Fraud Fight Club: Together We Will Never Be Defeated
It was sixth grade. I was nominated to the schools Spelling Bee even though I was arguably one of the worst spellers in my class. And surprisingly, I was the only boy against nine girls. I guess it was no surprise that the boys in class rooted me on, collectively sighing every time I got […]
HSBC Business Customer Got Deepfaked, Sent Wire
A multinational corporation’s finance director in Singapore just escaped losing US$670,000 after he fell victim to scammer that used a deepfake Zoom call from the CFO to convince him to send a massive wire transfer. The fraud was reported in an article in the Strait Times. The elaborate fraud would have went through had the […]
Forget ChatGPT. Adobe’s AI Tool Is Scammers Favorite
Social Media lit up this week as ChatGPT launched a new image creation tool that flawlessly created fake receipts and manipulated photos to inflict fake damage on cars. But did you know, these AI tools have been used by scammers for at least the last 18 months. Allianz UK reported a 300% increase in AI-related […]
AI Company Promises To Eliminate Fraud Analyst Forever
A bold (and some even say arrogant) announcement from newly launched AI company, Fraudinator.com, claims their solution will eliminate fraud analysts forever, and they go on to say that most existing fraud solutions will obsolete within the next 18 months thanks to them. It’s their AI that will eliminate both. Their patented Quantum AI solution […]
Alarming Flash SMS Scheme Targets Banks Customers
Johns phone beeped and vibrated and an urgent message popped up on his screen. “We’ve found unusual activity on your account, Contact the bank immediately at 1-888-724-3524” The message looked like one of those urgent disaster alerts that appear during emergencies, however it was nothing more than an impersonation scam using Flash SMS – a […]
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 […]