Today’s Fraud News from around the world:
Emotional Martin Lewis tells MPs of devastation caused by scam ads: Martin Lewis appeared tearful on Monday as he told MPs how people’s lives were being “destroyed” by fraudsters using his image in scam adverts online.: “Fraud” – BingNews
‘Take action on fraud’, regulator warns charities, as new figures show over £8 million reported lost to crime last year: The Charity Commission is today warning charity leaders to protect their organisations against fraud and cybercrime.: “Fraud” – BingNews
Live: MoneySavingExpert boss Martin Lewis gives evidence to MPs: Martin Lewis will give evidence this afternoon to MPs and peers on the joint committee of the draft Online Safety Bill. The founder and chair of MoneySavingExpert and the Money and Mental Health …: “Fraud” – BingNews
Scam mail warning as Keighley homes are targeted: A WARNING has been issued after scam letters purporting to be from the People’s Postcode Lottery were sent to Keighley households.: “Fraud” – BingNews
94% say providers aren’t doing enough to protect older people from financial abuse: Hodge is calling on intermediaries and brokers to be alert to the financial abuse of their elderly clients after new research reveals 94% of 45–70-year-olds believe financial service companies need to …: “Fraud” – BingNews
Tender collusion in public contracts ‘cost 7bn’: Bid rigging and collusion in government tenders cost US taxpayers an estimated $ 117bn in 2019. Daniel Glad, director of the (PCSF), said the federal government spent more than $ 586bn on goods and …: “Fraud” – BingNews
Mum and three sons conned family and friends out of tens of thousands of pounds in property investment scam: Audrey Osborne and sons Ian, Clayton and Gary Moore were involved in a complex fraud worth more than £1million …: “Fraud” – BingNews
Classic car enthusiasts urged to help police find this 1960 Rover linked to major fraud inquiry: Detectives have enlisted the help of classic car enthusiasts in their search for a 1960 Rover which they believe is linked to an ongoing car insurance. The cas …: “Fraud” – BingNews
Cryptocurrency scam losses are rising – fuelled by social media: The amount of money reported lost to cryptocurrency fraud in 2021 so far is already nearly a third (30%) higher than for the whole of 2020, according to police figures. Some £146,222,332 has been lost …: “Fraud” – BingNews
New code will help gamers protect themselves from fraud and scams: Gamers are being urged to protect themselves from online fraud with the launch of a new Game Players Code. Lloyds Bank research has uncovered how gaming has become another battleground in the fight …: “Fraud” – BingNews
Fraud Prevention Tip: Scrutinise the payment methods – As an online retailer you need to know the types of payment methods and their pros and cons in terms of your business. For example regular credit cards (AMEX) tend to favour the cardholder in disputes (chargebacks sound familiar)? But they are still the most widely used payment method and you do have to look at the convenience of your customer. Paypal on the other hand is a more merchant friendly option and has advanced scam protection features and advanced machine learning capability that actively works to mitigate scam risk. On the other hand Paypal also authorises chargebacks it’s not totally fool proof. Cryptocurrencies are another popular payment method; the blockchain tech makes it nearly impossible for forced refunds and since there are records of all transactions it is undeniable by the customer. On the negative side the value of cryptocurrencies is quite volatile so what’s it worth today it might hold the same value the next day or it could be worth more.