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The scourge of Forex fraud still remains and the case against Xcore Capital, heard in the High Court this week, starkly highlights the nature of the perpetrators.
Refunding victims of fraud could make catching scammers more difficult for police, according to a former fraud detective.
A former financial adviser who conned his clients out of nearly £750,000 has been jailed for more than 10 years.
The amount of money reported lost to cryptocurrency fraud in the UK hit £24.3m last year (year to March 31 2019), a 256% rise on the £6.8m the previous year according to the accountancy and business advisory firm BDO LLP.
The City of London Police apologised today after the trial of eight defendants accused of fraudulent carbon credit and diamond sales collapsed.
A mew code that will allow victims of one of the UK’s fastest growing forms of fraud to receive reimbursement from banks comes into force today.
Forty-two businesses have been identified as having potential compliance failings in customer checks, record keeping and identifying risk, as part of on-going work by the UK’s anti-money laundering regulatory bodies to combat criminal activity.
The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms. This warning comes as cryptoassests1 (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/19.
Blameless scam victims who are tricked into transferring money directly to a fraudster should find they are better protected under a new voluntary industry code which comes into force from Tuesday.
The industry should focus on fraud prevention not just the "reimbursement" of its victims, the Financial Conduct Authority's supervision head has said
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