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Payday Lender MCO Capital has had its company closed down by The Office of Fair Trading after it failed to stop fraudsters taking out loans using more than 7,000 stolen identities.
The OFT said the payday lender had inadequate identity checks for loan applicants, which led to MCO being targeted repeatedly by fraudsters.
A sophisticated courier scam in which people are tricked into sending their bank cards to fraudsters has lost victims over £2.4m in two years.
The scam targets elderly people and involves criminals phoning victims pretending to be from an authority to extract pin details. Although the figures are from London this scam is operating nationally.