Frauds

When it comes to digital payments, ensuring that all genuine transactions are processed smoothly while avoiding fraudulent ones can feel like a constant battle. As preventative technology evolves so does fraud, which is why constant vigilance is so important.

As consumers prepare for one of the biggest shopping days of the year, Cifas, the UK’s leading fraud prevention service, is warning shoppers of the dangers of online fraud.

https://www.cifas.org.uk/newsroom/black-friday-2020

The impact of identity fraud could be reaching a 'tipping point', according to a new report from GBG.

https://www.pcr-online.biz/2020/11/26/identity-fraud-reaches-tipping-point-as-brits-flock-to-digital-services/

We all think it wouldn't happen to us, but criminals are using increasingly sophisticated techniques to steal our cash. Here, we talk to one victim who was tricked into sending more than £10,000 to scammers who impersonated her bank.

https://www.lovemoney.com/news/103202/app-scam-authorised-push-payment-scammers-pretended-to-be-my-bank?source=1000693

The dark art of identity fraud is on the rise – and almost all cases are now carried out online. Here’s how to protect yourself.

https://www.forbes.com/uk/advisor/personal-finance/2020/11/27/id-fraud-is-a-scourge-of-the-age-heres-how-to-protect-yourself/

Cybercriminals are increasingly using fraud email or business email compromise (BEC) attacks to gain access to companies’ systems.

The Conveyancing Association (CA) has launched a revised fifth version of its Cyberfraud and Fraud Protocol which provides conveyancing firms with practical information on how criminals operate.

https://www.mortgagefinancegazette.com/legal-news/conveyancing/conveyancing-association-launches-fifth-version-cyberfraud-fraud-protocol-27-11-2020/

The impact of identity fraud could be reaching a ‘tipping point’, according to a new report from GBGplc

https://www.pcr-online.biz/2020/11/26/identity-fraud-reaches-tipping-point-as-brits-flock-to-digital-services/

Fraud and financial crimes perpetrated against insurers are on the rise. Although the banking industry remains the primary route for money laundering, stricter regulations and improved AML controls within that sector have driven criminals to other channels that may be more vulnerable to money laundering activities. Insurance providers, often less attuned to fraud practices and with fewer resources dedicated to prevention, are increasingly under attack.

https://www.finextra.com/blogposting/19567/with-fraud-on-the-rise-in-the-insurance-industry-kyc-comes-to-the-rescue

Occupational pension schemes defrauded by pension liberation scams are, in principle, eligible for compensation from the UK's 'Fraud Compensation Fund' (FCF). However, while a ruling by the High Court in London provided clarity on the steps those schemes must take to meet the eligibility criteria, some uncertainty still remains over the extent to which schemes used for pension liberation activity will be able to access compensation.