LifeLock & Credit Freezes Won’t Stop This Fraud
The Identity Theft protection service industry will rake in $3.2 billion in revenue in the US alone this year. It’s a booming industry that consumers have flocked to, hoping to protect themselves from the nightmare of identity theft. But, as identity theft soars to its highest level in history, you would expect that these credit […]
Her Partner Took 2 Fraud Bounce Back Loans Then Left
A woman posted a heartbreaking request for help on Reddit. This week she pleaded for help on Reddits UK Personal Finance with a terrible situation regarding 2 bounce back loans. Bounce Back loans are the UK’s equivalent to Paycheck Protection Loans here in the US and they provide a 100% guarantee to lenders who offer low-interest […]
Santander Fraud Advisor Nabbed For Fraud Scheme
A fraud advisor for Santander that was entrusted with helping customers resolve their fraud and scam claims was arrested and jailed for fraud this week. Bilal Abbas, who worked for Santander, helped conmen outside of the bank buy luxury goods using stolen account details. He stole those details from Santander customers using the systems he […]
Every Family in Cali Could Pay $2.4K For EDD Fraud
The staggering levels of fraud against government CARES Act programs are going to cost taxpayers a lot of money. In California, unemployment fraud alone is estimated at close to $30 billion already and growing by the day. Close to 1 in 3 unemployment claims may contain fraud and more fraud may be rooted out in […]
California Turned Off Fraud Detection, Then Got Burned
Did California get too cheap on the fraud tools and get burned because of it? This story may be the best example of a pennywise and pound foolish fraud strategy that I have ever seen. In a recent article by KCRA, California’s EDD Department had a remarkably effective fraud detection system that could have prevented […]
They Lined Up For Help, But It Turned Out To Be Fraud
On any given day in November, you could pass by this tiny non-descript store located in a strip mall in Orange County California and see people lining up to get in. The business called Nguyen Social Services had just opened doors months earlier – in August- and was already doing a bustling business. Their shop, […]
TransUnion Finds Synthetic Fraud is Dropping
A Press Release by TransUnion finds instances of synthetic fraud and outstanding balances for suspected synthetic accounts at U.S. financial institutions have declined significantly after the World Health Organization (WHO) declared COVID-19 a global pandemic on March 11, 2020. However, a new analysis by technology analyst firm Aite Group finds the cost of synthetic fraud […]
What Scam As A Service Learned from the Gold Rush
In 1848 with the gold rush just beginning a smart man named Sam Brannan opened up a mining supply store in Sutters Fort. He bought up every shovel, pick and pan in the area (investing about $70,000 at the time) and then sold that equipment to the flood of 49’ers that arrived to find gold. […]
2020 Fraud – Imposters, ID Thieves & Benefit Raiders
Identity thieves, imposters, and fraud rings hell-bent on raiding government programs ran amok in 2020 creating one of the worst years for fraud in history. The FTC released their Consumer Fraud Sentinel Report this month, and it shows how big of a role the pandemic had in shaping consumers’ experience with fraud in 2020. Overall, […]
Fraud Is A National Security Threat in the UK
A think tank in the UK – the Royal United Services Institute (RUSI) advises that fraud has reached such epidemic levels that it should now be considered a threat to national security. The report by RUSI called The Silent Threat The Impact of Fraud on UK National Security, warns that fraud against UK citizens, businesses, […]
Millions May Soon Find Out They Are Victims of ID Theft
Getting a letter in the mail saying you owe taxes for unemployment benefits that you never applied for is so 2021. Buckle your seat belts, we may soon see a wave of people learning that they are victims of identity theft. The IRS today urged millions of Americans to be on the watch for IRS […]
California – Up To $31 Billion in Unemployment Fraud
According to ABC7 , California unemployment fraud could be even higher than anyone could have ever imagined. In an EDD conference call, Julie Su, secretary for the California Labor and Workforce Development Agency said, “Of the 114 billion dollars in unemployment paid by California since March, approximately 10% has been confirmed as fraudulent. An additional […]
In 2020, 80% of Fraud Attacks Were Account Takeover
As the pandemic emerged in 2020 and lockdowns began across the world, consumers shifted online to get their goods and services. Online spending reached 18% of total retail volume compared to only 14% in 2019. And the flood of online shopping and activity was great cover for fraudsters who ramped up their online activity significantly […]
Circling Loan Sharks Resort To Fraud During Pandemic
Scores of instant money lending apps are popping up in India but they are nothing more than Loan Sharks that are defrauding desperate people during desperate times. The Pandemic has created a new and emerging market for international loan sharks that can use new technology to reach more desperate people. The Hindu Times reports that […]
What Do You Do When Your Mom Steals Your Identity?
Over 67% of Americans are afraid of becoming victims of identity theft, but only 20% are afraid of being murdered? Having someone steal your identity is a very real threat to so many. But what happens when someone you know steals your identity? Does it make it any better, or any worse? One Reddit User […]
British Business Bank Launches Fraud Investigation
The Telegraph reports that leaders at the Business British Bank are launching a £1,000,000 investigation to get to the bottom of fears that widespread fraud occurred on the Bounce Back Loan Program. Similar to the US Paycheck Protection Program (PPP), The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that […]
Into the Unknown – Our Top 10 Fraud Predictions for 2021
The past is our lesson. The future is what we do with it. Maybe 2020 is a year that you don’t want to remember, but it is probably one you will never forget. Raise your hand if you’re apprehensive about 2021 ✋? Raise your hand if you’re just not sure what is going to happen✋? […]
Argh. Can We Expect Another $28 Billion in PPP Fraud?
This week, Trump finally signed the $900 Billion Pandemic Relief Bill. The bill contains another $285 billion that has been earmarked for the SBA to give in the form of Paycheck Protection Loans (PPP) to small businesses to keep workers employed. But today many, including the Wall Street Journal, are concerned that the bill fails […]
BofA Under Fire for EDD Debit Card Fraud In California
Bank of America is coming under fire after a rash of consumer complaints about fraud on their EDD Debit Cards and how they were treated by BofA in the process. Bank of America is accused of their slow response, and in some cases, of withholding credits back to fraud victims, and hundreds of complaints are […]
Chicken Farm Fraud Runs Rampant in Rhode Island
Target12, a news outlet in Rhode Island, investigated 3.8 million in suspicious SBA loans in the area and found a stunning $3.8 million in fake farms. Check out this video that shows the shocking story of how fraudsters took advantage of the generous COVID Economic Industry Disaster Loan program to steal millions from Uncle Sam.
Fraud Fueled Millions in Fake Business Loans
Chicken Farms aren’t the first place you would look for loan fraud. But a recent report by Bloomberg indicates that is chicken farms were used to apply for millions in Covid relief. Newly released SBA data reveal thousands of $10,000 grants went to people who falsely claimed to have businesses they didn’t have according to […]