Auto Fraud Soars to $9.2 Billion Due To First Party Fraud
A report released today from Point Predictive estimates the auto lending industry now faces a historically high $9.2 billion in fraud exposure. This represents a significant jump from the $7.9 billion reported in 2023, despite efforts by lenders to target deceptive practices by dealers, borrowers and unscrupulous credit repair companies. The analysis was conducted across […]
Fake Car Dealer Websites Are Scamming Millions
Tim Smith (not his real name) never imagined strangers would appear at his Kentucky service center demanding vehicles he never sold them. The self-described “old country boy” was shocked when angry customers began showing up to his business claiming that they had sent him thousands of dollars for trucks that they never received. Hundreds of […]
Bank Teller Helped Nigerian Fraud Ring Steal $50 Million
A bank teller in Queens New York served as the inside man for a massive fraud ring that stole $50 million in fraudulent checks. The Fraud Ring called the “Bag Hunters” which appears to be masterminded by two Nigerian International fraudsters attempted to steal close to $80 million from the government. Shan Anand, a bank […]
SSA Slashes Identity Check Cost 40% To Increase Adoption
The Social Security Administration (SSA) this week announced a major overhaul of its Electronic Consent Based SSN Verification Service (ECBSV) in an effort to reduce cost and broaden its use. The changes were prompted by a September 2024 OIG report which highlighted concerns about the programs adoption rate and cost putting the program into an […]
AI Bot Army: Kitboga Unleashes AI Clones Against Scammers
Kitboga, the internet vigilante that is known for his scam-baiting videos has unleashed a significant strike against scammers this week. He launched the worlds first AI bot army that can operate at scale – engaging with scammers with clones that do not exist. From Solo Vigilante To A Full Command Center In His Garage What […]
“Call Me With My Code” Merge Scam Is Spreading Fast
Rajesh Sharma received a call from someone claiming to be a recruiter. The caller said they got his number from a colleague who had recommended him for a promising new job. When another call came in during their conversation, the recruiter suggested merging the calls to include Rajesh’s “colleague” in the discussion. Minutes later, Rajesh […]
Australia’s Scam Busting Strategy Pays Off As Losses Plummet
Australia is positioning itself as a global leader in fighting financial scams. While other countries, like the US, struggle with mounting scam losses, Australias losses have plummeted. According to the National Anti-Scam Centre’s latest Targeting Scams Report, Australia recorded $2 billion in losses, down from $2.7 billion in 2023. This marks the second consecutive year […]
PreFunded CPN’s – The Ultimate Emerging Double Scam
John thought he found a pot of gold when he discovered a website offering “pre-funded CPNs” with up to $180,000 in ready made credit. For just $1,225, the offer promised an already approved mega loan for $180,000. Once he paid they would give him the login information to the bank, along with documents so he […]
Over 3,000 Scammers Arrested: Biggest Bust In History
Jim Browning is reporting the largest arrest of scammers in history. Based on intel over 3,000 scammers were arrested and deported at the end of last year. The arrest which took place in Dubai, cleared out call centers across the country. Those centers were set up by Chinese fraudsters and were populated mostly with workers […]
From One Hell To Another: Scam Crisis Grows Exponentially
Fisher, a 27-year-old Ethiopian, spent eight months in a scam compound where he was bound, beaten, and given electric shocks that made his body convulse. What was his crime? Not being good at scamming. In mid February, he was rescued from his horror. Fisher is one of the lucky ones who made it to Thailand […]
AI Masking Tool Could Hide Impersonation Scams
Ryan Thompson was enjoying his morning coffee when the phone rang. The caller ID said “Wells Fargo Bank” and it had a familiar phone number so he picked it up. The caller identified himself as a fraud analyst working from the banks Concord California operations center. He spoke with an American accent and advised that […]
Voice Deepfakes Cross the Uncanny Valley: Brace Yourselves
Michelle thought the message from her newfound internet love Michelle sounded perfect. The voice had the same warmth and familiar cadence of a real message, including pauses and um’s in just the right places. Michelle’s experience is exactly what many victims are finding- Voice clones are perfect now. But They Just Made A Quantum Leap […]
SMS Blasters: The Fraud Machine Anyone Can Buy Online
It’s December 2022 and five men are driving the streets of Paris on a mission. That mission is to steal information from as many people as possible: they are sending text messages to people all over the city. The messages are phishing attempts to get people to enter their personal information into a bogus health […]
New SAR Data: ATO, Identity Theft and Wire Fraud Are Up Big
Newly released SAR filings data for 2024 is hot off the press. And it is revealing a troubling trend in fraud for banks; fraud is up significantly in three problem areas – account takeovers, identity theft and wire fraud. The new data filed by US financial institutions, reveals a startling trend: reports of account takeover […]
Fraudsters Win Lotto With Stolen Card, Can’t Cash In
This is a wild story that probably has two men scratching their heads trying to figure out what to do. Two credit card fraudsters in France stole a credit card and bought a lotto ticket which is now worth $523,000. Understandably, the have fled before cashing in their winnings. The victim, Jean David E., now […]
Disturbing Deepfakes Used For Kidnap and Ransom Scams
A woman sits in a chair. A man with a large machete on one side, and another with a gun to her head on the other. Her mouth is duct-tapped and she looks into the camera teary-eyed – seemingly begging for help with her eyes. David Maimon, Head of Fraud Insights for Sentilink, posted a […]
The High Risk Merchant Next Door: IBO Scheme Devastates Lives
Trusting an online influencer she had met online came at a devastating price. For Lisa Smith (not her real name), a veteran Financial Services Officer at a credit union, the trouble started when a bariatric surgeon she followed online gave advice on how to make additional spending money. His recommendation seemed simple enough: $750 monthly […]
Pig Butchering Soars 40% As Scammers Turn To AI
In a dimly lit room somewhere in a border town near the Thailand border a scam boss opens his laptop and logs into Huione Guarantee, a marketplace that has become the Amazon of fraud. With a couple of clicks, he purchases a package that includes AI software to create deep-fake videos, stolen personal data of […]
My Name Is Oliver. I Am Horrible At Fraud And That’s OK
Guest post. Written By Oliver Fendley When my high school offered us 12-graders the chance to do a month-long January internship , I knew exactly who I wanted to work with; my Uncle Frank who goes by the name FrankonFraud. Little did I know that my internship would lead me down a deep hole of […]
Romance Scammers Are Using This New Cunning AI Trick
Ever see how people post photos of themselves holding up a sign that says the name of the person or the date to show that they are legitimate? These are also called “proof of life” photos and they are widely used on social media to prove its not a scam. Well, Nigerian Romance scammers are […]
DeepTrump.AI Uses DeepSeek To Make Trump Say Anything
China’s new Deepseek model may be leveraged on a new website called DeepTrump.AI which allows users to create deepfakes of President Trump. The site allows a user to type in any text, create a deepfake video of Trump reading that text, and then download the video. The site appears to be setup to promote a […]