GE Stunned with $1.5 Billion Dollar Fine for Fraud
General Electric was ordered to pay a fine of $1.5 billion fine over the lending activities of their shuttered subprime lending unit, WMC Mortgage. WMC Mortgage was acquired by GE at the height of the mortgage market bubble in 2005. Between 2005 and 2007, WMC Mortgage volumes soared to over $65 billion in originations and a toxic […]
Digital Identity Fraud Is A Real Problem For Us Now
Online payment fraud will reach $43 billion annually by 2023. An astounding number, considering that just 20 years ago total payment fraud was less than $2 billion each year. To counter this dramatic rise in fraud, online retailers, banks and finance companies have been increasingly relying on using digital identities to help create a frictionless experience […]
Fraudster Steals 178 Identities and Heists PenFed for $1M
A press release was filed by the District Attorney of Brooklyn to announce a massive fraud case perpetrated against Pen Fed which originally appeared here – Press Release. Brooklyn District Attorney Eric Gonzalez, together with Special Agent in Charge of the U.S. Secret Service New York Field Office David E. Beach, today announced that a […]
The World’s Greatest Counterfeiter of All Time
The art of making money as described by the greatest counterfeiter of all time. Frank Bourassa, printed $250 million in fake US currency until he was caught by an undercover cop in 2012. And yet he hardly served any jail time. In this episode, Bourassa reveals his process, and the aftermath of his arrest.
Meet the Romance Fraud Scammers from Nigeria
Meet the scammers breaking hearts and stealing billions online. Watch this video where you can see behind the scenes how these teenage men are duping victims in romance scams.
SelfMade Kash Bragged He Was the Goat of Card Fraud
Jonathan Woods is a Detroit-based rapper who goes by the stage name Selfmade Kash. But the way he made he made his cash is anything but self-made. You see, SelfMade Kash, who often sported a Golden Credit Card Medallion around his neck, claimed to be SwipeGoat – the greatest swiper of all time. His ability […]
Credit Repair Fraud Ring Busted – Stole 500 Identities
Five people, including a Brooklyn man who ran a credit repair business and a former football player associated with the New York Giants, were arrested in connection to an alleged identity theft ring that attempted to steal more than $1,000,000. The group allegedly stole as many as 500 identities to apply for fraudulent loans — […]
Fraud Scam Targets People With Low Interest Rate Offers
Canadians and Americans are increasingly being targeted by phone scammers promising low-interest rate offers but the calls are often originating from Pakistan and the scammers are just looking for money.
Fraud at Verizon Affects 7,000 Customers Monthly
Verizon is pleading with the FCC to approve new controls that will help them stop the rash of identity theft against their customers. Verizon reports that new subscriber fraud has gotten so out of hand that they need to change regulations to help them stop the spike in losses. In a statement by Ronan Dunne […]
Fraudsters Find Instamules On Social Media
Fraudsters and scammers have found a perfect place to locate people willing to make a quick buck – Instagram. Using Instagram, scammers finding unwitting young people who are lured in by their promise of quick and easy money. Check out this recent report by SkyNews on how Instamules are becoming a real thing.
How Dotted Gmail’s Are Wreaking Online Fraud Havoc
Fraudsters are exploiting a Gmail feature to file for fraudulent unemployment benefits, file fake tax returns, bypass trial periods for online services and commit online fraud according to a new article filed by ZDNet. The scam used by fraudsters exploits the fact that Gmail addresses ignore dots inside the email address itself. For example, if someone […]
Mark Kasak Discusses Synthetic Identity Fraud
Mark Kasak believes that synthetic identity fraud is a growing epidemic across the nation. And he should know, since he has performed hands-on investigations and seen the problem grow throughout the years. Listen to his podcast where he discusses the growing problem of Synthetic Identity Fraud.
Facebook Ignored Friendly Fraud to Boost Revenue
Facebook has always pushed the boundaries of ethics. Even in its earliest days, Mark Zuckerberg was accused of stealing the idea of the company from friends he met in college. Ever since then, the company has struggled to maintain trust with users. An internal company memo from 2011 is putting it on the hot seat […]
Massive Internal Fraud Cost DJI $145 Million
DJI, a popular Chinese manufacturer of drones, has identified over 1 billion yuan (US$145 million) of internal fraud committed by 45 employees. The massive internal fraud was unearthed after an internal probe identified employees were inflating the cost of parts and pocketing the difference for their own gain. This type of fraud, which is often […]
SWAT Team Arrests $3 Million Discover Card Fraudster
20 armed Secret Service and police SWAT team agents stormed a luxury apartment in New Rochelle, New York and arrested the ring leader of a massive $3 million dollar fraud ring. The luxury apartment complex was raided at 10:30 PM and police uncovered a treasure trove of stolen card information that was being used by […]
Fraud Will Rise Again (And 10 Other Predictions for 2019)
2019 has arrived and you know what that means – it’s prediction time again. January is always a good time to look at what might be in store for the coming year so you can plan your strategies. Most of Our Predictions Last Year Were on Target Last year, Global Fraud Fighter Maryann Miller and […]
New Ruling Helps Fraud Victims Get Money Back
Victims of fraud in the UK just won a major victory in their battle against fraudsters and the banks that refuse to refund their money. The Daily News reports that thousands of fraud victims tricked into handing over their life savings could now get their money back following a landmark watchdog ruling. In a major victory […]
Social Security Fraud Scam Goes Nationwide
The IRS scammers are losing steam as most consumers are now aware that those threatening phone calls are originating from India or Pakistan and not from IRS agents located here in the US. But it is being replaced with another insidious scam just as damaging – threatening consumers that their SSN will be suspended immediately […]
Zelle Fraud Scams Drain Consumers’ Bank Accounts
Zelle fraud continues to impact consumers’ bank accounts, often behind the scenes without their knowledge.
Was World’s Oldest Lady A Case of Identity Theft?
Jeanne Calment was the oldest living person in the world until she died in 1997. Or was she? Recently, a Russian mathematician cast doubt on her claim and believes it might have been an imposter. Nikolai Zak, released a report on an investigation where he believes that Jeanne Calment was actually a case of identity […]
4 Behavioral Red Flags of Synthetic Fraud Applications
New account and loan fraud is on the rise across the globe and BioCatch this week believes that is in large part due to synthetic identity fraud, which is rendering static identity proofing useless in the application process. BioCatch has unveiled several red flags that they have uncovered that lenders and banks can use to […]