Latest news with #WeFightFraud
Finextra
2 days ago
- Business
- Finextra
We Fight Fraud adopts Salv Bridge to share real-time scam intelligence with banks
We Fight Fraud (WFF), a specialist financial and cyber crime consultancy, has selected European Regtech scale-up Salv to share intelligence with financial institutions across Europe. 0 We Fight Fraud regularly carries out research that reconstructs the tactics used by criminals to commit financial scams. These initiatives aim to uncover vulnerabilities so banks and fintechs can better protect their customers. During these exercises, WFF discovers fraudulent and money mule accounts. Until now, they've lacked a fast, secure way to share this intelligence. Using Salv Bridge, We Fight Fraud can now deliver that intelligence instantly through a compliant, secure, and structured messaging platform purpose-built for collaborative financial crime investigations. Over 100 banks, fintechs and PSPs across Europe use Salv Bridge to share intelligence for authorised push payment (APP) fraud recovery, collaborative AML investigations, automated RFIs, and suspicious IBANs. Alerts exchanged through Salv Bridge have a true positive rate of over 90%, and companies see recovery rates of stolen funds as high as 80% 'Speed is everything when we uncover criminal accounts or active scams,' said Dr. Nicola Harding, CEO at We Fight Fraud. 'Salv Bridge gives us an easy way to share vital signals in the moment. It means our insights reach the right hands faster, enabling quicker interventions and stronger protection for customers. That's the difference we're here to make.' 'Intelligence sharing is no longer a theory. It's happening,' said Taavi Tamkivi, Co-founder and CEO at Salv. 'Hundreds of financial institutions and national associations are now taking it seriously. Any party that uncovers vital crime signals needs a fast, secure way to share them across borders and sectors. Salv Bridge is that channel. Built to the highest privacy and security standards, organisations can finally move faster than the criminals.'
Daily Mirror
4 days ago
- Business
- Daily Mirror
Brits face £100million in ticket scams this summer if resale price caps hit
Experts have warned that the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers as fans turn to risky ways to get tickets Experts have warned that Brits could be conned out of £100million in ticket scams this summer alone, if price caps are introduced on ticket resales. Data from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed that ticket fraud across England and Wales cost a staggering £70 million in 2024. This year, the figure could skyrocket to £280 million, as anticipation builds around Glastonbury, Wimbledon, and the eagerly awaited Oasis tour. More than a third of scams, amounting to £100 million, are expected to occur in the next few months if price caps plans are imposed. The data comes from Bradshaw Advisory and independent research by anti-fraud organisation We Fight Fraud. They suggest that scams could quadruple if price caps are introduced. They warn that the UK Government's proposal to cap resale prices could inadvertently aid scammers, making it easier for fraud to thrive as desperate fans resort to riskier methods to secure tickets. Dave Eborne, head of fraud operations at Revolut, commented: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. "Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand." He added: "The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. "As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Research indicates that Ireland and Victoria, Australia - two regions that have introduced price caps - have seen a significant surge in reports of ticket fraud. The Bradshaw Advisory highlighted that in Ireland, where price caps are in place, 13.6% of fans reported being scammed - a figure more than triple the UK's rate of 3.8%. There could also be broader implications. Since October 2024, UK banks have been obligated to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: "Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool. Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets.
Scottish Sun
4 days ago
- Business
- Scottish Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
SCAM FEARS Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. Advertisement 3 ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August Credit: Getty 3 Ticket fraud across England and Wales cost £70million in 2024. Credit: Getty But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Advertisement Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Advertisement The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. Advertisement "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets.
The Sun
4 days ago
- Business
- The Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. 3 But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets. 3
The Irish Sun
4 days ago
- Business
- The Irish Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. 3 ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August Credit: Getty 3 Ticket fraud across England and Wales cost £70million in 2024. Credit: Getty But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Read more on News Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Most read in The Sun The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets. 3 Ireland and Victoria, Australia have introduced caps and seen significant increase in reports of ticket fraud Credit: Getty
