BofA Ordered Not To Block EDD Without Proof of Fraud
A federal judge prohibited Bank of America from freezing accounts for California unemployment benefits based solely on an automated fraud filter that the bank has deployed. U.S. District Judge Vince Chhabria issued a preliminary injunction that was sought in a class action lawsuit by 15 Californians. Those California residents were amount the thousands that had […]
Should Fraud Analyst Scan Social Media To Fight Fraud?
Fraud and scams are reaching epidemic levels. Some say that its higher than any other point in history. And you can count me as one of those people. But what is behind this stratospheric rise in fraud and scams? What is driving it upward like never before? I believe it’s social media. Telegram. Facebook. Instagram. […]
Retired FBI Agent Scams Victim, Faces 178 Years Prison
A retired FBI agent who allegedly convinced a Granbury woman she was on “secret probation” and conned her out of roughly $800,000 has been federally charged, announced Acting U.S. Attorney for the Northern District of Texas Prerak Shah. He is facing a sentence up to 178 years in prison now. He Told Victim She Was […]
States Struggle With Backlogs From Fraud Checks
ID.me provides a very valuable identity fraud check that about half the states in the US are relying on to curb unemployment fraud claims. ID.me claims that the solution is stopping billions in potential fraud for states and that is likely true. But it is not coming without some backlash. This week, ID.me is coming […]
Fintechs Could Be In Big Trouble Over PPP Fraud
Fintech companies could be in big trouble over PPP fraud. They are under immense scrutiny over the inordinately high level of fraud they processed over the last year. The PPP Program was a boon for Fintech companies this last year, generating billions in profits for them, while shouldering the cost of fraud and default of […]
Fraudsters Targeting New SBA Restaurant Fund
How many time can the SBA get hit with fraud? It seems like the attacks will never stop. This week, fraudsters are all over the new SBA Restaurant Revitalization Fund. That seems to be the case based on all the activity on social media and telegram channels focused on fraud. The Program Launched Less Than […]
UK Banks Reimbursing Almost 50% of Scam Victims
UK Fraud Finance published their annual fraud report for 2020 and there is some surprising news on scams. In 2020, UK Banks reimbursed close to 50% of Authorized Push Payment losses back to consumers. UK Finance began collating and publishing data on authorised push payment (APP) scams (also known as bank transfer scams) in 2017 […]
Lemonade Under Fire For Using AI To Stop Fraud
Lemonade, (not the drink) but the insurance startup is under fire for bragging that they use Ai to analyze up to 1,600 data points on insurance claims made via their video app, and then denying those claims if they suspect fraud. And it didn’t go very well at all. Twitter and social media erupted when […]
Fraud Company Now Valued at Over $3 Billion
2021 has been the year of the Fraud Company Unicorn with 5 different fraud companies reaching stratospheric valuations. Today, Forter, the leader in e-commerce fraud prevention, today announced it has raised $300 million in Series F funding led by Tiger Global Management. With this investment, the company is now valued by investors at over $3 […]
This Teen Stole $2.8M, Then Became a Fraud Consultant
Elliot Castro was a smart kid. As a teenager stole £2.5m through credit card fraud and blasted the lot on Rolex watches, cars, top-end restaurants and five-star hotels in every country in Europe. According to Wikipedia, Castro claims that his first brush with criminality was when he, as a teenager, found a credit card on a train platform and […]
Deuces Wild Nets $5 Million in IRS Tax Fraud Scam
Deuces Wild is a popular variant of video poker, where the objective is to get the best possible poker hand. When you pull a deuce card, it can mean any card in the deck that you want. But Deuces Wild takes on a whole new meaning in the world of IRS Tax Fraud this year. […]
Insta Bragging Influencer Gets Nabbed For PPP Fraud
Why are PPP fraudsters so dumb? Like Danielle Miller, an “influencer”, who used her Instagram account to flaunt her newfound wealth which actually came in the form of fraudulent loans. The trend of defrauding and scamming people, and then posting on Instagram appears to be the hottest trend of the year. Danielle Miller allegedly accessed […]
PPP Detective Crowdsources PPP Fraud Detection
In July of 2020, the SBA publically released details about loan recipients for both PPP and EIDL loans. Since then, internet sleuths and fraud fighters have been pouring through the data trying to figure out which fake companies might have taken loans. Now Available – Crowd Sourced Fraud Detection To Root Out PPP Fraud One […]
2,000 Identities Stolen For RideShare Fraud Scheme
Identity theft is alive and well. This week, Nineteen Brazilian nationals operating out of Massachusetts have been charged via criminal complaints with engaging in a nationwide conspiracy to set up fraudulent driver accounts with multiple rideshare and delivery service companies using stolen identities. The fake rideshare driving accounts were then rented or sold to drivers […]
Drivers Are Pissed Off About Instacart Refund Fraud
Instacart shoppers and drivers are pissed off at Instacart for not stopping friendly fraud. In particular, they are upset about Refund Fraud. Shoppers are being deactivated because consumers are fraudulently claiming that they have never received their food. And the same consumers are doing it over and over again, with Instacart allegedly doing nothing to […]
Is Womply Is Getting Whomped With PPP Fraud?
I was browsing Telegram last night looking for chatter on fraud, and I noticed something strange. Scammers were posting a flurry of messages about “Womply” PPP loans and how easy it was for them to scam the service and get fraudulent loans. It wasn’t a few messages about Womply, it was thousands and thousands of […]
Massive Fraud Spike in Vermont Forces Shut Down
A massive spike in unemployment fraud claims in Vermont has forced the state to officially shut down their online claim system. The state says the move announced late Friday is because more than 90% of claims being filed are fraudulent. The site was immediately shut down after this press release was issued, and this was […]
EDD Fraud Money Is Fueling Trafficking and Crimes
Not shockingly, the $30 Billion in California’s unemployment fraud is being funneled into crime rings and being used for a variety of other crimes. Police have confirmed that the money being stolen from California’s EDD agency is fueling a massive increase of money into gangs who are using the money for other crimes such as […]
Synthetic Identity’s New Shell Game – Fake Tradelines
There’s a new game in town for synthetic fraudsters and unscrupulous credit repair companies – fake tradelines. And they might be using shell companies to perpetrate the devilish new scheme. Those fake tradelines are being used to artificially inflate the credit scores of people that are using them so they can bypass lenders credit and […]
New Law Targets Synthetic ID Fraud in Oklahoma
A new bill was signed into law in Oklahoma which will lead to harsher penalties for fraudsters that use children’s social security numbers. The bill aims to fight the rising level of synthetic fraudsters that are victimizing children by using their social security numbers. A study in 2018 conducted by Javelin, found that 1 million […]
Man on The Run After Giant Auto Loan Fraud Across States
Houston Police say they are building a giant case against 61 year old Jorge Lamarche who is accused of buying a large fleet of cars using 9 different aliases and fraudulent identities. Lamarche is currently on the run and was last seen at dealerships in Houston purchasing cars with stolen identities. Sargent Darren Schlosser Spearheading […]