62.1% of UK consumers see mobile app fraud as a top concern, with 50% also citing hacking as a fear, according to findings from the Open Worldwide Application Security Project (OWASP) and Appdome.

“Banks and fintechs are worried about fraud happening to them because of the implications from a regulatory perspective and obviously, a financial loss perspective, and so are consumers,” said Chris Roeckl, chief product officer at Appdome, speaking to finextra.

https://www.finextra.com/newsarticle/44884/over-62-of-uk-cite-mobile-app-fraud-as-top-concern

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.

Charlie Nunn, one of Britain’s most influential bankers, said social media giants needed to collaborate more with lenders to protect consumers.

Asked on the BBC’s Sunday with Laura Kuenssberg programme whether Lloyds believed tech companies were “pulling their weight” on fraud, Nunn replied: “No, we don’t.”

https://www.cityam.com/lloyds-boss-charlie-nunn-says-meta-is-not-doing-enough-to-tackle-scams/

Being scammed is awful but from now on you’re at least going to get your cash back.

After well over a decade of fraudsters robbing people blind, finally we have some good news! The Payment Services Regulator (PSR) – the organisation in charge of the systems we use to pay for things in the UK – has announced that UK banks and other (but not all) money transfer services must refund people who have been defrauded up to £85,000. This money must now be refunded within five working days.

https://www.scotsman.com/business/consumer/is-battle-against-fraudsters-about-to-be-won-at-last-4819498

Pete O’Doherty is set to be the new Commissioner of City of London Police following a meeting of the Court of Common Council at Guildhall on Thursday (October 10).

The appointment, which is subject to Royal Assent, will see him become the 17th Commissioner at City of London Police.

Mr O’Doherty has served as T/Commissioner of the City Police since October 2023, leading the force in the absence of previous Commissioner, Angela McLaren, who retired from her post on medical grounds in June.

Given the speed with which stolen assets can be transferred through the global banking system, and the increase in cyber fraud and invoice hacking incidents, time is of the essence if you are to successfully recover money stolen by a rogue employee through fraud.

https://www.pinsentmasons.com/en-gb/out-law/guides/using-the-civil-courts-to-recover-assets-after-employee-fraud

With the Autumn Budget fast approaching, civil servants have been pulling together spending proposals and are now discussing them with Treasury officials and ministers.

If you are interested in how government tackles losses to the taxpayer from fraud and error, then what should you look out for?

https://www.civilserviceworld.com//professions/article/autumn-budget-counter-fraud-error-government-nao

The UK has launched a world-first bank transfer fraud refund scheme after more than two years in the works and last-minute changes influenced by industry lobbying and pressure from ministers.

From Monday, the Payment Systems Regulator (PSR) is requiring more than 1,500 banks, fintechs and other payment firms to reimburse victims of authorised push payment (APP) fraud up to a limit of £85,000 per claim.

https://www.cityam.com/uk-launches-world-first-bank-transfer-fraud-refund-scheme/

Action Fraud is urging people to provide an extra layer of protection on their social media accounts and email after more than 33,600 accounts were hacked in the last year.

New data released by the national fraud and cybercrime reporting centre shows that victims lost a combined total of £1.4 million as a result of their online accounts being compromised.

https://wrexham.com/news/over-33600-online-accounts-hacked-in-the-past-year-action-fraud-warns-257649.html

Global joined-up action is needed to tackle the scourge of fraud, a report is urging, with nearly one in five UK adults having fallen victim in the past three years alone. Nearly a fifth (18 per cent) of UK adults are estimated to have fallen victim to fraud between 2021 and 2023, according to a report.

The average loss was put at £907, with a third (33 per cent) of victims reporting suffering a negative emotional impact and 18 per cent an impact to their finances.

Action Fraud is warning people to provide an extra layer of protection and enable the 2-Step Verification (2SV) option, as more than 33,600 people had their social media or email accounts hacked in the last year.

Data from Action Fraud, the national fraud and cybercrime reporting service, shows that more than 33,600 people reported that their online accounts had been hacked from August last year, with victims losing a total of £1.4 million.

Action Fraud is launching an awareness campaign on social media and email account hacking for Cyber Security Awareness Month this year, encouraging the public to protect their online accounts from fraudsters.