In 2019 Mortgage Fraud Risk is Declining in the US
In fraud, the drivers behind the numbers are sometimes more important than the numbers themselves. This is particularly true when examining the complex nature of mortgage fraud risk which is driven by a number of underlying factors including the economy, interest rates, property values and, general market conditions. Some people believe you would have to […]
Burner Identity Sites Make Synthetic ID Fraud a Snap
Real identities are permanent, but fake identities can be created, used and then discarded in as little as a few minutes. In fact, fake identities are now so easy to create that synthetic fraudsters are able to create burner identities in as 5 minutes using sites on the open internet. And some websites are making […]
Everyone’s Rich – Mortgage Fraud is Rising in the UK
Not everyone is rich, although many may claim to be on their mortgage applications so they can qualify for their dream homes. Income fraud is on the rise in the UK and Cifas, the UK’s largest cross-sector fraud database is warning the public that it is becoming increasingly common. They released a report this week […]
Retail Fraud Attacks Have Tripled Since 2017
Lexis has released their annual cost of fraud report and has found that overall fraud attempts doubled year-over-year and tripled since 2017. The rise in fraud is real and here to stay. The largest increase in fraud is small retailers that sell digital goods. The massive increases in fraud are related to increased bot activity […]
Lloyd’s Created a Fraud Scam Detector Called “The Rat”
It sniffs out fraud to protect customers in the middle of the night. It’s smart. It’s cunning. And it has a sharp nose for fraud. It’s called “The Rat” and it is the brainchild of Lloyds Banking Investigators who wanted to implement technology to help protect Lloyds customers. The solution uses advanced behavioral analysis to […]
In the UK, Only 3% of Property Fraud is Prevented
A new study released by ABC Finance has determined that only 3% of total property fraud cases in the UK are proactively prevented by fraud controls. Property fraud occurs when fraudsters take out fraudulent mortgages on a consumer’s property through identity theft. Since all property titles in the UK are published online, it is not […]
Porsche Dealer Victim Of $3 Million Identity Fraud
Identity theft is one of the most prolific frauds of this century and the lengths fraudsters will go to pull off the perfect scheme seemingly has no end. And while you will read about plenty of identity theft cases involving stealing a person’s identity you have probably never read about a car dealer becoming a […]
1 in 5 Millennials Lie on Their Mortgage Application
A new survey from Equifax Canada determined that millennial borrower were more than twice as likely as other borrowers to inflate their income on an application for a mortgage loan. The report, which surveyed 1,545 Canadians across the country, found that 20% of millennial borrowers admitted they would change their income to qualify versus about […]
The Fraud Tree Illustrates How Internal Fraud Works
If you are looking for a fantastic chart that describes all of the different fraud types and how they are perpetrated by internal fraudsters, you can head to the ACFE (Association of Certified Financial Examiner) who have spelled it out pretty clearly in this downloadable document. – Download Here. This is a great reference to […]
281 Arrested In Global BEC Fraud Takedown
Federal authorities announced a significant coordinated effort to disrupt Business Email Compromise (BEC) schemes that are designed to intercept and hijack wire transfers from businesses and individuals, including many senior citizens. Operation reWired, a coordinated law enforcement effort by the U.S. Department of Justice, U.S. Department of Homeland Security, U.S. Department of the Treasury, U.S. […]
Man Steals 1,300 Customers Card Numbers With His Mind
He has a photographic memory and he used it to commit one of the most unusual card frauds in history. 34-year-old Yusuke Taniguchi was arrested for stealing card information of over 1,300 people and used it to make purchases online. According to police, he worked as a cashier at a mall in Koto City. When a customer […]
The Fraud Bible is The Hottest Book on The Internet
Reddit, Youtube and Instagram are abuzz this week with the wide release of a new book called “The Fraud Bible”. The Fraud Bible originally published early this year has become a viral sensation. The FraudBible promises would-be hackers, scammers, and novice fraudsters a way to make a quick buck from everything from carding, to gift […]
Wake up call for Auto Lenders – Fraud is Here to Stay
Another week, another high profile auto lending fraud case. Not a week has gone by in the last month where the DOJ has not announced a large bust of a multi-million dollar fraud ring. In each case, the fraudsters are able to hit many lenders in sequence with ridiculously simple schemes and steal millions of […]
Wire Fraudsters Are Targeting Mortgage Cash-Out Refi’s
Tom Cronkright, CEO of Certifid is warning mortgage lenders of a serious new fraud trend. Certifid provides a secure platform to enable businesses and consumers to safely and securely wire funds to avoid fraud by third parties. They also offer up to a $1,000,000 guarantee against fraud. Due to the drop in interest rates, borrowers […]
Another Huge Phantom Auto Loan Fraud Strikes
The industry was rocked with another massive auto loan fraud perpetrated by criminals that engaged in a Phantom auto loan scheme. Phantom loan schemes have emerged in the last 24 months and occur when borrowers and sellers collude to create fake loan transactions. In some cases, the perpetrators are unscrupulous dealers passing off non-existent cars, and in […]
The Surprising Rise of Down Payment Fraud in Auto
Tom Dunson went to a car dealer to buy a used car. He didn’t have any cash to put down to buy and his FICO score wasn’t so great so he wasn’t very hopeful he could do it. But when he walked into the dealership, the sales guy convinced him that they could make something […]
Video Shows You How to Use Fraud to Create Legal CPN!
The video states that you can create a legal CPN by following the steps provided. But as the video goes on, it becomes clear that they are instructing you how to create a new synthetic identity credit profile by hiding your true identity from the bureaus. Most shocking of all is that the video shows […]
Synthetic Identity Fraud Rockets Up in Auto Lending
Auto Lenders should beware. Borrowers using false Social Security Numbers and so-called Credit Privacy Numbers (CPN’s) to apply for auto loans is on the rise and wreaking more havoc than ever. Borrowers use false social security numbers to establish new credit profiles to disguise their true identities so that they can qualify for loans that […]
New FinCEN Report BEC Wire Fraud Has Risen 300%
BEC Wire fraud is kind of a big deal. A very big deal. FinCEN released a new advisory warning this week that BEC related fraud has caused over $9 billion in financial losses since 2016. Just as alarming as the losses though was the dramatic increase in FinCEN related SAR Reports which indicate that BEC […]
Fed Alerts Public That This Fraud is the Fastest Growing
The Federal Reserve published a whitepaper this week that claims that the fastest growing type of fraud in the US is Synthetic Identity Fraud. The article which you can read here, alerts the public that synthetic identity fraud is more prevalent in the United States than in other countries because identification in the United States […]
Every Fraud Vendor On One Handy Graphic Right Here
Confused about what fraud vendor to choose? How about taking a look at this slide to make it an even more daunting task! IDC published a great slide that shows every single fraud vendor that you could work with. Well, they forgot to include PointPredictive on this list – so just about everyone. Keep this […]