Are Liar Loans Pushing Fraud Too Far in Auto Lending?
The Auto Lending Industry could be in for rough waters. Ben Eisen, a Wall Street Journalist investigated the issue of Liar Loans and remarks in this video how eerily similar the problem seems to be compared to the Mortgage Crisis of 2007. 1 in 4 loans have inflated income. And that’s just what we know […]
5 Things Banks Should Do To Stop Synthetic Identity Fraud
The Federal Reserve calls synthetic identity fraud the fastest growing financial crime in the US. It boggles the mind that something so ridiculously simple as using a stolen Social Security Number and combining it with a different name and address could lead to such a rampant crime. I mean, shouldn’t we be able to stop […]
Social Security Number Fraud Hits Auto Loans Hard
PointPredictive press released a widespread scheme involving the structuring of social security numbers used to create synthetic identities for potentially fraudulent auto loans. The scheme involves applicants, or in some cases bad actors at car dealerships, using valid Social Security Number prefixes (the first 5 digits of a valid SSN) and systematically changing the suffixes […]
4 Ways Fraudsters Shifted Their Takeover Patterns
Fraud is ever changing. Fraudsters are continually evolving their craft to bypass bank fraud controls. As banks deploy AI and Machine Learning, fraudsters are employing their own machine learning to identify new and better ways to skirt controls. And nowhere are patterns changing faster than in online account takeover. A new study released this month […]
950 Accounts Impacted in $2.4 Million Bust Out Scheme
A San Bernardino County man faces federal criminal charges that he masterminded a bank account “bust-out” scheme that defrauded Wells Fargo out of $2.4 million and compromised more than 950 of its accounts. Steven Michael Banks Hubbard Jr., a.k.a. “Marcus” and “Man,” 36, of Rialto, was charged in an 11-count federal grand jury indictment returned […]
House of Cards – 1 In 5 Auto Loans Contain Income Fraud
An article in the Wall Street Journal was published which indicated that 1 in 5 borrower applications have inflated incomes. The article written by Ben Eisen exposes some dealers that lie about the income to get loans approved and put the borrowers in cars that they could not otherwise afford. The article also indicated that, […]
Duh. Dumb Fraudster Post His Crimes on Instagram
There are dumb criminals and then there is Arlando M. Henderson. He was arrested this week for stealing more than $88,000 in cash from the vault of the bank where he was employed, and then committing a separate loan fraud in connection with the purchase of a luxury automobile. So why is he so dumb? […]
YouTube Has A Massive Problem – Fraudulent Claims
Youtube has big problems – and it involves fraud. Companies are making fraudulent copyright claims against creators and swiping millions in revenue fraudulently. Check out this video that explains the problem and just how bad it has gotten. It also shows a creative solution to the problem – filing a counterclaim using copyrighted content such […]
Viral Video Shows Woman Committing Card Fraud
A viral video made the rounds today showing a woman who is helping a customer apparently help herself to the woman’s credit card. While the customer goes to get something off the shelf, she sneakily takes a picture of both the front and back of the card. The audacity of some people!
SWIFT Fraud is Rising According to New Report
A new report released today by EastNets reveals that SWIFT related fraud attempts are on the rise and not declining. According to the report, SWIFT payment fraud is on the rise, and there is strong evidence that banks are not adequately preparing themselves to combat the threat. In addition to various high-profile incidents of bank […]
Fraudsters Target Luxury Cars With CyberCrime Scams
Fraudsters are using far more technical crimes to steal from car dealerships and auto lenders these days. And the newest method of choice for them is cyber-crime. In recent industry reports, cyber-criminals have significantly increased their attacks using wire transfer fraud, high tech data breaches and even introducing malware onto the dealer and lenders systems. […]
Card Fraud Losses in UK Jump 19% – Highest Recorded
Fraud scoring company, FICO, released its annual interactive European Fraud Map, which shows that the UK’s card fraud losses hit a record £671 million in 2018. That’s a big jump, particularly since the UK had managed to reduce losses in 2017 by close to 8% the year before. Fraud losses in the UK accounted for […]
13 People Arrested for Using CPN’s To Defraud 3 Banks
I’ve said it before, and I will say it again – using a CPN is a fraud and you can go to jail. If you don’t believe me just ask the 14 people that were arrested and charged in Milwaukee County accused of defrauding banks for over $500,000. Instead of using their correct social security […]
DOJ Cracks Back on Money Mules used in Fraud Scams
From the DOJ, a press release was issued which outlined their aggressive enforcement against money mules. This is what they outlined. Attorney General William P. Barr and law enforcement partners today announced a concentrated effort across the country and around the world to halt money mule activity. Money mules assist fraud schemes by receiving money […]
AWS Launches Fraud Detector To Automate AI
AWS continued their course towards world domination today when they launched Fraud Detector – a solution that combines automated customized model creation with realtime use of that model for future transactions. This is useable AI delivered to prevent fraud in realtime. The solution appears to fully automate all the steps of machine learning to deliver […]
Welcome To The Age of Fraud – Top 10 Predictions for 2020
In a world where information and data is our lifeblood, fraud has infiltrated every aspect of our lives. No longer is fraud the exception to the rule; it is the rule. Whatever you do, wherever you go – the risk of fraud is lurking around every corner and it impacts everyone. And if you don’t […]
Card Fraud Losses Hit $29 Billion Annually This Year
Card fraud losses globally will reach $29 billion this year. This, according to a new report released by Nilson Media who tracks card fraud with issuers globally. According to a Nilson Press Release, Fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The […]
Hacker Makes Millions Bounty Hunting Bugs
Tommy DeVoss has spent his life hacking websites and he even spent years in jail for his crime. But now he uses his power for good and can make up to $160,000 a day exposing bugs and holes in big companies’ websites. What used to be a hobby for Tommy has turned into a full-time […]
Shark in The Housing Pool – A Mortgage Fraud Story
During the last three years, I’d swindled most of America’s biggest banks out of more than $15 million using fake and stolen identities, forgeries and my knowledge of the mortgage industry. I’d manipulated public records, all three credit bureaus, defeated the security procedures of six states’ department of motor vehicles and the U.S. State Department’s […]
First Fraud Unicorn Company Now Worth $1 Billion
AI company, Riskified, out of Tel Aviv has just completed a capital raise of $165 million which means the company is now valued at over $1 billion dollars. A “Unicorn” refers to a startup reaching or exceeding $1 Billion in value. That puts Riskified squarely in Unicorn status and make them one of the hottest […]
Fraud Guarantee Name Used to Trick Google Search
Have you heard about the company named “Fraud Guarantee”? It’s the company that is at the center of the Trump and Giuliani Ukraine scandal that was used as a shell company to pay off vendors and associates. But the reason that he gave the company the strange name is the most interesting story of all. […]