Wake up call for Auto Lenders – Fraud is Here to Stay
Another week, another high profile auto lending fraud case. Not a week has gone by in the last month where the DOJ has not announced a large bust of a multi-million dollar fraud ring. In each case, the fraudsters are able to hit many lenders in sequence with ridiculously simple schemes and steal millions of […]
Wire Fraudsters Are Targeting Mortgage Cash-Out Refi’s
Tom Cronkright, CEO of Certifid is warning mortgage lenders of a serious new fraud trend. Certifid provides a secure platform to enable businesses and consumers to safely and securely wire funds to avoid fraud by third parties. They also offer up to a $1,000,000 guarantee against fraud. Due to the drop in interest rates, borrowers […]
Another Huge Phantom Auto Loan Fraud Strikes
The industry was rocked with another massive auto loan fraud perpetrated by criminals that engaged in a Phantom auto loan scheme. Phantom loan schemes have emerged in the last 24 months and occur when borrowers and sellers collude to create fake loan transactions. In some cases, the perpetrators are unscrupulous dealers passing off non-existent cars, and in […]
The Surprising Rise of Down Payment Fraud in Auto
Tom Dunson went to a car dealer to buy a used car. He didn’t have any cash to put down to buy and his FICO score wasn’t so great so he wasn’t very hopeful he could do it. But when he walked into the dealership, the sales guy convinced him that they could make something […]
Video Shows You How to Use Fraud to Create Legal CPN!
The video states that you can create a legal CPN by following the steps provided. But as the video goes on, it becomes clear that they are instructing you how to create a new synthetic identity credit profile by hiding your true identity from the bureaus. Most shocking of all is that the video shows […]
Synthetic Identity Fraud Rockets Up in Auto Lending
Auto Lenders should beware. Borrowers using false Social Security Numbers and so-called Credit Privacy Numbers (CPN’s) to apply for auto loans is on the rise and wreaking more havoc than ever. Borrowers use false social security numbers to establish new credit profiles to disguise their true identities so that they can qualify for loans that […]
New FinCEN Report BEC Wire Fraud Has Risen 300%
BEC Wire fraud is kind of a big deal. A very big deal. FinCEN released a new advisory warning this week that BEC related fraud has caused over $9 billion in financial losses since 2016. Just as alarming as the losses though was the dramatic increase in FinCEN related SAR Reports which indicate that BEC […]
Fed Alerts Public That This Fraud is the Fastest Growing
The Federal Reserve published a whitepaper this week that claims that the fastest growing type of fraud in the US is Synthetic Identity Fraud. The article which you can read here, alerts the public that synthetic identity fraud is more prevalent in the United States than in other countries because identification in the United States […]
Every Fraud Vendor On One Handy Graphic Right Here
Confused about what fraud vendor to choose? How about taking a look at this slide to make it an even more daunting task! IDC published a great slide that shows every single fraud vendor that you could work with. Well, they forgot to include PointPredictive on this list – so just about everyone. Keep this […]
Dealer Forged Docs On 50% of Their Auto Loans
A car dealership in Charleston South Carolina – Hoover Mitsubishi has been flagged for allegedly defrauding scores of lenders by submitting fraudulent applications for car loans. This week, FBI agents raided the dealership and seized computers, records after two confidential witnesses told the FBI that three employees at the dealership submitted false information to at least […]
Credit Washing Fraud is A Dirty and Growing Business
Credit Repair is a noble business. Helping consumers understand how credit works and then helping them find ways to improve the way they manage their credit just makes the whole system better. But there is a dark side of the business too; run by con-artist who convince consumers to engage in shady, illicit and sometimes […]
$5 Million Dollar Auto Fraud Case Hits San Diego
A massive, 18-month long vehicle fraud case in San Diego came to an end yesterday with the arrest of 21 perpetrators who operated in an organized crime ring. It was the largest vehicle theft case in the history of San Diego and the California Highway Patrol believes this is just part of a new wave […]
Aspiring Rapper Defrauds His Employer for $4.1 Million
Chad Focus was focused on two things; becoming famous and making millions of dollars. On Instagram he even posed the question to his 187,000 followers, “How much would pay to be famous?”. For the rapper, whose real name is Chad Arrington, that price is will probably be as high as $20 years in prison. He […]
DOJ Launches Transnational Elder Fraud Task Force
The Justice Department is cracking back and people that take advantage of elderly US citizens. I learned of the news from Global Fraud Fighter Maryann Miller. Attorney General William P. Barr today announced the establishment of the Transnational Elder Fraud Strike Force, a joint law enforcement effort that brings together the resources and expertise of […]
SSA Rolls Out Pilot To Curb Synthetic Identity Fraud
If you have been waiting for a silver bullet against synthetic identity fraud, you might be interested to hear that the Social Security Administration is taking big steps to make that happen. The SSA announced an initial enrollment period for the much anticipated electronic Consent Based Social Security Number verification service this week. The SSA […]