States Struggle With Backlogs From Fraud Checks
ID.me provides a very valuable identity fraud check that about half the states in the US are relying on to curb unemployment fraud claims. ID.me claims that the solution is stopping billions in potential fraud for states and that is likely true. But it is not coming without some backlash. This week, ID.me is coming […]
Fintechs Could Be In Big Trouble Over PPP Fraud
Fintech companies could be in big trouble over PPP fraud. They are under immense scrutiny over the inordinately high level of fraud they processed over the last year. The PPP Program was a boon for Fintech companies this last year, generating billions in profits for them, while shouldering the cost of fraud and default of […]
Fraudsters Targeting New SBA Restaurant Fund
How many time can the SBA get hit with fraud? It seems like the attacks will never stop. This week, fraudsters are all over the new SBA Restaurant Revitalization Fund. That seems to be the case based on all the activity on social media and telegram channels focused on fraud. The Program Launched Less Than […]
UK Banks Reimbursing Almost 50% of Scam Victims
UK Fraud Finance published their annual fraud report for 2020 and there is some surprising news on scams. In 2020, UK Banks reimbursed close to 50% of Authorized Push Payment losses back to consumers. UK Finance began collating and publishing data on authorised push payment (APP) scams (also known as bank transfer scams) in 2017 […]