BofA Under Fire for EDD Debit Card Fraud In California
Bank of America is coming under fire after a rash of consumer complaints about fraud on their EDD Debit Cards and how they were treated by BofA in the process. Bank of America is accused of their slow response, and in some cases, of withholding credits back to fraud victims, and hundreds of complaints are […]
Chicken Farm Fraud Runs Rampant in Rhode Island
Target12, a news outlet in Rhode Island, investigated 3.8 million in suspicious SBA loans in the area and found a stunning $3.8 million in fake farms. Check out this video that shows the shocking story of how fraudsters took advantage of the generous COVID Economic Industry Disaster Loan program to steal millions from Uncle Sam.
Fraud Fueled Millions in Fake Business Loans
Chicken Farms aren’t the first place you would look for loan fraud. But a recent report by Bloomberg indicates that is chicken farms were used to apply for millions in Covid relief. Newly released SBA data reveal thousands of $10,000 grants went to people who falsely claimed to have businesses they didn’t have according to […]
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 […]