoteliers have been urged to take extra care when verifying bookings following a rise in fake reservations being made through Booking.com website.

https://www.thecaterer.com/news/hotels-warning-booking.com-fake-reservation-fraud

Lettings agents face significant fraud risk. New technology can help agents combat fraud. But how should agents use such digital tools to spot potential red flags and mitigate the risks?

https://propertyindustryeye.com/how-can-technology-help-agents-combat-fraud/

The UK is facing a pension fraud crisis that could see millions scammed out of their life savings, according to research.

A report by data and technology specialist LexisNexis Risk Solutions, Pension sector faces looming fraud crisis, warns that, as digital pension services come online, pension holders’ greater access to cash from retirement savings is leaving them vulnerable to scams.

https://www.theactuary.com/2023/05/24/warning-cyber-pension-fraud-crisis-horizon

Bass-heavy techno plays, police sirens blare, and men in flak jackets and helmets lead a suspect away in handcuffs. It’s not a late-night crime drama – it’s a public service announcement from the Department for Work and Pensions (DWP).

https://uk.style.yahoo.com/track-down-government-message-welfare-153425275.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

The amount of money lost through holiday fraud has more than doubled in just 12 months, according to the UK’s scams reporting centre.

Action Fraud said victims reported losing a total of £15.3 million in the 2022/23 financial year, compared to £7.4 million in 2021/22.

A solicitor who suggested a dishonest scheme that would allow his client to commit benefit fraud – and enrich himself – has been struck off.

https://www.legalfutures.co.uk/latest-news/solicitor-put-forward-benefit-fraud-scheme-to-client