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 […]
This CEO Tries to Convince Auto Lenders Fraud is Real
I love it when senior executives take a stand against fraud and try to do something about it. So when I read this article in Auto Finance Excellence – Roadblocks to Creating a Dealer Fraud Detection Network, I was pretty impressed with CEO Troy Cavallaro and what he has been trying to do. He has been […]
Can you Fight Fraud with Credit Score Models? NOPE.
In 2004, the mortgage industry was booming. Lenders were originating more loans than ever before. At its height, mortgage companies were originating and in many cases selling close to $3 trillion in loans annually. Mortgage production had literally tripled in 2 years. It was a lending boom. It seemingly didn’t matter what type of […]
In the Fight Against Fraud, Strong Leadership is Key
This article was printed in American Banker and expresses my views on the importance of strong fraud leadership – American Banker Article. With identity theft a top concern among American consumers and large-scale data breaches becoming unfortunately routine, banks must be more proactive than ever in the fight against fraud. One of the crucial steps […]