Synthetic Identity Is Back With A Vengeance
It’s baack. Synthetic Identity has returned with a vengeance. That, according to a newly released report by TransUnion that claims that lenders’ exposure to synthetic identity has exploded to $3 Billion. We are now at an all-time high, according to the credit reporting giant. From $855 to $3 Billion In Last 2 Years In 2021, […]
AI Bots Are Way Better At Captcha’s Than People
Ai is coming for your security puzzles. Captcha means Completely Automated Public Turing test to tell Computers and Humans Apart. The test, which is used to prevent login fraud is now in danger of becoming irrelevant because AI Bots are now better at completing them than humans. Face it, everyone hates the puzzles anyway. Now […]
Dealership Employee Got Caught In Big Fraud Fakery
A would be police officer recruit and Finance Manager at Red Rock GMC was allegedly caught pretending to be a customer on verification calls with the lender. She was charged with forgery, criminal impersonation and identity theft after being accused of impersonating customers in phone calls with Canvas Credit Union. During Funding The Fraud Scheme […]
Hacking Group Took Sim Swapping To The Next Level
Beginning in late 2021 and continuing late into 2022, a globally active, extortion-focused cyber threat actor group called Lapsus$ attacked dozens of well-known companies and government agencies around the world. It penetrated corporate networks, stole source code, and then demanded ransoms. In a newly released report by the US Government on Thursday, it was discovered […]
Empty Boxes – Is This An Inside Job At The IRS?
A report by a watchdog group is calling into question the IRS’s processes for protecting taxpayer data. And a report that appears in the Daily Mail this week indicates that the IRS has lost track of millions of sensitive records putting taxpayers at risk of identity fraud. Whose data is missing and what is the […]
Mortgage Payoff Fraud Is Spiking – Up 532%
Home sales are way down but fraudsters are not hitting the brakes on mortgage related fraud. A new CertifID report finds that fraudsters are shifting their tactics and resorting to more lucrative mortgage fraud schemes including diverting closing funds. The firm caught $1.9 million in attempted mortgage payoff fraud in Q1 2023. By Q2 of […]
This New Airline Imposter Scam Is Really Bad
Scammers are out of control, impersonating airlines to steal people’s credit cards. It’s a real devious con job that appears to be based out of India. They Post Fake Customer Service Numbers For Major Airlines The scammers are posting fake 800 numbers from major airlines, so when people google search for an airline to make […]
He Tried To Cash A $368 Billion Fraudulent Check
Let’s go back in the Internet Gold Hall of Fame momentarily and remember a Florida Man who tried to cash a fraudulent check. Not just any check, but a check made out for 368 Billion Dollars. A Strange Story Based On A Strange Story In May 2015, Jeff Waters walked into a bank in Jacksonville, […]
Another Unemployment Fraud Wave Hits Several States
Multiple states appear to be getting pounded by unemployment fraud claims. At least two states (Ohio and Connecticut) , and possibly a third (Colorado) have reported a flood of new fraudulent claims. What is this, Wave #5 of Covid Fraud? Connecticut – 75% of Unemployment Applications Are Fraud The state Department of Labor in Connecticut […]
It’s Eerily Quiet On The FedNow Fraud Front
The much anticipated FedNow Program launched on July 20th. It’s offering the instant, round-the-clock ability to issue a paycheck or pay an invoice. Heck, many think you’ll even get your paycheck faster with the service. But many fraud experts have been holding their breath, expecting that the tried and true postulate – Fast Money = […]
T Mobile Employee Arrested For Sim Swap Fraud
T-Mobile. If you are listening, You might have an insider fraud problem. Fraudsters are advertising all over the dark web and Telegram, and just this last week, an employee in New Orleans was arrested for a massive case of Sim Swap Fraud. She Sim Swapped 32 Different Phones Tamber Blackmore was arrested last week for […]
Dark Tower Exposes Pig Butchering Recruiting Sites
Trionix Multitech, “a crypto currency company” is looking for female models to join them in exotic locations. They pay $5,000 a month, and that doesn’t even include room and board. If a girl accepts a job from one of these sites however, she will join the estimated 100,000 other girls the Los Angeles Times estimates […]
Checking In With My Fraud Compadres on Fraudology
We all have our fraud compadres. You know those people that you could talk for hours with on any topic related to fraud. Well, Karisse Hendrick and Mary Ann Miller are my fraud compadres and each year we come up with our predictions for the following year. For 2023, we made 10 predictions which you […]
Report – Introverted Fraud Depts Are Not Very Happy
Introverts can be very happy and content people. But Fraud Departments that are introverted, well, that is another story. An impressive new report – The Fraud Benchmarking Report 2023, surveyed hundreds of merchant risk executives and found that three key elements of happy fraud departments were noticeably more absent in unhappy ones. The results may […]
Report – eCBSV In Dire Shape, Program Could Collapse
According to the Federal News Network, the SSA’s new eCBSV program is in dire shape. The program, which helps financial institutions crack down on the use of stolen social security numbers on applications for credit could enter a “death spiral” according to experts due to a steep increase in the fees they charge. Some companies […]
Covid Fraud 2.0 -Check Out The New Fraud Money Grab
We’re still bleary-eyed from the hangover of massive pandemic fraud, and here comes COVID Fraud 2.0. The Employee Retention Credit (ERC) – sometimes called the Employee Retention Tax Credit, is a tax credit for businesses that were impacted by COVID shutdowns. But the program is also becoming a big money grab by fraudsters and scammers. […]
Another Startup With Massive Fake Accounts Bites The Dust
Remember 2021 when every startup was seemingly worth a billion dollars? My oh my, how times have changed, and some of those companies were engaged in fraud – first, there was NS8, then Frank the financial aid startup, and now the high-flying messaging app –IRL. The company has been closed. 95% of their users were […]
The Future Is Here – Meet The New Fraud Analyst 2024
The future is here. I see it clearly. And it’s impressively human. AI is great. But it is the fraud analyst – the human in the loop – who will make our future safe. When Apple launched Vision Pro, I saw the future of being a fraud analyst. And it looks very much like a […]
Fraud Royalty – She Was The Queen of Magic Numbers
By now you you’ve likely heard the story of Charlie Javice. She is accused of creating 4 million fake student accounts to inflate the user count of her company Frank, which she then used to sell the company for $175 million on Chase. In reality, she only had about 350,000 customers. Well, interviews with former […]
This Cop Doesn’t Mess Around With Dealer Fraud
Fraudsters are targeting Atlanta area car dealerships using fraudulent identifications, and it’s getting a little out of control. In the last two weeks, two different Youtube videos have emerged from the Chamblee Police department showing fraud in progress at dealerships. Perhaps the most impressive thing about these videos is the police sergeant that shows up […]
FedEx – Is This The Largest Odometer Fraud In History?
This may be the largest odometer fraud case in history. Each year 40 million used cars are sold, and over 450,000 have odometers that were illegally altered. And the impact to consumers is huge – approximately $1 billion a year according to industry estimates. And this year may be its biggest year ever, thanks to […]