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.
American Defrauds Nigerians; Internet Goes Wild
Call it the Revenge of The Nigerian Prince. An American man, Marco Ramirez was arrested this week in Nigeria for defrauding Nigerians millions of dollars by promising them passports to the US which he never delivered. Marco is being hailed as a hero by those who have been defrauded by Nigerians, and a villain by […]
Top 10 Fraud Scams for 2017 By Losses
The 2016 Internet Crimes Report has just been released and it provides eye-opening analysis of how you might become a victim of fraud. Each year the FBI compiles statistics on all internet crimes reported by Americans and creates the Internet Crimes Report. It is the best indication of how Americans are being conned by crooks, thieves, and […]
One Coder Gets Revenge on IRS Tax Fraudsters
Got IRS Tax Fraud Robo Calls? Well, you will love this video then. After one programmer received an IRS Fraud Tax call he decided to do something about it. He created a script which dialed the call center back 75 calls per second to flood the operation with a pre-recorded message informing them they were a […]
I’m On TV Talking About Auto Lending Fraud
I am not a guy that likes to be in front of the camera. I like to be behind it but Becky Chernek does a great job on her show. https://www.youtube.com/watch?v=FharivqtkAY
Massive Car Rental Fraud Ring Gets Busted
I didn’t even know rental car fraud was a thing. Who would buy a car without double checking the VIN to make sure it wasn’t stolen. duh..
You May Lie, Your Mouse Cannot
Did you know that how you use your mouse can say a lot about you? It can and it seems to be particularly powerful in detecting if you are lying. Researchers at the University of Padua made an interesting discovery when tracking mouse movements of survey respondents. They tracked the both the speed and error […]
Machines Can Identify Income Fraud Without Verification
Income Fraud is one of the most common types of fraud that impacts lenders. People lie about their income in order to qualify for the loan. As a case in point, 1 in 5 borrower’s admitted in a survey that they misrepresented their income on their application for a car loan. In Australia, 1 in 6 […]
How the Dark Web is Fueling Internal Fraud
There is nothing fraudsters love more than anonymity. They love to carry out their schemes with nobody ever having a clue of what they are doing. The Dark Web gives fraudsters a place where they can buy and sell stolen data without ever being traced. It is a perfect place for them to operate. According to experts, it […]
Wire Fraudsters Scamming Home Buyers for Billions
Imagine getting ready to close on your first home. It’s a beauty. It’s in the right neighborhood. It’s close to restaurants and you can even walk to get coffee in the morning. It was expensive, but you saved for years to buy it. If all goes well you will close in 2 days and move into […]
Auto Loan Fraud Accelerating at Credit Unions
Peter Strosniak wrote a great article on Auto Lending Fraud and how it impacts Credit Unions. Credit Unions are often the target of sophisticated fraudsters looking to take advantage of the “friendlier” customer approach that credit unions are known for. You can read the article here – Auto Loan Fraud Accelerating at Credit Unions. “What […]
22 Apple Employees Arrested for Internal Fraud
China authorities uncovered a massive underground network of Apple employees stealing and selling customer information that they obtained from the iGiant database. The 22 employees that were arrested allegedly “used the company’s internal computer system to gather users’ names, phone numbers, Apple IDs, and other data, which they sold as part of a scam worth […]
What 6 Credit Unions Do To Stop Auto Lending Fraud
An interesting article on how Credit Union’s are Ferreting Out Auto Lending Fraud was written by Michael Bartlett. It’s a good article and has practical advice about how 6 different Credit Unions address the problem of auto lending fraud. Credit Union’s are often the target of sophisticated fraudsters because they will often provide more options […]
UK Fraud Reports Hit Highest Levels Recorded
Fraud is not going down anytime soon. In fact, fraud seems to be increasing year over year across all regions and most fraud types. CIFAS just released their Fraud Report for 2017 which you can find here – CIFAS Fraud 2017 Report. Fraud is up another 1.2%, over an already historic level of fraud reported […]
Don’t Give Up. Make Your Voice of Fraud Be Heard.
Here’s to the Whistleblowers. The little guy trying to do the right thing, trying to convince people to care about fraud they see happening. Here’s to the Fraud Analyst, the Fraud Investigators, the Fraud Managers on the front lines exposing fraud even when no one else wants to hear their message. Here’s to Officers, the Investigators […]
Auto Loan Fraud – 1 in 5 May Contain Fraud
UBS published a new study which indicates that an astounding 1 in 5 borrowers admitted that their auto loan applications could contain inaccuracies. This spells bad news for lenders that rely on application information to be factual in order to approve loans. In fact, UBS was so concerned that they indicated that “something is going […]