Fraud cost Brits almost £600m in first half of 2024 October 18, 2024 Fraudsters stole almost £600m from Britons in the first half of 2024, new figures reveal, in a sign of the heavy losses banks will cover under new mandatory reimbursement rules.
Revolut named in more police fraud reports than any UK bank last year October 14, 2024 Revolut was named in more police fraud reports than any UK bank last year, new data has revealed, as the fintech prepares to launch as a fully-fledged lender in its home market.
Lloyds boss Charlie Nunn says Meta is not doing enough to tackle scams October 13, 2024 The chief executive of Lloyds Banking Group has joined calls for technology firms like Meta to do more to clamp down on a surge in scams originating from social media.
UK launches world-first bank transfer fraud refund scheme October 7, 2024 As of Monday, the Payment Systems Regulator is requiring more than 1,500 banks, fintechs and other payment firms to reimburse victims of authorised push payment fraud up to a limit of £85,000 per claim.
Revolut slams Meta for falling ‘woefully short’ in tackling scams October 3, 2024 Fintech giant Revolut has thrown its weight behind calls for social media firms to help reimburse scam victims, calling out Meta’s latest anti-fraud push for falling “woefully short”. The London-based banking app said on Thursday that it was “deeply concerned” Meta’s new UK bank data-sharing programme “does not address what’s required to tackle fraud”. Meta, [...]
Meta: Instagram owner to expand UK bank data scheme in anti-fraud push October 2, 2024 Meta is to partner with more UK banks for a data-sharing programme aimed at tackling fraud, as tech giants come under pressure to address a surge in scams on social media.
UK urged to lead ‘cross-border war’ against fraudsters as billions lost September 30, 2024 In a new report, the Social Market Foundation (SMF) estimated that 21 per cent of adults globally have been victims of fraud in the last three years.
Revolut to join UK bank fraud helpline after surge in complaints September 27, 2024 Revolut is among three new firms signing up to the banking industry’s answer to 999 after it emerged that it had outstripped all the UK's major banks in official fraud complaints.
Industry crackdown as insurance scams surge September 26, 2024 The UK insurance industry identified £1.1bn worth of fraudulent claims last year, highlighting the importance of focusing on tackling bogus insurance claims.
Regulator confirms U-turn on maximum amount banks must refund fraud victims September 25, 2024 The UK’s payments regulator has confirmed an last-minute U-turn on the maximum amount banks and fintechs will have to reimburse fraud victims under a new regime, after heavy industry lobbying and pressure from ministers.