1.4 Million New Phishing Sites A Month Fuel Fraud Epidemic
There are plenty of Phish in the Sea. According to Webroot, there are about 1.4 million new phishing sites created by fraudsters each and every month. And each of those sites is designed to cleverly steal valuable personal and banking information from you. And the emergence of Phishing sites does not appear to be slowing down anytime […]
Mortgage Fraud Hits 82 Basis Points of Fraud Loss
CoreLogic released their latest Mortgage Fraud estimate and determined that a whopping 82 basis points of applications contain some indication of fraud. That’s surprising, considering just how diligent mortgage lenders are in verifying and scrutinizing just about every piece of information that a borrower files to get a mortgage. How come borrowers continue to lie […]
This Fraudster Opened 8,000 Accounts, Made Millions!
Forty-six year old Kenneth Gilbert Gibson of Reno Nevada opened 8,000 fraudulent accounts in a scam for the ages. His accounts included fraudulently opened PayPal credit accounts, bank accounts, and prepaid credit and debit card accounts he created with stolen identities. After opening the 8,000 accounts, he used the accounts to transfer, $3.5 million to himself […]
5 Ways to Spot an Email Scam Instantly
This is a great infographic that originally appeared here – Email Scam, shows how to easily spot an email scam.
5 Ways the Equifax Breach Will Impact Your Fraud Team
The Equifax Data Breach could be the worst breach of all time. I really believe that. If what Equifax is saying – that up to 143 Million consumers personal information off the credit bureau has been breached – it could make it the single most impactful breach of all time. Sure there have been larger breaches […]
A Growing Threat To Auto Lenders – Synthetic Identity
A great article by Hannah Lutz appeared in Automotive Times this week about the growing problem of synthetic identity fraud. You can check out the article here – The Growing Problem of Synthetic Identity Fraud The real danger to synthetic identity is the fact that they can flow through a lenders approval process and get […]
Read How Chase Wrongly Refuses Fraud Claim
There are always two sides to every story but in this particular case, I think Chase has made a huge mistake. I was reading this post here, where a man was lamenting the fact that Chase refused his fraud claim. His card number was compromised by a waitress at a restaurant and he reported […]
ATM Compromises And Debit Card Fraud Are Spiking
EMV is almost fully rolled out here in the US but that doesn’t appear to be helping Debit Cards much – at least at ATM machines. Fico this week reported Compromises of ATMs and point-of-sale (POS) devices in the US rose 21 percent in the first six months of 2017, compared to the same period in 2016. This […]
Do Credit Unions Protect Consumers from Fraud Better?
What is a scam? What is fraud? Don’t they mean the same thing? Not necessarily. And that might come as a big surprise to you. To a consumer, a scam or a fraud are basically different words for the same thing. But to a bank, there is a big difference – they will reimburse you for […]
Card Not Present Fraud Reaches 78% in Australia
The Australian Payments Net reports that online credit card fraud has doubled in the space of just six years. Card not present fraud has soared to over $471 in Australia last year accounting for 78% of the $534 Million that occurred. This is not the first year that online fraud has been on the rise. CNP […]
Synthetic Identity Fraud Losses Are $6 Billion Annually
Synthetic identity fraud is large. The Auriemma Consulting Group completed analysis which suggests that losses due to synthetic identity fraud topped $6 billion dollars last year. The study found that Synthetic identity theft, a form of application fraud in which criminals use fake personas to abuse credit, is responsible for 5% of charged-off accounts and up to 20% […]
Scams Fueling Higher Check Fraud Rates For Banks
Check use is declining. Each year, use of checks declines about 5% and last year, that number fell to about 17 billion checks here in the US. By comparison, Americans use their debit cards now about 70 billion times a year – about 4 times as often as they write checks. In fact, Checks are […]
Money Mule or Advanced Fee Fraud Scam? You Decide.
I was reading an interesting question posed on the Scam board on Reddit. A user there had recently engaged with someone online who he felt was trying to scam them. The scammer was posing as a girl out of the UK and soliciting Korean’s to partner in a scam with them. The question is posed, […]
Synthetic Identity Fraud Rate Doubles
A new study by ID Analytics finds that a special form of identity theft called “Synthetic Identity Fraud” has doubled in size since 2011. In a press release today, IDAnalytics announced that since the randomization of social security numbers (SSNs) in 2011, the number of new SSNs appearing on applications within their ID Network more […]
Branch Manager Facilitates Massive Auto Fraud Scheme
A former Branch Manager of IAM Community Federal Credit Union in Alabama admitted to defrauding her employer out of $1.5 Million Dollars through a massive auto lending fraud scheme. Jennifer Leigh Arnette of Enterprise, Alabama inflated borrowers FICO Scores, and inflated the values of vehicles through power booking and manipulated loans so borrowers could qualify for […]
Facebook Market is A Devil’s Den of Fraudsters
Facebook Market. You gotta love it. It’s so simple; so convenient. You can buy anything you want with virtually anyone on Facebook. But you can also get burned by fraudsters; something that is increasingly happening to sellers on Facebook. I know of a handful of people that fraudsters have attempted to scam on […]
Are CyberAttacks as Harmful as Hurricanes?
In 2012, one of the deadliest and most destructive hurricanes hit the Atlantic coast -Hurricane Sandy. Hurricane Sandy caused widespread destruction in both lives and its financial impact. But man made disasters, may cause more damage than natural ones. In a recent press release, Lloyds of London estimated that a global cyber attack could result in losses […]
Card Fraud in Europe Is Higher Than Ever
FICO has just released their new card fraud study in Europe and the news looks grim. Card fraud losses across 19 countries that FICO monitors have hit a new high of 1.8 Billion Euros. The primary culprit? Card Not Present which had one of the most dramatic increases in all of history as fraudsters shifted […]
Instant Income Verification for Auto Lenders
At our company, we are always exploring new technologies to help lenders stop fraud. We’re partnering with companies to bring new technology to help Auto Lenders solve a difficult problem. Income Fraud is difficult to identify. It’s even harder to prevent as tools like 4506T prove costly and take far too much time for auto […]
Fraud Fighters – How to Spot a Liar
The average person is lied to 100 to 200 times a day according to Pamela Meyer, Author of LieSpotting – Proven Techniques to Detect Deception. The two patterns of deception are related to speech and expression. In this book you can learn to detect these patterns and become a LieSpotter. Check out Pamela talk about […]
Couple Loses Life Savings After Mortgage Wire Fraud
A couple is suing Wells Fargo after they were scammed out of $270,000 by a fraudster during the closing of their dream home.