Latest news with #financialCrime
Yahoo
2 days ago
- Business
- Yahoo
‘Remote purchase' fraud in UK surges as customers tricked into disclosing passcodes
Banks are reporting a surge in a type of fraud where customers are tricked into disclosing online login passcodes they are sent, which has helped to fuel a 22% jump in crimes where scammers go shopping using people's stolen details. The banking body UK Finance revealed that 'remote purchase' fraud hit its highest-ever level in 2024, with almost 2.6m cases logged, which works out at more than 7,000 incidents a day, or almost five a minute. Urging the government to treat fraud as a 'national security threat', UK Finance said the rise in cases suggested that criminals were changing their tactics, amid evidence that another scam – where people are tricked into sending money to fraudsters – was in decline after tougher rules were introduced last autumn. Overall last year, criminals stole about £1.2bn through the various types of financial fraud. This figure was broadly the same as the previous year, but the number of confirmed cases rose by 12% to reach just over 3.3m. The vast majority of these cases involved remote purchase fraud, where criminals use stolen card details to buy items online. Incidents of this type of crime had been falling in recent years, but last year the total amount lost to this scam rose for the first time since 2018. Banks say they are increasingly seeing criminals use sophisticated techniques to get people to disclose one-time passcodes they are sent. These codes usually take the form of a unique set of numbers, a bit like a pin number, and banks typically send them to customers via text message when they use their card to make purchases online, log on to internet banking, or change their personal details. Once in possession of a passcode, a criminal can often use it to authenticate fraudulent online card transactions. These frauds often begin with the familiar methods criminals have developed to encourage people to share their bank details, including sending text messages with a promise of a payment, links to false websites, or offers on social media for cheap products. One variation of the scam involves fraudsters using the details they have obtained to transfer the bank cards of victims to the digital wallets of their own phones and then buy goods online and in high street shops. Related: 'Pay here': the QR code 'quishing' scam targeting drivers In its report, UK Finance said its discussions with the industry 'point to an increase in the compromise of one-time passcodes'. It warned: 'This perhaps points to an over-confidence in one-time passcodes and the protection they offer customers, which is now being exploited to a growing degree by criminals.' Data hacks at third parties, such as retailers, were another 'major driver' of remote purchase fraud, with criminals using stolen card details to make purchases online, said the banking body. It added: 'The data stolen from a breach can be used for months or even years after the incident. Criminals also use the publicity around data breaches as an opportunity to trick people into revealing financial information.' The warning comes after Marks & Spencer was hit by a cyber-attack, though the retailer said this month that the customer data accessed did not include usable payment or card details. Victims of unauthorised fraud – which includes remote purchase scams – are legally protected against losses, and UK Finance said its research indicated that customers were fully refunded in more than 98% of cases. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
4 days ago
- Business
- CBC
5-year CRA investigation into B.C. ‘shadow broker' doomed by ‘technicality'
The CBC has obtained documents that shed new light onto an alleged half-billion-dollar mortgage fraud case involving a so-called "shadow" mortgage broker. The case has resulted in fines, license cancellations and suspensions, but there have never been any charges. CBC's Jason Proctor explains why.
The Guardian
5 days ago
- Business
- The Guardian
‘Remote purchase' fraud in UK surges as customers tricked into disclosing passcodes
Banks are reporting a surge in a type of fraud where customers are tricked into disclosing online login passcodes they are sent, which has helped to fuel a 22% jump in crimes where scammers go shopping using people's stolen details. The banking body UK Finance revealed that 'remote purchase' fraud hit its highest-ever level in 2024, with almost 2.6m cases logged, which works out at more than 7,000 incidents a day, or almost five a minute. Urging the government to treat fraud as a 'national security threat', UK Finance said the rise in cases suggested that criminals were changing their tactics, amid evidence that another scam – where people are tricked into sending money to fraudsters – was in decline after tougher rules were introduced last autumn. Overall last year, criminals stole about £1.2bn through the various types of financial fraud. This figure was broadly the same as the previous year, but the number of confirmed cases rose by 12% to reach just over 3.3m. The vast majority of these cases involved remote purchase fraud, where criminals use stolen card details to buy items online. Incidents of this type of crime had been falling in recent years, but last year the total amount lost to this scam rose for the first time since 2018. Banks say they are increasingly seeing criminals use sophisticated techniques to get people to disclose one-time passcodes they are sent. These codes usually take the form of a unique set of numbers, a bit like a pin number, and banks typically send them to customers via text message when they use their card to make purchases online, log on to internet banking, or change their personal details. Once in possession of a passcode, a criminal can often use it to authenticate fraudulent online card transactions. These frauds often begin with the familiar methods criminals have developed to encourage people to share their bank details, including sending text messages with a promise of a payment, links to false websites, or offers on social media for cheap products. One variation of the scam involves fraudsters using the details they have obtained to transfer the bank cards of victims to the digital wallets of their own phones and then buy goods online and in high street shops. Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion In its report, UK Finance said its discussions with the industry 'point to an increase in the compromise of one-time passcodes'. It warned: 'This perhaps points to an over-confidence in one-time passcodes and the protection they offer customers, which is now being exploited to a growing degree by criminals.' Data hacks at third parties, such as retailers, were another 'major driver' of remote purchase fraud, with criminals using stolen card details to make purchases online, said the banking body. It added: 'The data stolen from a breach can be used for months or even years after the incident. Criminals also use the publicity around data breaches as an opportunity to trick people into revealing financial information.' The warning comes after Marks & Spencer was hit by a cyber-attack, though the retailer said this month that the customer data accessed did not include usable payment or card details. Victims of unauthorised fraud – which includes remote purchase scams – are legally protected against losses, and UK Finance said its research indicated that customers were fully refunded in more than 98% of cases.
