Synthetic Identity Fraud Losses Are $6 Billion Annually
Synthetic identity fraud is large. The Auriemma Consulting Group completed analysis which suggests that losses due to synthetic identity fraud topped $6 billion dollars last year. The study found that Synthetic identity theft, a form of application fraud in which criminals use fake personas to abuse credit, is responsible for 5% of charged-off accounts and up to 20% […]
Scams Fueling Higher Check Fraud Rates For Banks
Check use is declining. Each year, use of checks declines about 5% and last year, that number fell to about 17 billion checks here in the US. By comparison, Americans use their debit cards now about 70 billion times a year – about 4 times as often as they write checks. In fact, Checks are […]
Money Mule or Advanced Fee Fraud Scam? You Decide.
I was reading an interesting question posed on the Scam board on Reddit. A user there had recently engaged with someone online who he felt was trying to scam them. The scammer was posing as a girl out of the UK and soliciting Korean’s to partner in a scam with them. The question is posed, […]
Synthetic Identity Fraud Rate Doubles
A new study by ID Analytics finds that a special form of identity theft called “Synthetic Identity Fraud” has doubled in size since 2011. In a press release today, IDAnalytics announced that since the randomization of social security numbers (SSNs) in 2011, the number of new SSNs appearing on applications within their ID Network more […]
Branch Manager Facilitates Massive Auto Fraud Scheme
A former Branch Manager of IAM Community Federal Credit Union in Alabama admitted to defrauding her employer out of $1.5 Million Dollars through a massive auto lending fraud scheme. Jennifer Leigh Arnette of Enterprise, Alabama inflated borrowers FICO Scores, and inflated the values of vehicles through power booking and manipulated loans so borrowers could qualify for […]
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