Who Wants to Be A Millionaire Major Fraud
Every so often there is a story of fraud and greed that is so interesting that I just have to share it. About 15 years, one particular story caught my eye. This is a story how a family almost cheated the show “Who Wants To Be A Millionaire” out of $1 Million Dollars. This is […]
Mortgage Fraud Rises to Highest Level in Years
Fraud on new mortgage applications took a dramatic spike over the last quarter resulting in the highest level of fraud in over 7 years. CoreLogic released their quarterly fraud index which tracks the fraud risk of applications submitted by lenders that use their fraud detection systems. According to the Mortgage Fraud Report, there was a […]
Car Dealer Slapped With Massive Fine for Loan Fraud
Hallman Chevrolet in PA was slapped with a massive $2 million dollar fine for loan fraud this week. If you factor in the average profit they might make from selling a car of $2,000 that means that the dealership is going to have to sell about 1,000 cars to make up for the huge fine […]
4 Ways Lenders Use Open Banking to Stop Fraud
Open Banking is a trend that is changing the fraud detection landscape. When people refer to this term it refers to the use of Open APIs that enable third-party developers to build applications and services around the financial institution. The concept of this type of thing was really popularized by Steve Jobs and Apple Computer. When he […]
Using A CPN Is A Fraud and A Crime
It’s called a CPN which stands for Credit Privacy Number. A CPN claims to be a nine-digit identifying number that you can use instead of your Social Security number to protect your privacy on credit documents. But using a CPN, instead of your real social security number to apply for loan or credit card can spell […]
About-Fraud Makes Sense of The Many Fraud Tools
Fraud Managers must manage many risk on a day to day basis. It can be a bit mind boggling when you think about it. Check out all of the different risk that fraud managers are faced with every day. As part of managing that risk they are constantly evaluating new tools and technology to help […]
How To Use Your Phone To Detect Skimmers
The secret service issued a warning to consumers to be on the lookout for skimming devices at gas pumps this 4th of July. The scam is on the increase and it involves crooks implementing a card reading device on top of the gas stations pumps that can intercept the details from the magnetic strip and […]
Serial Fraudster Racks Up $30 Million In Luxury Auto Fraud
He was an FBI informant, once testified against the Russian mob, and his spare time was a serial fraudster. Albert “Alex” Golant was born in Belarus Russia and moved to Wisconsin at a young age. To make money he would eventually become a prolific car broker and high stakes gambler, only his schemes were not […]
Auto Lender Hit With Phantom Auto Loan Fraud
In 2015, the US Office of Personnel Management (OPM) was involved in the largest hack against Government employees in history. The hackers made off with 21.5 million records. That data included social security numbers, fingerprints, usernames, passwords and other personal data from government employees. The OPM apparently awarded ID Experts $133 Million to protect the identities of those government […]
Auto Lenders Address Rising Fraud
An article written by Matt Wood in Auto Finance News highlighted some of the rising fraud trends that we are seeing in auto lending. Different forms of fraud are rising in the auto industry and are presenting lenders with challenges as fraudsters continue to grow smarter, Frank McKenna, chief fraud strategist at artificial intelligence solutions […]
The Moment Visa Crashed Captured on Video
https://twitter.com/twitter/statuses/1002631835577397248 In all seriousness, Visa identified the issue as a hardware problem that caused messages back to the Chip Card from Visa to fail. What a day. One of the worst payment outages in history. How many of you fraud analyst have ever written a rule that declines too many transactions? Can you imagine if […]
3 Lenders Profits Hit Hard By Same Insider Fraud
American Banker reported that 3 separate lenders warned of massive profit hits suffered as a result of a single commercial loan fraud scheme. The lenders; Fulton Financial, Univest, and Franklin Financial all submitted separate regulatory filings warning that their 2nd Quarter profits were going to take a significant hit as a result of write downs […]
How Fraudsters Trick You To Bypass 2FA
An interesting and clever example which shows just how scammers and fraudsters will go to get your one-time password or those 2 Factor Authentication codes to your bank accounts. This example popped up here on Reddit. The person that received the text was tricked into sending the scammer the one-time passcode that they then used […]
Has Auto Loan Fraud Replaced Car Theft In The US?
Thefts of cars have gone on a decades-long decline here in the United States. In 2003, there were more than 433 car thefts per 100,000 people. Today, the number of thefts has dropped to 215. That is a reduction in car thefts by over 50%! FBI Crime Reports for Auto Theft When it comes to car […]
The Skim Reaper Spells Doom To Skimming Fraud
The Secret Service estimates that over $1 Billion Dollars is stolen from US consumers each year due to card skimmers. The University of Florida has developed a skimming detection device that can instantly identify if a card reader has been compromised by a skimmer in the hopes of reducing losses to consumers. The device is […]