The National
23-05-2025
- Entertainment
- The National
Lebanese crime drama Franklin is global hit on Netflix
Netflix's latest global hit, which reached the top 10 in 33 countries in its debut week, is a crime drama set in Lebanon, starring a Syrian actor and directed by an Egyptian. Cross-border collaboration Franklin, set in the shadowy world of financial crime, is resonating with viewers and has reached the platform's top 10 charts in countries including the UAE, Saudi Arabia and Morocco. Director Hussein El Menibawi, known for Egyptian dramas Jazeerat Ghamam and Souq El Kanto, says he achieved what he hoped for while working outside his homeland for the first time. 'It was something I had no expectations for, but I walked away thinking this is exactly what more of us – filmmakers, actors, screenwriters – should be doing,' he tells The National. 'These collaborations aren't just about creating something with better production values, which I believe we achieved with Franklin. It's also a chance to learn about the different methods and creative languages people use across the Arab world. And that's a really inspiring thing.' Franklin puts the spotlight on Lebanon, with the production shot in Beirut over the course of last year. El Menibawi is full of praise for the crew, nearly all of whom come from the city, working amid social and political unrest and the neighbouring Israel–Gaza war. 'There was no ego. No one saying: 'I'm a star before this person.' Everyone came in with the spirit of hungry amateurs – focused and wanting to create something good,' he says. 'If you're working in the arts in Lebanon you can see many people there love art and enjoy it. No matter where you are in Beirut, you'll meet someone beautiful who's also an artist. The Lebanese are relaxed, artistic people and it really shows in some of the forward-thinking work that's already come from the country.' Released this month, Franklin follows in that vein as a taut crime drama stripped of the usual spectacle. Instead of high-octane action sequences and displays of bravado, the tension unfolds in offices and workshops, driven by morally ambiguous characters. Named after US founding father Benjamin Franklin – whose image adorns the $100 bill – the six-episode series follows the travails of Adam (Syrian actor Mohamad Al Ahmad), a gifted artist turned counterfeiter who returns to his dark craft one last time to pay off the medical debts of his ailing father. Joining him to pull off the high-stakes scheme is his former flame Yulia (played by Australian–Lebanese actress Daniella Rahme), a jewel thief with a gift for deception. The twists and turns of the screenplay by Cherine Khoury required both El Menibawi and Al Ahmad to do their own form of digging into who Adam is. 'We sat down and said: 'Before calling him a father or a forger, who is Adam really?'' says the director. 'We realised he's an artist – a genius painter who ends up somewhere he doesn't belong. That's why when things in the series become violent he's not really present. Because deep down, that's not who he is.' As for Franklin's cinematic look, with scenes seamlessly moving from gritty Beirut alleyways and clubs to lavish hotels and ballrooms, the aim was to keep it believable. 'We worked on making the audience believe the story and the characters, even if the appearances weren't conventionally beautiful,' El Menibawi explains. 'The character's house had to feel right. The street had to look right. We wanted to be as realistic as possible. We didn't want to lie with the image. We didn't want to go for aesthetics just for the sake of it. When you do that, the audience might be dazzled but they don't believe it. We went the other way. We went for truth and in the end, I think the result came out really good.' That exacting approach, El Menibawi says, is what happens when working with Netflix. Its creative team were welcomingly hands-on throughout the shoot. 'They have a very refined kind of quality control,' he says. 'We weren't just talking about the script or the actors, we were even discussing make-up tones. There was a time when their supervisor asked about the shade of red in an actress's eyes – that level of detail.' El Menibawi says time will tell whether the show gains enough global popularity to warrant a second season. However, the signs are promising. 'Yes, there was talk about that. We discussed a season two, but we haven't reached a decision yet,' he says. 'But the feedback from countries outside the Arab world was really strong. People watched it and liked it, they really felt it. They didn't feel it was far from them or not like them. On the contrary, they enjoyed the drama.' Franklin is streaming now on Netflix globally
