Payday lender fined after ID fraud

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A payday lender has been fined more than half a million pounds and had its licence revoked after falling victim to fraudsters who successfully impersonated thousands of people to take out loans.

MCO Capital, which was using the online names Help Loan and Balance Loan when it was duped, failed to carry out adequate identity checks and lacked the skills and knowledge needed to run a consumer credit business, found the Office of Fair Trading (OFT).