Latest news with #fraudintelligence
Yahoo
10-07-2025
- Business
- Yahoo
Asset finance fraud plummets 80% amid sector crackdown: Cifas
Asset finance has emerged as a rare success story in the battle against identity fraud, with cases in the sector dropping by 80% in the past year, according to newly released data from fraud intelligence specialists GBG. The analysis, based on the 2025 Fraudscape report by Cifas, highlights identity fraud trends across UK industries between 2023 and 2024. While overall identity fraud rose by 4.94%, reaching 249,417 cases in 2024, asset finance bucked the trend, recording just 1,560 cases compared to 7,837 the previous year. Experts say the sharp decline suggests that targeted anti-fraud efforts in the asset finance sector have been highly effective. 'Many sectors have seen successful reductions in fraud, particularly asset finance and online retail,' said Gus Tomlinson, Managing Director at GBG. 'This suggests that targeted prevention measures can be effective when properly implemented.' While asset finance recorded the most dramatic improvement, other sectors weren't as fortunate. Plastic card fraud continues to dominate, making up nearly 38% of all identity theft cases in 2024. Meanwhile, communications fraud soared by over 72%, making it the fastest-growing identity scam by volume. This embedded content is not available in your region. While fraud targeting the asset finance sector now accounts for less than 1% of identity theft cases, experts stress that continued vigilance is essential across all industries. 'Identity fraud continues to evolve,' warned Tomlinson. 'The continued rise in overall fraud figures serves as a reminder that businesses must remain vigilant. Strong identity verification processes, regular security updates, and cross-sector intelligence sharing remain crucial tools in combating these evolving threats.' "Asset finance fraud plummets 80% amid sector crackdown: Cifas" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Finextra
03-06-2025
- Business
- Finextra
Feedzai launches AI-driven fraud detection tech powered by network intelligence
Feedzai, the global leader in AI-native financial crime prevention, today announced the launch of Feedzai IQ, a new family of solutions that enables network fraud intelligence without compromising customer privacy. 0
