Frauds

Criminals are making plans to exploit incoming fraud refund rules from the UK payments regulator, City A.M. has learnt, as banks and fintechs warn of harm to consumers if the measures come into force unaltered.

Analysts have voiced concerns that a combination of unprepared firms, less cautious consumers and new ways of claiming money could encourage organised criminal groups to target the UK.

UK policymakers could consider it “prudent” to defer the implementation of a new fraud compensation scheme to seek to allay the “legitimate concerns” about the scheme that UK payment providers have expressed, an expert has said.

https://www.pinsentmasons.com/en-gb/out-law/news/delaying-uk-app-fraud-compensation-scheme-considered-prudent

A father and son were caught pocketing £136,000 in an illegal “get-rich-quick scheme” involving steam irons and high street chain Argos.

Paul and Dean Mathews forged Argos receipts to return £400 Tefal steam irons they had bought heavily discounted.

A rogue trader who posed as a builder and stole around £10,000 from vulnerable elderly victims in Gloucester has been sentenced for four counts of fraud and two counts of theft.

Dean Croucher, aged 35 and of Beaufort Road in Gloucester, had previously pleaded guilty to all charges at Gloucester Crown Court on Friday, June 14.

The High Court has ordered a “sham” broker and rentback scheme operator to pay £4m for exploiting vulnerable borrowers who were at risk of repossession.

In one aspect of their scheme, the defendants used finance from two legitimate lenders – Together and Lendinvest – misleading the companies into believing they were lending on buy-to-let properties.

https://www.mortgagefinancegazette.com/market-news/fraud/sham-brokers-who-conned-btl-lenders-and-clients-to-repay-4m-05-08-2024/

Football fans are being warned by a major bank to watch out for ticket scams, after it recorded a jump in cases.

With the new Premier League season starting soon, Lloyds Bank said customer analysis indicates the number of people reporting being scammed when buying football tickets rose by about a third (32%) during the 2023/24 season, compared with the previous season.

Scotland’s cybercrime and fraud experts are urging businesses to be mindful of scams during the Edinburgh Festivals.

The Cyber and Fraud Centre – Scotland is warning businesses that might be looking to book events as a team day activity or treat for clients to be on the lookout for counterfeit tickets.

An unauthorised mortgage broker has been charged with fraud, the Financial Conduct Authority has revealed.

Peckham based, Peterson Okoh, 64, appeared at Westminster Magistrates Court on Wednesday (July 31) for allegedly advising on and arranging mortgages between January 2018 and December 2023 without being authorised.

David Eggleton made large transfers from the bank account of his aunt to his personal account.

A nephew who stole more than £600,000 from his elderly aunt in a power of attorney fraud has been jailed for five years and six months.

https://www.shropshirestar.com/news/uk-news/2024/08/01/nephew-who-stole-600k-from-elderly-aunt-in-power-of-attorney-fraud-jailed/

We’ve launched a new campaign encouraging the Midlands public to tell us what they know about those behind romance fraud and remain 100% anonymous – guaranteed.

What is romance fraud?

Romance fraud occurs when criminals make their victims think that they have met the perfect partner online, but they are using a fake profile to form relationship with them.

Romance fraudsters are masters of manipulation and go to great lengths to create a false reality.