19 Banks Hit with Phantom Auto Loan Fraud Scam
Credit Unions continued to get pounded by auto lending fraud. Just this week the Department of Justice revealed a massive auto loan scheme that targeted credit unions – DOJ Phantom Loan Scheme. A federal jury in Charlotte returned a guilty verdict late yesterday against Kimberlie L. Flemings, 49, of Mt. Holly, N.C. for her role […]
Synthetic Identity Fraud in Cards to Hit $1.2 Billion Soon
Card fraud is getting a boost, thanks to criminals that have shifted their focus from counterfeiting plastics to counterfeiting identities. Aite published analysis that suggest that synthetic identity fraud is growing at a rate of about 20% every year on card portfolios. By 2020 it is expected that card issuers will lose about $1.2 billion […]