ID.me Responds To Claims It Inflated COVID Fraud Losses
ID.me is being raked over the coals by the House Committee on Oversight and Reform for reportedly inflating stimulus-related fraud losses by hundreds of billions of dollars. ID.me said $414 billion was lost (about 50% of total benefits paid out), while the Department of Labor estimated the real figure was 10 times less, at $45.7 […]
Are Professional Refunders Tapping Insiders At Walmart?
Attention Walmart, you might have an issue with insider fraud. And Amazon, you might want to look too. According to a professional refunding tipster and research on Telegram, there is evidence that major retailers may be getting hit by employees that are in cahoots with professional refunding fraudsters. Twist And Turns In Professional Refunding Over […]
Captain Analysis Paralysis Just Killed Your Fraud Project
Many companies out there have project killers and dream destroyers. I like to call that person – Captain Analysis Paralysis. ??✈️ He (or she) is that one person that can stall out even the most promising fraud project with 5 simple words – “Can we do more analysis?” The Heavens Open Up When They Speak […]
Faces Of Fraud – New Ai Generated Fraud Awareness
To show the growth of fraudsters’ capabilities, HSBC has released a technologically advanced campaign that uses artificial intelligence to generate composites of the faces behind the voices of those behind the scams. The education campaign, titled “Faces of Fraud”, was developed by Wunderman Thompson and follows a forecast from payment processing firm Merchant Savvy that […]
Rotten To The Core. Was FTX A Massive Fraud?
Sam Bankman-Fried was touted as the world’s most generous billionaire. He founded his company, FTX, with the sole purpose of earning money to give it away. This week, his dream has come tumbling down as FTX has declared bankruptcy and hundreds of millions of customer money has been hacked and stolen by an insider at […]
Need A Fraud Mentor? There’s A Guy For That.
Are you a wanna-be fraudster but don’t know where to start? Do you have dreams of making stacks of cash and living the good life? Have you bought fraud tutorials online but can’t make sense of them? If this sounds like you, you’re not alone. There are scores of mentors now offering services on Telegram […]
6 Reasons Why Synthetic Identity Fraud Is Just Stupid
Synthetic identity is estimated to cost companies in the US over $5 billion annually. It’s America’s fastest growing financial crime. And there is no end in sight when it will slow down And that’s just plain stupid. ? It’s stupid because 1) it’s the easiest fraud to identify, and 2) it’s a super easy fraud […]
First Ever Fraud Fight Club Launches In New York City
Who is coming to New York City to join the Fraud Fight Club? ? If you’re not you might want to check it out here – Fraud Fight Club. The event brought to you by About Fraud will take place alongside Fintech Nexus USA, and it’s more than a conference, it’s a club. Best of […]
How Fed’s Took Down A Detroit Street Gang For Fraud
Criminal gangs in Detroit have been known for years for their violence, but one gang took it to a whole new level and turned to COVID-related fraud to pump millions of dollars into their hands. It wasn’t until one gang member got them busted by showing off a fancy ring in an ATM surveillance video […]
Beware of Michael Smith – Synthetic Id Is About To Soar
His name is Michael Smith. He lives in Houston, Texas, in a single-family home. He was born on August 17th, 1991. And he is 100% fake. According to a new study released by Socure, this profile is the most likely to be used in a synthetic identity. The study, authored by legendary synthetic expert Mike […]
Scammed By Astronaut That Needed Ticket Back To Earth
This will go down as a romance scam for the ages. It is literally out of this world. According to Yomiuri Shimbun, a daily newspaper out of Japan, a 65-year-old woman was defrauded of a total of 4.4 million yen by a man claiming to be a Russian Astronaut. The woman met the pretend Russian […]
Infamous Ghost – How Clear Gods Stole $28M in CellPhones
Have you heard of The Clear Gods? I never did until I caught this report by Infamous Ghost. An unsealed indictment from last month charged seven alleged group members with orchestrating a massive scheme involving more than 26,000 fraudulent transactions. They came up with the name “Clear Gods,” which refers to clearing or removing new […]
Undercover Fraud Analyst Exposes Employment Fraud
He’s a Fraud Analyst at Point Predictive, and he just exposed a sinister scheme that impacts lenders worldwide. What did he do? He went undercover, posing as a lender that needed a verification of employment, and helped Auto Finance News Investigative Journalist expose the problem of CPNs, fake paystubs, and fraudulent employment verification. To expose […]
Watch These Canadian Real Estate Agents Commit Fraud
Mortgage fraud in Canada is skyrocketing as interest rates rise. Borrowers simply can’t qualify so the sharks are out now providing forged paperwork to help them get into homes. To see how bad it is getting, CBC News Canada went undercover to investigate how networks of real estate agents, mortgage brokers, and bank employees perpetrate […]
Letter To Wells Fargo Cites “Troubling” Fraud With Zelle
An article that appeared in the New York Times reports that Senator Warren has sent a letter to Charles Scharf, the CEO of Wells Fargo, to address what she calls “troubling information” about Zelle fraud and scams at the bank. According to Warren, “Customers are reporting fraud and scams on the bank’s Zelle platform at […]
Report – There Are Now Over 1,600 Refund Fraud Companies
If you don’t have the nerve to lie to online merchants about a package you “never received” – don’t worry. Friendly fraud hitmen are standing by to serve you. For a small fee of course. Professional refunders are sprouting up everywhere offering to help you get your money back for orders you placed online, and received. […]
Insiders At Phone Stores Are Behind Sim Swapping
What is an Inny? The first time I noticed it was about a year ago. At the time, an advertisement for fraud services on telegram caught my eye. “T-Mobile Inny available now DM for Sim Swaps”. I had never heard the term “Inny” but based on the telegram post it was obvious what they meant. […]
Chase Letter Provides More Insights On Zelle Scams
A letter dated September 22nd from Michelle Mesack, Head of Government Relations for JP Morgan Chase, to the Senate Banking, Housing, and Urban Affairs Committee provides more interesting facts on Zelle fraud and scams. The letter is interesting because it provides more hard numbers around Zelle fraud and scams yet and gives insight into how a major […]
BidenCash Gives Away 1.2 Million Credit Cards For Free
Bleeping Computer reports that a “dark web carding market named ‘BidenCash’ has released a massive dump of 1,221,551 credit cards to promote their marketplace, allowing anyone to download them for free to conduct financial fraud.” BidenCash is the name of a dark web marketplace for trafficking stolen credit cards, and they are providing the massive […]
$5 Million Check Fraud Ring Ran Mail Theft Operation
This week officials in California announced the arrests of 56 people across Southern California allegedly involved in a long-running mail- and check-fraud scheme that officials say bilked more than 700 victims out of nearly $5 million. The suspects — who operated out of multiple counties across California, including Los Angeles County and San Bernardino County […]
New Report Sheds Light On Banks Zelle Fraud Statistics
Senator Warren’s latest report, Facilitating Fraud: How Consumers Defrauded on Zelle Are Left High and Dry, has some eye-opening new stats on Zelle fraud. The report, which accuses banks of not doing enough to reimburse customers, also claims that fraud on the payment platform is soaring. And now, Warren claims she has the numbers to […]