Massive Mobile Fraud Scheme Drains Millions From Banks
The sophistication of emulators and fraud tactics on mobile is getting so advanced that fraudsters have figured out new ways to bypass banks’ fraud controls. And that could spell big trouble for the coming years as banks scramble to update their mobile fraud strategies to respond to updated attacks on their highest growth channel. IBM […]
Miami Cop Sold Fake Police Reports for Credit Washing
Credit washing is one of the fastest-growing types of fraud impacting lenders across the US. Some lenders have reported a 400% increase in fraudulent identity theft claims, driven largely by shady credit repair companies trying to help consumers remove legitimate loans from their credit reports. This week, a former Miami Dade cop (Marquies McGirt) pleaded […]
Houston PD Nab Auto Fraudster Tied to 1,400 Cases
Houston police tracked down a serial fraud suspect tied to more than 1,400 synthetic identity fraud cases in several states and cities, including Houston. The suspect, Jarius Bell, was arrested in the act of using a synthetic identity under the name of Jimmer Warner by Sgt Darren Schlosser who heads up the Vehicle Fraud Unit […]
I Got Scammed, How Could I Be So Dumb?
Fraudsters suck. They got me. They really did. Their trick was so slick it worked. I should have known better. I’ve always thought I was smart and savvy and could spot a scam a mile away. I mean I work in fraud detection trying to help people avoid fraud all day long. But I was […]
BofA Advises California Paid $2 Billion in EDD Fraud
Bank of America reported this week that California paid an estimated $2 billion in fraudulent unemployment benefits. Bank of America contracts with the state to issue unemployment benefits via their debit cards. Bank of America indicated that between March 1st and November 21st, the bank issued approximately 8.2 million unemployment debit cards that were loaded […]
Forter Raises $125M, Now Valued at Over $1.3 Billion
It might defy your imagination but another fraud company has passed the billion-dollar valuation mark. This month, Forter raised $125 million in Series E funding which now values the company at over $1.3 billion dollars. The investment comes on the heels of surging e-commerce fraud and the rapid increase in Forter’s annual revenue. Reports indicate […]
Miami’s Credit Card Fraud Dark Lord Interview
Koncrete, an online podcast, always publishes amazing interviews with notorious fraudsters and this month they published another blockbuster. In this episode, they interview John Boseak, one of the most prolific credit card fraudsters of the early 2000s. He was discovered by another mortgage fraudster turned author- Matt Cox – in prison and Matt later went […]
What Are The Top Trends in Auto Lending Fraud in 2020?
I was delighted to be able to speak at the NAF Subprime Auto Lending Conference for 2020. I provided our take on the changing face of auto lending fraud in 2020.
Devious Minds – The Battle for Corona Funds
I was honored to present at this years FraudCon Virtual Event on War Stories of Fraud in 2020. I chose to speak on the fraud of the century – Stimulus Fraud of 2020. Check it out here.
SBA Bans the “F Word” on Applications for Loans
If it walks like a duck and talks like a duck, it’s a duck. But, if it walks, like a fraud, talks like a fraud – call it something else. But according to a Bloomberg report, that is what the SBA reportedly advised their investigators and processors responsible for reviewing and processing applications for Economic […]
Was The PPP A Fraudster Free for All This Year?
The Wall Street Journal reports this weekend that evidence of significant fraud against the Paycheck Protection Program (PPP) is mounting daily. Their reporting suggest that, “The federal government is swamped with reports of potential fraud in the Paycheck Protection Program, according to government officials and public data, casting a shadow on one of Washington’s signature […]
Uber Driver Taken on A Card Fraud Crime Spree
When Jahmari Britton hailed an Uber Car this week on his phone, the driver had no idea what he was in store for. You see Jahmari Britton had a trove of stolen credit cards that he wanted to use, but no car to get to the bank. So he called an Uber so he could […]
Donald Trump’s Identity Stolen for SBA Loan
How easy was it for fraudsters to get a fraudulent SBA loan? Very easy. In fact President Trump’s identity and address was stolen and used to obtain one. Bloomberg reported that someone posing as Trump submitted an online application using an address at the White House and collected a $5,000 SBA grant, according to one […]
Watchdog Identifies $78 Billion in Suspect EIDL Fraud
Hannibal Ware, the Inspector General of the Small Business Administration, released a report laying out allegations that the Economic Industry Disaster Loan program (EIDL) may have been over-run with fraud. For every $10 loaned through the program – $4 of that may be have been inappropriately given to fraudsters. $78 Billion Flagged For Potential Fraud […]
People Are Learning To Live The Unethical Life Online
Why do fraud and scam attempts keep going up year over year? Is organized crime becoming more prolific? Are there more dark web hackers coming online? Has technology made it easier to steal? Are people becoming less honest and exploiting the system with dishonest deeds? The answer to all of those questions, unfortunately, is Yes. […]
California Deep Freezes $8 Billion in EDD Debit Fraud
The sun is always shining in California but the state is going through a deep freeze thanks to tens and thousands of unemployment fraud scammers. The state has got rocked so hard with unemployment fraud claims, that they announced yesterday that they froze over 350,000 debit cards that contained patterns of suspicious fraud activity. The […]
Nuke Bizzle Raps About EDD Fraud, Gets Arrested
Fontrell Antonio Baines the 31-year-old rapper known as ‘Nuke Bizzle’ bragged about getting rich on fraudulent unemployment benefits. His rap titled “EDD” where he audaciously admits to defrauding the California Employment Development Department garnered over 500,000 views. And now he is in jail. Federal authorities charged him with fraudulently applying for more than $1.2 million […]
Shocking – 125 Wells Fargo Employees Fired For Fraud
Wells Fargo has fired 125 employees for committing fraud by applying for and receiving Economic Injury Disaster Loans while they were employed with the bank. They were fired by the company, “by making false representations in applying for coronavirus relief funds for themselves,” according to internal memos that were reviewed by Bloomberg. The bank was […]
Fifth Third Employees Charged with Internal Fraud
5 Fifth Third Employees were indicted this week on charges that they were involved in stealing sensitive customer information and selling it to outside fraud rings. The employees were recruited to the fraud scheme on Social Media, and they stole information on up to 100 customer accounts, but possibly more. Keyonte “Dom” Bronson one of […]
Big Internal Fraud Case At The Social Security Office
Internal fraud is a growing problem. And the Social Security Administration – the keeper of some of the most valuable data in the world like American’s social security numbers, income, and benefits – needs to be on high alert for it as well. This week, an employee of the organization – Ann Aroste– was sentenced […]
Fraudsters Set Their Sights on UK’s Bounce Back Loans
If you thought Stimulus Fraud fueled business loans were unique to the United States, think again. The Times reports today that the National Crime Agency has warned that emergency taxpayer-backed loans for small businesses are being targeted by criminals. Bounce Back loans are the UK’s equivalent to Paycheck Protection Loans here in the US and […]