10 Techs Supercharging Auto Loan Fraud Prevention
The future is here. And it’s digital. We are in the middle of a digital transformation – and it’s all being driven by the demand for speed and convenience. Faster decisions, faster funding. And fast money as we know all too well can always leads to fast fraud if you’re not careful. But the good […]
White Lies – The $29 Billion Auto Fraud That Impacts You
Little white lies. No one ever gets hurt by little white lies. Well, don’t tell that to the insurance companies that are losing big money when consumers lie or omit information on the insurance policies. Verisk Analytics, a company that specializes in property/insurance risk, concluded companies are losing $29 Billion a year in lost premiums because consumers […]
The Evolution of Scams – A Conversation with Mpower
I had a chance to speak to Ben Wallach, a seasoned fraud executive who has made it his mission to help the next generation of fraud fighters establish and build their careers in the fraud and cybersecurity industry. He started a website called Mpower. The mission of Mpower Your Career is to assist the globe […]
Talking Fraud ROI With Karisse Hendrix
I recently had the chance to visit Karisse Hendrix on her Fraudology Podcast – the best podcast on fraud on the planet. We had a great conversation talking about the struggles fraud executives have creating and selling and ROI internally to their organizations. For those of you that don’t know Karisse, she has worked with […]
Charitable Stealing – Why Fraudsters Target Charities
Why would fraudsters spend hundreds of millions a year donating to charities? Fraudsters are the business of stealing money, not giving it away. But they do. On the face of it, they appear to be very generous. Every year, stolen credit card numbers, checks and even bank routing numbers are used to make hundreds of […]
How HushPuppi Got Caught – It Started With A Post
This is a great video that shows behind the scene footage of one of the world’s biggest scammers while it tells the story of his arrest. His whole life unraveled when he posted his birthday on Instagram and the FBI was able to determine his real identity.
Auto Loan Fraud is Up Big in Houston
Houston Police Department is reporting a spike in vehicle fraud cases in Houston. Sgt Darren Schloesser, head of the fraud unit says that’s because the crime is so lucrative.
Is Your Boss Being Too Cheap on The Fraud Tools? Read This
I have run across so many embattled fraud managers that have tried to get a fraud tool or technology that they needed only to fail. Most of the time they fail to convince the executives to get the tool because there are higher priorities within the organization, or because they can’t build the ROI for […]
Feds Bust More Nigerians for Unemployment Fraud
Federal agents report that they have broken up an unemployment fraud ring based in Maryland that targeted California and numerous other states with more than $2.6 million in fraudulent claims. A federal criminal complaint obtained by KCRA 3 Investigates said that more than 200 individual unemployment applications were filed with California EDD from one Hyattsville, […]
Don’t Get Hit with ShotGunning Fraud
Don’t cue up the old western music. I’m not talking about actual shotguns here. And I’m not suggesting you buy a gun to protect yourself. What I am talking about is a very specific type of fraud scam that some in the industry like to refer as “Shotgunning or ShotGun Fraud”. Actually it’s not a […]
The Many Many Risk Fraud Managers Must Manage
It used to be so simple. Back in the 80’s, fraud managers jobs were pretty straightforward – make sure that you stop bad checks from being written and occasionally if someone lost their charge card make sure you shut it down quickly before a bad guy found it and tried to buy a Sony Walkman […]
5 Reasons Why Banks Can’t Ignore Scams Any Longer
What is the difference between a fraud and a scam? To consumers, there is no difference. But to banks, it’s a much different story. Fraud is something banks are liable to reimburse customers for. But scams on the other hand, those are losses the customer bears because the customer got conned and gave out their […]
Con Man Details His $39 Million Mortgage Fraud
Check out this very interesting story about this Con Man’s $39 million mortgage fraud. He was a mortgage broker that committed a massive fraud.
OTP Bots Take Social Engineering To New Level
Robots are powerful and they can be used for good or for bad. When they are good, they are very good. But when they are bad, they can be very bad. Such is the case with new bots that are taking social engineering to a whole new level. They’re called OTP Bots and they are […]
High Flying Fraud Company Riskified Files for IPO
In a year where at least 8 fraud companies achieved Unicorn status, the sky’s the limit. And this week, high flying fraud startup Riskified has filed for an IPO – a relatively rare event among fraud startups. The Israeli company, which was founded in 2013 by Eido Gal and Assaf Feldman was built under the […]
Second Nigerian Charged With Fraud in Washington
A month ago a Nigerian – Abidemi Rufai – was arrested and charged with stealing over 100 identities to steal more than $350,000 in unemployment fraud benefits from Washington State. Yesterday, federal prosecutors arrested and charged another Nigerian citizen with stealing $290,000 in a similar scheme. Officials linked an email address belonging to Chukwuemeka Onyegbula […]
P2P App Complaints Surge 300% As Scams Grow
Consumer complaints about P2P payment apps such as PayPal, Venmo and Square have surged during the last year. In April of 2021, there were 970 digital wallet complaints — almost double the previous monthly high from July 2020. The study which was conducted by Public Interest Research Group [PIRG], examined consumer complaints to the CFPB […]
How To Commit Fraud Like They Did in The 1980’s
Fraud and scamming has gotten so technical and hard these days. But it didn’t used to be that way. In fact, fraud used to be absurdly basic by today’s standards. This weekend I stumbled across a link – a treasure trove of old fraud and scam guides created in the 80’s and early 90’s. You […]
ID.me Fraud Checks in Arizona Dropped Fraud 99%
A recent article by Axios details how effective drivers license verification from ID.me might have been in protecting Arizona state from unemployment fraud claims. In October of 2020, unemployment fraud claims were skyrocketing in the state. 570,400 initial PUA claims were filed in the week ending October 10, 2020. A month later, after hiring ID.me […]
Guerilla Black Details His Credit Card Fraud Empire
At his peak, Compton rapper Guerilla Black was bringing in $40,000 amount in proceeds from the 27,000 credit cards he stole. And he worked globally, stealing from banks in England, Switzerland, Nigeria, Mexico, Italy, Canada, Sweden, France, Australia, Norway, Ireland, Russia, Denmark and Germany. Check out this No Jumper interview where Guerilla Black explains what […]
Apple Is Leading The Way With A New Digital Identity
What Apple does, everyone follows. IOS15 is coming and it offered up some huge news on the digital identity front. Today, Apple announced that the company will soon add digital driver’s licenses to the Apple Wallet. And newly granted patents indicate that Apple is well on their way to become the standard in Digital Identity. […]