Freeze Switches May Create Odometer Fraud Boom
Each year 40 million used cars are sold, and over 450,000 have odometers that were illegally altered. And the impact to consumers is huge – approximately $1 billion a year according to industry estimates. It’s a serious issue, that experts believe may only get worse as new technologies being sold online gets into the hands […]
Unemployment Fraud Rages In Massachusetts Again
If you thought we left unemployment fraud in the rearview mirror with COVID. Think again. A new surge in unemployment fraud claims in Massachusettes is so high that it is reportedly distorting national unemployment stats. The state has been battling against takeover fraudsters and identity thieves to the point where it is now having an […]
Taking The War On Check Fraud To The Dark Web
I often refer to check fraud as the Rodney Dangerfield of fraud types because it gets “No Respect” and even less investment. It’s an arcane fraud that first emerged over 500 years ago but has recently taken center stage again thanks to rampant mail theft of checks, a bustling secondary market for those checks on […]
You’re Not Dead – Bizarre Credit Karma Glitch
Imagine waking up one day to find out you are dead. What appears to be a Credit Karma glitch of some sort is going viral on Social Media. Thousands of people are reporting that their profiles are reporting them as “deceased” on Credit Karma and that all of their accounts have been closed. The problem […]
Synthetic Refund Fraud Rolls Two Frauds Into One
Brett Johnson has been tracking Professional Refund Fraud for close to 8 years and he is reporting a new dangerous variant that has emerged – Synthetic Refund Fraud. According to Johnson, fraudsters have figured out how to roll two damaging frauds – synthetic identity and professional refunding fraud – into a single monster fraud. A […]
TSB Says Meta Drives Over 80% Of The Fraud And Scams
TSB bank says that Meta is responsible for most of the fraud and scams perpetrated against their customers, and they want social media companies to step up and own financial liability just like the banks do. According to recent reports, the bank has reported a significant increase in scams originating from Meta-owned sites and apps, […]
Fraud Gang Sold Fake Glasses To See People Naked
Strange news out of India this week. Remember those gag glasses called X-Ray Specs that you used to get as a kid? They claimed to be able to help you see people’s skeletons. Well, in Chennai India, a gang of four fraudsters was arrested for an elaborate hoax to sell glasses with “special powers” that […]
These Fraud Department Scam Calls Are Everywhere Now
Scammers are going to make it impossible for fraud analysts and banks to reach customers to protect their accounts. Tens of thousands of consumers are getting calls and texts from fake fraud departments, and it’s really starting to undermine the validation process banks use to verify activity with their customers. When a consumer becomes a […]
Binance Has 700 Employees In Fraud And Compliance
Close to 10% of Binance’s staff is dedicated to compliance. Tigran Gambaryan, the head of Binance’s financial crime unit, reported that 700 employees focus on compliance, with 170 of them collaborating with law enforcement agencies to fight against fraudulent activities. He made these comments at the Consensus 2023 crypto and blockchain conference in Austin, Texas. […]
Watch Car Dealer Shred A Fraudster And His Fake Docs
This car dealer is fed up with a fraudster that tried to pass a fake driver’s license and document to get a car. I am not sure what is going on with this guy’s hair, but it looks like it could be a hairpiece – perhaps part of his disguise. In any case, the dealer […]
American Phones Are A GoldRush For Scammers
The Guardian reports that robotexts from scammers are bombarding Americans’ phones daily, causing consumers untold losses. Sophisticated smishing campaigns launched by scammers are so profitable that it has resulted in a GoldRush for scammers – the gold being the money in American’s bank accounts. An Absolute Blitzkrieg Of 521 Million RoboText A Day 2022 saw […]
Fraud Fighters – Someone Out There Is Counting On You
Why do you do what you do? I think it comes from inside you. You have the desire to help people. And that’s why you chose to be a fraud fighter. And now, people out there are counting on you. Maybe you don’t know it. But they do. If you’re a fraud fighter, this post […]
Remote Jamming Is Latest Trend In Credit Card Theft
South Africa may be ground zero for a new trend in credit card fraud. It’s happening in gas stations, supermarket parking lots and parking stations across the country. It’s called Remote Jamming. Remote jamming involves criminals interfering with the signal between a vehicle’s immobilizer and the car, preventing it from locking even when the owner […]
Hindenburg – Did 50% Of Cash App’s Customers Vanish?
Hindenburg kept the assault on Block this week, saying that Block’s response to their allegations actually confirms that they have inflated their user accounts for years. They claim that instead of refuting the key issues, Block’s response confirmed much of their analysis and avoided addressing many of the other claims. Block Confirmed 44 Million Active […]
Auriemma – Check Deposit Fraud Is Up 385% Since 2021
It’s clear now. Check fraud is the #1 problem for banks in 2023. New benchmarking data collected by Auriemma Roundtables indicates that the problem of check deposit fraud is up a whopping 385% in 2022. The company collected benchmarking data from 2021 and 2022 and calculated each year’s total check deposit fraud rate. The check […]
A $10 Million Hamburglar Fraud At Burger King
The McDonald Hamburglar had nothing on 5 women from Jamaica that are accused of stealing $10 million dollars from their employer Burger King. Sources say the 5 ladies stole $10 million from the hamburger joint by voiding out transactions and keeping the cash when customers would pay. The 5 ladies (including the supervisor of the […]
CashApp – Fake Account Fraud Fact Or Fiction?
Karisse Hendrick and I had a chance to sit down and discuss the bomb fire allegations made by Hindenburg Research against Cash App. They made claims of systematic fraud that made many believe that 50% to 75% of the accounts on the platform were either fake, involved fraud or were duplicate accounts. But all is […]
Holy Fraud! Fake Priest Prey On Victims For $28 Million
Holy Fraud, batman! ? Three individuals masquerading as men of the cloth and financial consultants operated a Ponzi scheme, amassing nearly $28 million until substantial overdrafts in their bank accounts exposed their deception. They claimed to be holy men and pastors that were only interested in “helping people,” but in reality they were only interested […]
Podcast -What Is Tech-Infused Social Engineering?
I was a guest on Ayelet Biger-Levin’s Scam Ranger Podcast to discuss the use of technology in combination with social engineering tactics to execute online scams, including bots, voice imitation, and deep fakes. This is a growing problem, and I believe where scams are headed – particularly as accessible Ai begins to proliferate. I recommend […]
Industry Vet Launches Silver Bullet “Fraudinator”
Karisse Hendrick, the host of the Fraudology Podcast, has done it. She has been working on a new stealth company for years and finally launched it today – April 1st, 2023. The company is called SilverBullet, and their first product is called “Fraudinator” For Immediate Release Silver Bullet is thrilled to announce the launch of […]
Bots Unleashed Identity Fraud Attacks After SVB Failure
Fraud follows chaos. And the Silicon Valley Bank (SVB) implosion kicked off a wave of identity fraud attacks. Mike Cook, posted a research blog that found close to a 500% increase in third-party identity fraud attempts against small business banks on March 10th – just days before SVB was shuttered. Read the blog here – […]