People who have been tricked into transferring money to scammers will be able to receive up to £415,000 back per claim under new fraud reimbursal requirements coming into force next year, a regulator has confirmed.

The Payment Systems Regulator (PSR) outlined the new consumer protections against authorised push payment (APP) fraud, which will come into force from 7 October 2024.

https://www.cityam.com/banks-to-reimburse-up-to-415000-per-app-fraud-claim-regulator-confirms/

A builder who defrauded his client on their £700,000 home refurbishment has been jailed for four years following a prosecution brought by Kensington and Chelsea Council.

Jimmy Lee, director of Myint Construction Ltd., was prosecuted for fraud and deception after a three-year investigation by Trading Standards officers.

https://www.constructionenquirer.com/2023/12/18/cheating-builder-gets-four-years-in-jail/

Investment scams can be hard to spot. Every year, victims lose thousands of pounds to criminals imitating genuine investment firms by clicking on adverts that lead them to fraudulent websites designed to replicate the page of a real investment firm. These imitation websites are known as “cloned companies”.

https://www.actionfraud.police.uk/cloned-companies-investment-fraud-what-you-need-to-know

Many of us are spending more time than ever shopping online. Our online shopping guidance can help you to avoid scam websites, and purchase items safely.

https://www.ncsc.gov.uk/guidance/shopping-online-securely

What is courier fraud?

Courier fraud is when victims receive a phone call from a criminal who is pretending to be a police officer or bank official. Typically, victims are told to withdraw a sum of money and someone is sent to their home address to collect it.

Criminals may also convince the victim to transfer money to a ‘secure’ bank account, hand over their bank cards or give the criminals high value items, such as jewellery, watches and gold (coins or bullion).

https://www.actionfraud.police.uk/courierfraud

Law enforcement, government and private sectors partners are working together to encourage members of the public to be more vigilant against fraud, particularly about sharing their financial and personal information, as criminals seek to capitalise on the cost of living crisis.

https://www.actionfraud.police.uk/costofliving

Police have issued a warning after two elderly women were scammed out of thousands of pounds.

West Yorkshire Police sent out a fraud alert after the women fell prey to a professional sounding automated message about their bank account.

The message claimed activity had been detected on their bank account and asked them to press one or two on their phone if this was not recognised.

https://uk.news.yahoo.com/police-issue-warning-elderly-women-162927605.html/

Small businesses are struggling to spot fraud, according to a new Take Five to Stop Fraud quiz. 

Nearly one in five (17%) small business owners cannot always spot online fraud, according to new research from UK Finance.

https://www.digit.fyi/report-one-in-five-smes-fail-to-spot-fraud/

On October 26 2023, the Economic Crime and Corporate Transparency Act 2023 received Royal Assent.

The act encompasses a wide range of reforms, including changes to Companies House and increased powers for the Serious Fraud Office and National Crime Agency to combat economic crime.

https://www.ftadviser.com/your-industry/2023/11/27/what-reasonable-fraud-prevention-procedures-can-companies-put-in-place/

More than 9,000 instances of insurance fraud uncovered during the year

https://www.insurancebusinessmag.com/uk/news/claims/aviva-avoids-120-million-in-fraudulent-claims-in-2022-467886.aspx