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Belfast Telegraph
16-07-2025
- Business
- Belfast Telegraph
Fraud clinic to launch in Belfast after more than £1.1bn lost to finance scams in UK
The free tutorials will be offered by Leeds Building Society and provide advice and services to equip those seeking to become homeowners with the knowledge needed to recognise a scam. The business' Cornmarket branch will provide the programme which consists of 30-minute sessions covering a range of different cons such as online banking and card fraud, scam emails and Authorised Push Payment (APP) fraud. Stephen Senior, Head of Financial Crime Prevention at Leeds Building Society, said the programme will provide people with the necessary knowledge to spot financial crimes. 'According to UK Finance, £1.17 billion was lost to fraud in 2024, a shocking figure and something we want to help to tackle,' he said. 'Through developing this educational programme, we hope to help our members and the general public feel more confident about how to protect themselves from financial crime, and give them the tools and knowledge to spot potential scams.' Fraudsters avail of a range of methods including social media, email, phone calls and text messages to swindle victims. Between November 1, 2023, and October 31, 2024, the PSNI received more than 5,200 reports of fraud, with the reported loss of £19m in the same period, according to figures from Action Fraud. News Catch Up - Tuesday 15th July In one instance, a victim lost over £50,000 in an online romance scam after believing they were helping with a business opportunity. Another target here was scammed of more than £100k in a bank impersonation scam where a person was called by someone claiming to be from their bank telling them there had been suspicious activity on their account, and asking for money to be moved into different accounts to keep it safe. Graham Binns, Leeds Building Society's Head of Branch Network, said he is 'looking forward to welcoming more people into our branches to share the knowledge our teams have learned, and help people in Belfast to feel more financially resilient.' The programmes will be launched across a number of the company's sites across the UK and follows trial sessions in five branches, including the Society's Swansea branch. Tracy McCauley, Customer Experience Manager at Leeds Building Society said: 'Our Swansea branch team recently received a call from a gentleman who attended a fraud clinic after a scammer had attempted to gain personal information from him through a text message claiming to be from a parking company. 'Putting the learning from the fraud clinic into action, he instantly knew it could be a scam and didn't click on the link. He reported the text message to colleagues in the branch to raise awareness and help protect others. 'Since attending the session he says he is more savvy to potential scams and feels more confident about his own financial security.'
Zawya
04-03-2025
- Business
- Zawya
LSEG Risk Intelligence launches Global Account Verification to tackle cross-boarder payment fraud in APAC and EMEA
Helping companies validate supplier and customer payments Follows launch of Global Account Verification (GAV) for US customers last year Dubai, UAE - LSEG Risk Intelligence, a leader in compliance, risk management and fraud prevention solutions, has announced the launch of Global Account Verification (GAV) in APAC and EMEA. GAV is an innovative solution which checks that payee and account details match before transfers are confirmed, protecting businesses and individuals from fraudulent transactions. The expansion of GAV globally follows the initial launch for US customers in October 2024. GAV helps organisations protect their customers by enabling real-time verification of bank accounts and ownership across 21 countries1. It verifies whether payments will reach the correct recipients by querying account information and categorising them with a 'match', a 'close match' or a 'no match'. The solution is designed to combat Authorised Push Payment (APP) fraud – where fraudsters trick their victims into willingly making large bank transfers to them by posing as a bank or another trusted organisation. LSEG plans to add to the number of available countries in 2025. Dal Sahota, Head of Trusted Payments at LSEG Risk Intelligence: 'Demand for cross-border payments creates opportunities as well as risks – particularly around APP fraud and businesses will need to stay one step in front. 'Fraudsters are constantly innovating and operating with greater sophistication and scale than ever before. As bad actors target vulnerabilities across multiple points of the client and vendor workflows, we will continue to invest in robust, data-driven solutions to help our customers mitigate global payments and identity risk with greater assurance.' Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU. For instance, the EU's Instant Payments regulations require that all payment service providers within the bloc offer 24/7 instant payments starting January 2025. In addition, account name and IBAN account number checks will be mandatory from October 2025 for Eurozone payment service providers. GAV will help organisations, including multinational corporations, financial institutions and fintechs, defend their businesses and protect customers from increasingly sophisticated fraud techniques, while streamlining payment workflows. GAV is also available via API, meaning that organisations can seamlessly integrate account data into their systems driving efficiencies. -Ends- For further information LSEG Press Office Nsikan Edung / Tarek Fleihan newsroom@ Please refer to the official websites associated with these products below: Global Account Verification | LSEG [1] Verification of bank accounts and ownership is available across the following countries: Argentina, Bangladesh, Belgium, Brazil, China, India, Indonesia, Italy, France, Mexico, Nepal, Netherlands, Nigeria, Pakistan, Poland, South Korea, Uganda, United Kingdom, Uruguay, United States, Vietnam. About Risk Intelligence LSEG Risk Intelligence provides a suite of solutions to help organisations efficiently navigate risks, avoid reputational damage, reduce fraud and ensure legal and regulatory compliance around the globe. From screening solutions through World-Check, to detailed background checks on any entity or individual through due diligence reports, and innovative identity verification, account verification and digital onboarding services – you can trust us to help you successfully manage your risk, so you can operate more efficiently, more effectively and more confidently. Learn more: About LSEG LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in over 60 countries across EMEA, North America, Latin America and Asia Pacific. We employ 25,000 people globally, more than half located in Asia Pacific. LSEG's ticker symbol is LSEG.
