Income Verification Alarming Lenders During Shutdown
The global Covid 19 pandemic is creating significant issues for mortgage, auto, and personal lenders. At least 160 million people nationwide have been ordered to stay home. With 1 in 5 American’s under quarantine, business and government offices all over the country have shuttered and will continue to be closed for weeks. Unemployment is Spiking […]
5 Unexpected Benefits of Fighting Fraud From Home
I’m home. I’m working. I’m working at home. Such is our new way of life fraud fighters. And there are few if any exceptions. Much of the world is on lockdown as we humans collectively fight off this virus together. And we can fight fraud together too. We know that fraudsters love chaos and they […]
The Worst Fraud Project I Had In The History of Ever
In 2007, I was assigned to a 1 week project in Southern California. I was hired to help perform due diligence for a mortgage investor to identify if there were any fraud in loan files that they were about to purchase. I was a little apprehensive at first, because I had never looked in a […]
Why Consumers Need Fraud Experts To Help Them
Banking customers accounts are hacked or compromised all the time. That includes their credit cards, debit cards, and even online banking. Fraudsters can drain those accounts in a matter of a few minutes, often while the customer is sleeping or completely unaware of what is happening. When the customer gets their monthly statement, they are […]
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 […]
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 […]
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 […]
Shaq Drops $70K at WalMart, Gets Declined For Fraud
Shaq does everything big. He stands a towering 7 feet 1 inches tall. He dunks big. He rebounds big. He’s got size 22 shoes. And he owns 155 Five Guys Burgers joints. The guy is a big personality. And he is a big spender too. There is one record that no one can touch – […]
5 Mistakes To Avoid When Launching Zelle
Products in banking are changing fast! And no where is that more true than instant payments. Nearly 60% of consumers use peer to peer payments on their cell phones and that number jumps to 80% if your between 18-34 years old. Venmo initially prompted the craze with their enormously popular application that would let people send […]
Zelle Cracks Back on Fraudsters
American Banker had an interesting report on Zelle this week – Zelle Anti Fraud Effort Trips Up Customers. They report that the person-to-person payments service Zelle differentiates itself from rivals by promising users that transactions sent over its network will clear in near-real time. Yet in recent months, the service has faced a number of complaints […]
Machines Can Identify Income Fraud Without Verification
Income Fraud is one of the most common types of fraud that impacts lenders. People lie about their income in order to qualify for the loan. As a case in point, 1 in 5 borrower’s admitted in a survey that they misrepresented their income on their application for a car loan. In Australia, 1 in 6 […]
What 6 Credit Unions Do To Stop Auto Lending Fraud
An interesting article on how Credit Union’s are Ferreting Out Auto Lending Fraud was written by Michael Bartlett. It’s a good article and has practical advice about how 6 different Credit Unions address the problem of auto lending fraud. Credit Union’s are often the target of sophisticated fraudsters because they will often provide more options […]
Don’t Give Up. Make Your Voice of Fraud Be Heard.
Here’s to the Whistleblowers. The little guy trying to do the right thing, trying to convince people to care about fraud they see happening. Here’s to the Fraud Analyst, the Fraud Investigators, the Fraud Managers on the front lines exposing fraud even when no one else wants to hear their message. Here’s to Officers, the Investigators […]
Todd Wolf Investigator Shines Spotlight on Fraud
Todd Wolf is a nationally recognized Vehicle Theft Fraud Investigator who spent 23 years with the CHP and close to 10 years of that investigating vehicle theft in one of the highest risk fraud regions in the world – Los Angeles. As a fraud investigator for 10 years, he’s seen it all and what he see’s […]
5 Reasons Machine Learning Won’t Eliminate Fraud Analyst
Computing power is doubling every two years. As computers become increasingly powerful, we are finally able to capitalize on the enormous power of artificial intelligence and machine learning. Self-driving cars, stores without cashiers where you simply walk out with your merchandise and have your card charged automatically, the ability to ask SIRI anything and get an immediate and […]