Zelle Fraud Scams Drain Consumers’ Bank Accounts
Zelle fraud continues to impact consumers’ bank accounts, often behind the scenes without their knowledge.
Was World’s Oldest Lady A Case of Identity Theft?
Jeanne Calment was the oldest living person in the world until she died in 1997. Or was she? Recently, a Russian mathematician cast doubt on her claim and believes it might have been an imposter. Nikolai Zak, released a report on an investigation where he believes that Jeanne Calment was actually a case of identity […]
4 Behavioral Red Flags of Synthetic Fraud Applications
New account and loan fraud is on the rise across the globe and BioCatch this week believes that is in large part due to synthetic identity fraud, which is rendering static identity proofing useless in the application process. BioCatch has unveiled several red flags that they have uncovered that lenders and banks can use to […]
How Robotic Process Automation Can Help in Fraud
There is a new buzzword in town and it’s called RPA. And it means Robotic Process Automation. And it is catching steam. If you’re a fraud professional and want to be in the know, you really need to understand what it means to you. If 2016 was known for big data, and 2017 was known […]
The Parable of Many Monkeys and Fraud
An interesting parable originally was written and published on Reddit – here. Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers, seeing that there were many monkeys around, went out to the forest and started catching them. The man […]
7 Ways You Can Help End Human Suffering in Fraud
Matt Friedman is a man on a mission. His goal in life is to reduce human suffering caused by trafficking. For 30 years he has fought modern slavery. He travels the world on planes, endlessly speaking, educating and persuading others to do the same. He gave 150 presentations in the last year alone. I met […]
America’s First Auto Fraud Case 1941
I always thought Auto Lending Fraud scams were a relatively new phenomenon. After all, white-collar crime has risen as banking and new technologies have emerged over the last 20 years. But boy was I wrong. About a week ago, I decided to challenge myself and find the oldest case of auto lending fraud that I […]
7 Red Flags in Auto Finance Fraud
Matt Wood wrote a great article for PowerSports Finance that originally appeared here – 7 Red Flags that An Application Might Be Fraudulent. As part of that article, he interviewed industry experts and fraud professionals such as myself to understand what makes an auto finance application risky. When there are information discrepancies If the information doesn’t […]
Venmo Fraud Spikes – Takes Higher Operating Losses
2018 has been a tough year for Venmo. Fraud activity is on the rise pushing up their losses and as they try to respond and cut off the fraudsters, they are pissing off thousands of customers. In the first 3 months of 2018, Venmo reported an operating recorded an operating loss of about $40 million […]
Fraud Rates Projected to Peak on Thanksgiving Day
Thanksgiving is a great day. And thanks to retailers who insist on getting a jump on Christmas sales, it’s also a great day to shop. Unfortunately, it’s also a great day to use a stolen credit card. ACI published an analysis which suggests this Thanksgiving there could be a little less to be thankful for […]
Fallback Fraud is Falling Fast in 2018
In 2017, Fallback fraud was the fastest growing fraud type for card issuers in the United States. In 2018, Card issuers improved their fraud strategies and monitoring and have been able to curtail this fast growing type of fraud. FallBack Fraud Spiked After Chip Implementation in the US According to Auriemma, card issuers reported that […]
19 Banks Hit with Phantom Auto Loan Fraud Scam
Credit Unions continued to get pounded by auto lending fraud. Just this week the Department of Justice revealed a massive auto loan scheme that targeted credit unions – DOJ Phantom Loan Scheme. A federal jury in Charlotte returned a guilty verdict late yesterday against Kimberlie L. Flemings, 49, of Mt. Holly, N.C. for her role […]
Synthetic Identity Fraud in Cards to Hit $1.2 Billion Soon
Card fraud is getting a boost, thanks to criminals that have shifted their focus from counterfeiting plastics to counterfeiting identities. Aite published analysis that suggest that synthetic identity fraud is growing at a rate of about 20% every year on card portfolios. By 2020 it is expected that card issuers will lose about $1.2 billion […]
Fraudster receives 18 months in Prison for Using CPN’s
Calvin Wayne Cade Jr of Oklahoma City, has been sentenced to eighteen months in prison for using credit profile numbers, or CPNs, to falsely report his Social Security Number in credit applications. According to charges filed in November 2017, Cade used CPNs, also known as “credit privacy numbers” or “credit protection numbers,” instead of his own […]
Banks Start Name Checks To Stop Transfer Fraud
UK Banks are implementing a new technique to stop some of the most basic money transfer fraud schemes. Currently, if a consumer wants to transfer money, they are asked for the recipient’s account name, account number, and sort code. However, banks do not currently check if the account name is correct. And this leads to […]