The National
23-05-2025
- Entertainment
- The National
Lebanese crime drama Franklin is a global hit on Netflix
Netflix's latest global hit, which reached the top 10 in 33 countries in its debut week, is a crime drama set in Lebanon, starring a Syrian actor and directed by an Egyptian. Cross-border collaboration Franklin, set in the shadowy world of financial crime, is resonating with viewers and has reached the platform's top 10 charts in countries including the UAE, Saudi Arabia and Morocco. Director Hussein El Menibawi, known for Egyptian dramas Jazeerat Ghamam and Souq El Kanto, says he achieved what he hoped for while working outside his homeland for the first time. 'It was something I had no expectations for, but I walked away thinking this is exactly what more of us – filmmakers, actors, screenwriters – should be doing,' he tells The National. 'These collaborations aren't just about creating something with better production values, which I believe we achieved with Franklin. It's also a chance to learn about the different methods and creative languages people use across the Arab world. And that's a really inspiring thing.' Franklin puts the spotlight on Lebanon, with the production shot in Beirut over the course of last year. El Menibawi is full of praise for the crew, nearly all of whom come from the city, working amid social and political unrest and the neighbouring Israel–Gaza war. 'There was no ego. No one saying: 'I'm a star before this person.' Everyone came in with the spirit of hungry amateurs – focused and wanting to create something good,' he says. 'If you're working in the arts in Lebanon you can see many people there love art and enjoy it. No matter where you are in Beirut, you'll meet someone beautiful who's also an artist. The Lebanese are relaxed, artistic people and it really shows in some of the forward-thinking work that's already come from the country.' Released this month, Franklin follows in that vein as a taut crime drama stripped of the usual spectacle. Instead of high-octane action sequences and displays of bravado, the tension unfolds in offices and workshops, driven by morally ambiguous characters. Named after US founding father Benjamin Franklin – whose image adorns the $100 bill – the six-episode series follows the travails of Adam (Syrian actor Mohamad Al Ahmad), a gifted artist turned counterfeiter who returns to his dark craft one last time to pay off the medical debts of his ailing father. Joining him to pull off the high-stakes scheme is his former flame Yulia (played by Australian–Lebanese actress Daniella Rahme), a jewel thief with a gift for deception. The twists and turns of the screenplay by Cherine Khoury required both El Menibawi and Al Ahmad to do their own form of digging into who Adam is. 'We sat down and said: 'Before calling him a father or a forger, who is Adam really?'' says the director. 'We realised he's an artist – a genius painter who ends up somewhere he doesn't belong. That's why when things in the series become violent he's not really present. Because deep down, that's not who he is.' As for Franklin's cinematic look, with scenes seamlessly moving from gritty Beirut alleyways and clubs to lavish hotels and ballrooms, the aim was to keep it believable. 'We worked on making the audience believe the story and the characters, even if the appearances weren't conventionally beautiful,' El Menibawi explains. 'The character's house had to feel right. The street had to look right. We wanted to be as realistic as possible. We didn't want to lie with the image. We didn't want to go for aesthetics just for the sake of it. When you do that, the audience might be dazzled but they don't believe it. We went the other way. We went for truth and in the end, I think the result came out really good.' That exacting approach, El Menibawi says, is what happens when working with Netflix. Its creative team were welcomingly hands-on throughout the shoot. 'They have a very refined kind of quality control,' he says. 'We weren't just talking about the script or the actors, we were even discussing make-up tones. There was a time when their supervisor asked about the shade of red in an actress's eyes – that level of detail.' El Menibawi says time will tell whether the show gains enough global popularity to warrant a second season. However, the signs are promising. 'Yes, there was talk about that. We discussed a season two, but we haven't reached a decision yet,' he says. 'But the feedback from countries outside the Arab world was really strong. People watched it and liked it, they really felt it. They didn't feel it was far from them or not like them. On the contrary, they enjoyed the drama.' Franklin is streaming now on Netflix globally
