Tag: fraud

Student Loans Company warns of phishing attack

Student Loans Company warns of phishing attack

The Student Loans Company is contacting customers who it believes may have had their personal details compromised as a result of a phishing attack. The email attack was designed to steal students’ personal details and the company is advising students that a genuine email from the company would never ask them to divulge personal or [...]

December 15, 2011 | 0 Comments More
Card fraud continues to fall

Card fraud continues to fall

The UK Cards Association has today revealed that credit and debit card fraud continues to decline. According to the Association, fraud losses on UK credit and debit cards totalled £365.4 million in the 2010 year - a drop of 17% compared with 2009. The figure represented a 10-year low and compares with the record high [...]

March 9, 2011 | 0 Comments More
Police arrest Indian Citibank employee

Police arrest Indian Citibank employee

Police in India have today arrested a Citibank employee who has been accused of cheating clients out of billions of pounds. However, 32-year-old Shivraj Puri, has told reporters he is innocent. He told the Times of India newspaper: “I have already given full details to the police. I have full faith in the judiciary. Truth [...]

December 30, 2010 | 0 Comments More
Santander admits bank statement error

Santander admits bank statement error

Spanish banking giant Santander has admitted to sending the bank statements of thousands of customers to the wrong addresses following a printing error. The bank, which is now one of the largest on the UK High Street, said current account holders have received the first page of their own statement and pages two and three [...]

December 24, 2010 | 0 Comments More
Card fraud continues to fall

Card fraud continues to fall

The UK Cards Association has today revealed that credit and debit card fraud continues to decline. According to the Association, fraud losses on UK credit and debit cards totalled £187 million in the first six months of 2010 - a fall of 20%. The group attributed the ongoing fall to a number of factors - [...]

October 6, 2010 | 0 Comments More
UK Watchdog fines Goldman Sachs £20m

UK Watchdog fines Goldman Sachs £20m

Investment banking giant Goldman Sachs has been fined £20 million ($31 million) by the UK’s Financial Services Authority (FSA). The fine comes after Goldman failed to inform the FSA it was under investigation for fraud by its US counterpart. The FSA and Goldman Sachs have declined to comment but according to the BBC, the multi-million [...]

September 9, 2010 | 0 Comments More
15,000 victims of fraud in first half of 2010

15,000 victims of fraud in first half of 2010

A report by Action Fraud, the national fraud reporting centre, has revealed more than 15,000 people have been the victims of fraud during the first six months of the year. The majority of the cases were online shopping and auction frauds and advance fee frauds - where services were not delivered. However, “romance” frauds (where [...]

July 12, 2010 | 0 Comments More
Bankers shudder at Goldman Sachs’ fraud charge

Bankers shudder at Goldman Sachs’ fraud charge

The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]

April 19, 2010 | 0 Comments More
Credit card fraud falls, online banking fraud grows

Credit card fraud falls, online banking fraud grows

The UK Cards Association has today revealed a fall in credit and debit card fraud - partly due to the introduction of chip-and-pin. According to the Association, fraud losses on UK credit and debit cards totalled £440.3 million in 2009 - a fall of 28% compared with 2008 and the first annual decline since 2006. [...]

March 10, 2010 | 0 Comments More
Fraud costs higher than expected

Fraud costs higher than expected

The National Fraud Authority (NFA) has revealed the extent to which fraud is having on the UK economy. According to the NFA’s figures, fraud (including scams, online theft, insurance cheats and tax fraud) is costing the economy £30 billion a year - the equivalent of £621 per adult in the UK. The figures have resulted [...]

January 22, 2010 | 0 Comments More
Kaupthing under investigation for fraud

Kaupthing under investigation for fraud

An investigation is underway at Kaupthing - the Icelandic bank which collapsed last autumn. Kaupthing, which was once Iceland’s largest bank, collapsed along with Glitnir and Landsbanki at the height of the banking crisis last year and all three banks had to be nationalised. This led the Iceland Government to seek billions of dollars worth [...]

December 16, 2009 | 0 Comments More
Mortgage application fraud on the rise

Mortgage application fraud on the rise

Mortgage application fraud is increasing in response to today’s tight lending criteria. The Council of Mortgage Lenders (CML) has reported a rise in the number of application forms containing false information, with income levels the commonest area for falsehood. Applicants are also failing to disclose all existing financial commitments, such as credit card debt and [...]

July 14, 2009 | 0 Comments More
Groupama appoints fraud-buster team

Groupama appoints fraud-buster team

Groupama plans to catch out motor insurance fraudsters using psychological trickery by bolstering its anti-fraud department with a cognitive interviewing team. Claims believed to be fraudulent will be put through a cognitive interviewing process under which claimants will be asked a specific set of questions that help determine whether or not their claim is genuine. [...]

July 6, 2009 | 0 Comments More
Online banking fraud increase 132%

Online banking fraud increase 132%

UK payment services organisation, APACS, has published a round-up of fraud losses during 2008. Card fraud losses total £609.9 million, online banking fraud £52.5 million and cheque fraud losses amounted to £41.9 million. In the case of card fraud, the two main areas of criminal activity involved transactions not protected by chip and PIN (specifically [...]

March 20, 2009 | 0 Comments More
AA warns against car insurance fraud

AA warns against car insurance fraud

Being ‘economical with the truth’ when buying car insurance is false economy, motor insurer the AA has warned. Failing to admit to previous claims or convictions is insurance fraud, the AA said, and will result in insurance being voided if the cover-up is discovered. “Not telling the whole truth amounts to fraud and can result [...]

March 10, 2009 | 0 Comments More
RBS latest bank at risk from Wall Street fraud

RBS latest bank at risk from Wall Street fraud

Last week, Wall Street investment manager Bernard Madoff was arrested and charged with alleged fraud after a hedge fund he managed racked up $50 billion (£33.5 billion) of fraudulent losses. Banks have revealed billions in potential losses as a result and Royal Bank of Scotland (RBS) said in an announcement today that should the value [...]

December 15, 2008 | 0 Comments More
UK mortgage fraud in the hundreds of millions

UK mortgage fraud in the hundreds of millions

A new report, entitled Fighting Mortgage Fraud Together, suggests that mortgage fraud losses in the UK run to hundreds of millions of pounds. The study, published earlier this week, has been completed by the National Fraud Strategic Authority (NFSA) after consultations with the Council of Mortgage Lenders and other industry bodies. According to the report, [...]

November 28, 2008 | 0 Comments More
New regulations for property valuations

New regulations for property valuations

New regulations aimed at preventing inflated property valuations have come into force this week. The measures are aimed at protecting mortgage lenders who have in the past become the victim of deliberately inflated valuations. In the case of new build city centre flats and apartments, prices have plummeted in the past year because of a [...]

September 2, 2008 | 0 Comments More
Fraudsters infiltrate housing associations

Fraudsters infiltrate housing associations

Accountancy firm, BDO Stoy Hayward, has revealed the extent to which criminals are targeting housing associations in scams that are costing the sector up to £400 million a year. BDO head of fraud services, Simon Bevan, believes that fraudsters are attracted to social landlords because they make easier prey than the banks. Last year the [...]

August 26, 2008 | 0 Comments More
FSA crack down on mortgage fraud

FSA crack down on mortgage fraud

The Financial Services Authority (FSA) has announced that it is cracking down on mortgage fraud, having already banned 17 brokers in the past 12 months. The regulator says it wants to receive more information from lenders who spot suspect loan applications and will be working to improve intelligence sharing across the industry. Lenders have been [...]

July 22, 2008 | 0 Comments More