A Fried Chicken Fraud Exposed
Sweet Dixie Chicken, a popular brunch spot in Long Beach, is the type of place that serves pricey plates in a trendy setting. A waffle and eggs will set you back $14.50. Scrambled Eggs will cost you $14.95. And Chicken and Waffles will run you $15.95. At prices like that, you would expect craft food […]
PIPL Indexes The Web To Help Companies Stop Fraud
The Google of your identity search has arrived and they go by the name of PIPL. They have some information on just about every adult with an internet connection on the planet. You have probably never heard of them. But they likely know you. They crawl thousands of websites across the internet and locate lots […]
She Stole From Her Employer To Pay A Romance Scammer
She was so in love. She lived in London. He was a handsome American soldier named Eric Lopez, living in Dubai. They met online after she divorced and he was like a dream come true. He made her feel special and loved, something that she had not felt for years in her old relationship. He […]
Have Fraudsters Found the Keys to Unlock Zelle?
Zelle, the revolutionary new app that allows you to send and receive money directly from your bank, launched with much fanfare earlier this month. The app was launched as a partnership between EWS and the largest banks here in the US to kill Venmo. The standalone app allows you to connect both your bank account and […]
PinDrop Turbo Boosts Detection of Fraud Callers
Can you hear me now? Call Centers are literally under attack by fraudsters that try to social engineer their employees into divulging customers passwords, PIN Numbers and other sensitive information. Research shows that Call Centers in the US receive 1 call from a fraudster every second. Those calls from fraudsters result in roughly $14 Billion in […]
9 Florida Players Accused of Credit Card Fraud
9 Florida Gator Football players are facing 62 separate counts of credit card fraud after being accused of using stolen credit cards to make lavish purchases at the University Book Store. The players charged with the fraud scheme were not benchwarmers but included stars like receiver Antonio Callaway and running back Jordan Scarlett. The players […]
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 […]