Tony Craddock, director general of the Payments Association, warned that “overzealous” regulations could bump up costs for payment firms and cause a “flight of e-money firms” from the UK.

Speaking to City A.M. Craddock warned that a series of “well intended but misguided sets of regulations” risked eroding the City’s status as a leading hub of innovative payments.

https://www.cityam.com/new-fraud-rules-risk-a-flight-of-e-money-firms-from-uk-payments-chief-warns/

Nearly three-quarters (74%) of people have been targeted by scams in the past year, a survey indicates.

Six in 10 (61%) people surveyed for NatWest said they now see more digital and online scams than “real life” cons, such as bogus sellers going door-to-door.

https://www.itv.com/thismorning/articles/74-of-people-have-been-targeted-by-scams-in-the-past-year

Two women were arrested following eight reports of courier fraud in East Lancashire this month.

Victims were defrauded out of nearly £100,000 worth of cash or valuable items during these incidents.

A 26-year-old woman from West Bromwich was stopped on the M6 and arrested on suspicion of fraud by false representation on Wednesday evening (October 12).

https://www.msn.com/en-gb/news/uknews/two-arrested-after-lancashire-courier-fraud-victims-scammed-out-of-almost-100000-worth-of-cash-and-valuables/ar-AA1i6uKs

The FCA has fined Equifax Ltd (Equifax) £11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.

https://www.fca.org.uk/news/press-releases/equifax-ltd-fine-cyber-security-breach

Ex-Formula One boss Bernie Ecclestone has plead guilty and agreed to pay a civil settlement of £652,634,836 after admitting to fraud.

The 92-year-old said “I plead guilty” at Southwark Crown Court on Thursday when accused of failing to declare more than £400m held in a trust in Singapore to the government.

He has been sentenced to 17 months in prison suspended for two years.

https://news.stv.tv/sport/ex-f1-boss-bernie-ecclestone-agrees-to-pay-652m-after-admitting-fraud

A man who was scammed out of more than £130,000 worth of cryptocurrency has appeared on a TV show to talk about his devastating experience.

Steve Williams, from Bolton, appeared on the BBC One's Rip Off Britain yesterday morning, Monday.

https://uk.news.yahoo.com/man-speaks-being-scammed-132-040000450.html/

Not every fraud is the result of opportunism. There are many reasons – both overtly criminal and misguided but well-meaning – why people turn towards economic crime.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/oct-2023/understanding-the-mindset-of-fraud

The economic crime and corporate transparency bill is currently in the final stages of the legislative process. The bill, if enacted, is set to make the most significant changes to corporate criminal liability laws for a generation.

https://www.ftadviser.com/opinion/2023/10/04/is-your-business-prepared-for-govt-s-failure-to-prevent-fraud-rules/

Businesses in the UK should be considering how a new ‘failure to prevent’ fraud offence should be accounted for in their compliance programmes and contracts, experts at Pinsent Masons have said.

https://www.pinsentmasons.com/out-law/news/act-ahead-of-new-failure-to-prevent-fraud-offence

Businesses found to have breached UK data protection laws when falling victim to cyber attacks could receive lower fines in respect of those infringements if they engage appropriately with the UK’s National Cyber Security Centre (NCSC), under a new agreement forged by the NCSC and the UK’s data protection authority.

https://www.pinsentmasons.com/out-law/news/uk-gdpr-fines-linked-ncsc-engagement