Here are the top banks most impacted by fraud — and worst at reimbursing their customers October 31, 2023 APP scams, which involve the victim making the payment themselves, accounted for 40 per cent of fraud losses in 2022.
Rishi Sunak: UK shouldn’t ‘rush to regulate’ AI despite dossier of dangers October 26, 2023 Rishi Sunak has said the UK “shouldn’t be in a rush to regulate” the development of artificial intelligence (AI) despite a dossier of potential dangers laid out by the government. The Prime Minister made a speech on the risks and rewards of the new technology at the Royal Society this morning ahead of the UK’s [...]
Brits lose ‘staggering’ £580m to fraud in six months as banks urge Big Tech to do more October 25, 2023 After Fraudsters took £580m from Britons in 2023, the banking trade association UK Finance called the issue a "national security threat".
New fraud rules risk a ‘flight of e-money’ firms from UK, payments chief warns October 16, 2023 Under rules set to come into force later next year, consumers will be able to receive full reimbursement for fraud. Craddock warned this would do more harm than good.
Labour pledge to overhaul audit and corporate governance regime September 25, 2023 The Labour Party has said it will pass long-awaited legislation on audit and corporate governance reforms if it wins the next general election.
Taxpayer foots bad Covid loan bill of £7.4bn amid ‘uncomfortable level of fraud’ September 14, 2023 The government has already had to foot a £7.4bn bill to settle bad loans while banks have claimed a further £1.13bn under the schemes.
UK ‘flying blind’ on soaring levels of fraud which has quadrupled since pandemic September 8, 2023 The government is “flying blind” on its exposure to fraud, which has quadrupled since the start of the Covid-19 pandemic, MPs have said. The cross-party Public Accounts Committee (PAC) also said that while most of the £21bn of taxpayers’ money lost to fraud during the pandemic is unlikely to be recovered, the government should be [...]
Fraud ‘increasing national security threat’ thanks to AI, Lord Mayor warns September 5, 2023 Fraud is increasingly a threat to “national security” as advances in artificial intelligence serve to boost the chances of scammers, the Lord Mayor has warned. Nicholas Lyons, Lord mayor of the City of London, told the International Symposium on Economic Crime in Cambridge that addressing economic crime “must be seen as a foundation for a [...]
MPs criticise government for ‘dragging feet’ over Economic Crime Bill September 5, 2023 MPs have criticised the government for “dragging its feet” over the Economic Crime Bill, after a string of measures aiming to toughen up dirty money protections were voted against or watered down. Peers had passed a series of amendments to the legislation aimed at fighting back against economic crime, fraud and illicit wealth prior to [...]
Number of fraud cases falls from pandemic highs but remains sky high at 3.5m July 20, 2023 Fraud levels have returned to pre-pandemic levels but remain sky high, according to estimates from the Crime Survey for England and Wales (CSEW). The CSEW estimated that there were 3.5m cases of fraud in the year to March. This was roughly equivalent to pre-pandemic levels, with the CSEW arguing the pandemic fraud spike was not [...]