Online Merchants Will Not Be Liable For Fraud In 3 Years
Here is a bold statement. “Within three years merchants will no longer be liable for credit card fraud online”, said Skye Spear, vice president of partnerships at Signifyd That quote in Forbes caught my attention. Then I took a closer look at what Skye Spear and his company are doing to make that possible. Yes, […]
London Fraud – How Fraudsters Steal in London
London has always been a hot spot for pickpockets and clever con artist. Watch this awesome Vice Video that takes you behind the scenes for a new generation of clever con artist that are making millions.
Auto Finance – Auto Loan Fraud Set to Double in 2017
An article by William Hoffman in Auto Finance News reports Auto Lending Fraud is set to double. Here is the article in its entirety. Consumer fraud in auto lending could double in 2017, compared with the year prior, in large part due to prevailing trends in the finance industry, said Tim Grace, chief executive of […]
Expose – How Fraudsters Steal Your Identity
This short expose shows how scheming fraudsters prey on consumers to steal their identities and drain their bank accounts. http://www.dailymotion.com/video/x4gok0y
Fraud Continues Unprecedented Climb Higher
Are we at the beginning or end of a dramatic spike in fraud across all industries? It might be open for debate but clearly, all signs are pointing to the fact that we may be in the very early stages of a long and treacherous climb upward. I reviewed the Top 10 Reported Fraud Losses last month […]
CEO Fraud 2.0 – It’s Like Fraud on Steroids
Imagine getting an email from the CEO of your company requesting that you email out a zip file containing last year’s W2 forms to a new accounting firm that is “helping your company with taxes”. Accounting and payroll departments all over the US are getting emails like this one each and every day. And they’re […]
Auto Lending Fraud Estimated at $6 Billion for 2017
Auto Lending Fraud is a fraud dominated by systematic dealer fraud, fraud rings and early payment default. With 2016 auto lending originations soaring to historically high levels, the downstream impacts are now revealing themselves in higher fraud losses. PointPredictive estimates the annual value of auto loan originations that contain some element of misrepresentation may be […]
Counterfeit Card Fraud Drops 52% in 2016
Visa announced this week that counterfeit fraud is down 52% for 2016 at merchants that have deployed their Chip Card terminals. The rapid adoption of Chip-enabled terminals at US merchants continued at an astonishing clip with over 1 million new merchants installing the terminals. That raises the figure to over 1.8 million merchants accepting […]
Fraud Alert : You Should Always Hang Up On This Call
If you get a call from a phone number that you do not recognize and the person asks, “Can you Hear Me?”, the best thing you can possibly do is hang up the phone immediately. Law Enforcement is warning consumers across the US of a new scam that is gaining momentum. It is happening in […]
This CEO Tries to Convince Auto Lenders Fraud is Real
I love it when senior executives take a stand against fraud and try to do something about it. So when I read this article in Auto Finance Excellence – Roadblocks to Creating a Dealer Fraud Detection Network, I was pretty impressed with CEO Troy Cavallaro and what he has been trying to do. He has been […]
Up To 90% of Traffic To Online Retailers are From Fraud Bots
Threat Metrix released their latest CyberCrime Report for 2016 as you might expect, fraud attempts, particularly from BotNet attacks are soaring. As much as 90% of the traffic they track to key online retailers appears to originate from Bot’s programmed by hackers to infiltrate their systems, take over accounts and make fraudulent purchases. 700 Basis […]
How a Fraud Ring Created 7,000 New Synthetic Identities
Yesterday, a fugitive Habib Chaudhry was arrested after running from the law for four years. He was one of 18 criminals that were charged by the US Justice Department for running the most sophisticated Synthetic Identity crime rings in history. Their crimes were so complex and extraordinary; you can barely believe that they managed […]
First American Fraud Index Shows Mortgage Fraud Up 10%
First American released their latest Application Defect Index and their conclusion is that Mortgage Fraud Risk has increased 10% in the last year. These results are remarkably consistent with CoreLogic’s Fraud Analysis which suggested that mortgage fraud had increased by 15% – I wrote about that here – CoreLogic Fraud Index. CoreLogic believes that the […]
Online Banking Services Blocked as Hackers Hit Lloyds
Although not officially reported by Lloyds, sources are saying today that Millions of customers online banking services were disrupted as cyberhackers launched a massive DDOS attack on Lloyds about 2 weeks ago. Lloyds Banking Group would not confirm whether the outage occurred as a result a cyberattack. “There was an issue with our internet banking, […]
Mortgage Application Fraud Index Rises This Year
CoreLogic released their latest mortgage application fraud index and they report that the mortgage index increased to 122 for the fourth quarter of 2016. The trend shows increasing risk for the year overall; up from a National Index value of 115 for Q4 2015, and 108 for Q3 2016. That’s a pretty significant increase. Experts […]
Western Union Fined Millions For Not Stopping Fraud
The Consumerist today reported that Western Union will pay over half a billion dollars for not doing enough to stop wire fraud globally. And they were fined primarily because they never listened to their fraud investigators years ago. I have written in the past that Wire Fraud is the scourge of all fraud against consumers […]
Top 10 Fraud Types for 2017 Based on Losses
It was a bad year for fraud. A very bad year. Maybe the worst as I had written about in this article – Why Fraud is Worse Now Than Ever in History. I spent the last several weeks researching the Top 10 Banking Fraud losses here in the US based on 2016. I wanted to understand […]
25 Most Popular Passwords. Warning – Do Not Use These.
Keeper Security has performed an analysis of compromised hacked data and made some startling conclusions. American’s use really dumb passwords with alarming regularity. In fact, 17% of accounts are protected with the stupidest password of all ‘123456″. It’s hard to believe that 1 in 5 accounts in the US are protected with something so simple. […]
Mortgage Fraud Soars in Canada As Volumes Increase
What lending volumes increase, fraud rates increase. We have seen that time and time again here in the US. And now, Canada’s mortgage boom is leading to a boom of another type – mortgage fraud. According to Equifax, who analyzes fraud trends in Canada, reported this week a massive increase of mortgage fraud of 52% […]
The Absurdity of Home Improvement Lending Fraud
Could your plumber or home repair guy be behind the next big lending implosion in the US? If you look at the fastest growing loan type here in the US called Property Assessed Clean Energy, or PACE loans, that could be the case. PACE loans, set up by the government and are designed to help […]
2017’s First Fraud Trend? Cardless ATM Fraud
That didn’t take long. The fraudster’s found a loophole in yet another banking service which was designed to provide customers easier access to their money through ATM machines. The service works like this, you request a one-time pin number sent to your mobile phone. You tap your phone and enter the PIN number on the ATM […]