This Dealerships Million Dollar Fraud Scheme is Wild
Car dealer fraud is one of the oldest and most common frauds here in the US. And it seems that some dealerships never stop thinking of new and creative ways to scam both lenders and consumers. And the fraud scheme that the co-owners at Big Red Kia in Norman Oklahoma cooked up is pretty wild. […]
Officials Look Into Womply On PPP Fraud Controls
Toby Scrammel, the CEO of Womply, got a letter from Congress this week about fraud. Womply manages the online lending platform that helped over 1,000,000 businesses get PPP loans this year. The letter came from Senator Clyburn, the Chairman of the Select Subcommittee on the Coronavirus Crisis and the committee has set their sites on […]
FICO Warns of Black Friday Fraud Bonanza This Year
FICO issued a press release today warning consumers this Black Friday will be different and could be more fraud-filled than ever before. This year’s Black Friday sales shopping is likely to be impacted by supply chain issues, shipping delays, and lingering fears of entering crowded shopping centers and high streets, all of which will inject […]
What Was Credit Card Fraud Like in 1983? Check This Out!
I came across an interesting video today from 1983 when credit card fraud was just emerging and not many knew much about it. In fact even two years after this video was published, credit card fraud was called The Neglected Crime. Watch This Video To Get A Glimpse Watch this video where a former mobster […]
Scammers Impersonate Fraud Agents In New Zelle Scheme
The rise of Zelle as one of the most popular payment apps is impressive. The service is closing in on a 40% share of the P2P market and will probably process over $500 billion in payments this year. But Fast Money = Fast Fraud and Zelle Scammers Are Impersonating Fraud Agents Now Consumers love the […]
Out of Controls Scams in UK Puts Banks In Tough Spot
Scams are out of control in the UK and banks will soon be forced to reimburse customers when it happens. It’s gotten so bad that regulators are stepping in to push more onus and responsibility on banks to curb the problem. This week, the Payment Systems Regulator, published a consultation paper that will ultimately force […]
Houston Police Uncover Network Of ID Fraudsters
Houston is a hotbed of auto lending fraud, and that has police there are working overtime to stop ID fraudsters that are working in criminal rings. Sgt Darren Schloesser, who runs the Houston Police Departments Auto Theft Division Vehicle Fraud Unit advises that he’s seeing the usual suspects again and again now and that cases […]
5 Reasons Why You Need To Hire A Great Fraud Manager
In some companies, fraud is often considered just a support function. They hire a fraud investigator or two. Those investigators field incoming calls from customers that are victims of identity theft, and that’s about it. The companies view on fraud is not strategic and they often don’t consider hiring a great leader to help them […]
Fraud Fighters Team with TikTok To Help Stop Scams
Fraud Fighters teamed up with Tik Tok this week to raise awareness of scams and help curb the growing problem of fraud. In an article posted this week, Fraud Awareness Week and Combatting CyberCrime, Andy Yu and Jeff Dant of Tik Tok kicked off an initiative to educate users on how to identify scams and […]
America’s First Card Fraudster Was an Elegant Swindler
The year was 1960. American Express had just launched their first plastic charge card one year earlier and Diners Club was gaining widespread popularity with cardboard credit cards that they launched in 1950. Not many people knew what credit cards were at the time. There were probably less than 1 million total credit cards in […]
BioCatch Launches First-Ever Mule Detection Solution
BioCatch, the global leader in behavioral biometrics, announced today that it has launched Mule Account Detection, the first ever best-in-class solution that delivers comprehensive protection against money mules, people who, at someone else’s direction, receive and move money obtained by criminal means. A Critical Link in the Fraud Supply Chain Mule accounts are a critical link […]
Moo! How Crazy Cows Shifted Thieves to Auto Fraud
What do crazy cows have to do with fraud? A lot actually. But you have to go back over 30 years to find the link between the two. An associate of mine sent me an article that appeared in the New York Times in 1982 and it talks about the tremendous demand for stolen luxury […]
Socure Soars to $4.5 Billion Valuation In Latest Round
High-flying Socure has reached a valuation that many would have considered unheard of just a year ago. The company raised $450 million in funding for its Series E round led by Accel and T. Rowe Price. Socure is now valued at over $4.5 billion dollars, up dramatically from their last valuation of $1.6 billion in […]
Aussies Scammed Out Of $33 Billion. They’re Fighting Back
Australians are being scammed out of $33 Billion a year and the Labor Government is vowing to launch major initiatives to crack back on scammers. A report by the Daily Mail, indicates that Australia’s Cyber Security Centre has revealed scams more than doubled in 2020 before doubling again this year. Things are getting bad down […]
Are Fake ID Theft Claims Inflating ID Theft Losses?
Identity theft claims are sky high; Javelin reported over $56 billion in identity theft losses for 2020 alone. That’s a 300% increase over 2019 and the highest ever reported by the company. And they are not the only ones. The FTC also shows a doubling of fraud over 2020. What’s happening here? Why is identity […]