The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
What to look out for: Suspicious calls from your bank or the police, with offers to visit your home In these cases a fraudster will say they are from the bank or police, and that a fraudulent credit card payment has been spotted or a card that is due to expire needs to be replaced. To convince the intended victim they are genuine, the caller will suggest the customer hangs up and calls the bank back on the number printed on the back of their debit or credit card. But the fraudster never actually disconnects the line so that when you call the real number you are still speaking to them. Usually the fraudster will then ask for the customer’s PIN and then send a courier to the victim’s home to collect the bank card, promising to provide a new one. By now the assailant has obtained the victim’s name, address, bank details, card and PIN – enough to make large bogus payments. The technique of using a telephone call to steal personal or banking information is known as “vishing”.
Other types of courier fraud to be aware of
Customers are asked by their bank to participate in a fake police investigation, usually involving a corrupt bank employee who has been stealing from customer accounts. Typically they will be asked to withdraw substantial sums of money over the counter at their bank without arousing the suspicion of the staff. They are then told to wait at home for it to be collected by a courier for safe keeping. Alternatively some customers are asked to transfer their money to a “safe” account, which really belongs to the fraudster.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More