Captain Analysis Paralysis Just Killed Your Fraud Project
Many companies out there have project killers and dream destroyers. I like to call that person – Captain Analysis Paralysis. ??✈️ He (or she) is that one person that can stall out even the most promising fraud project with 5 simple words – “Can we do more analysis?” The Heavens Open Up When They Speak […]
How Sales Pressure Can Cause Spikes in Auto Fraud
Sales and Fraud are sometimes at odds. Sales people want to sell. Fraud people want to stop fraud. These often don’t go hand in hand. The most motivated buyers are often the fraudsters themselves, so why would you ever want to turn down a sale to anyone. The answer is quite simple actually. PointPredictive analysis […]
The Absolute Worst Case of Identity Theft In History
Most people fear having their identity stolen even once, but one woman from New York probably appreciated that fear much more than everyone else. You see, this particular woman had her identity stolen more than 40,000 times; it was such a severe problem that the Social Security Administration had to “void” her number and issue her […]
White Lies – The $29 Billion Auto Fraud That Impacts You
Little white lies. No one ever gets hurt by little white lies. Well, don’t tell that to the insurance companies that are losing big money when consumers lie or omit information on the insurance policies. Verisk Analytics, a company that specializes in property/insurance risk, concluded companies are losing $29 Billion a year in lost premiums because consumers […]
9 Ways The IRS Improved Their Fraud Detection
The Treasury Inspector General published a new glowing report which details how the IRS has dramatically improved their fraud detection. They did by implementing a layered approach to using models, external databases, borrower validation, and good old fashioned collaboration. The report was created after an audit of the IRS was requested by officials due to […]
Punjab Bank Stung With 3rd Massive Loan Fraud
Indian banks can’t seem to shake their loan fraud problems and just this week it got even worse. Punjab National Bank (India’s second-largest state-owned bank) said late Thursday that a customer, the ailing property lender Dewan Housing Finance Corp., had defrauded it of the equivalent of $491 million. The bank, in a stock exchange filing advised that they […]
15 Billion Credentials Are For Sale On The Dark Web
A new study by a security research firm reveals that billions of credentials are for sale on the dark web accumulated from over 100,000 separate data breaches. I have read the study, and it is stellar. The study is chocked full of interesting statistics and trends on the dark web and provides stunning insight into […]
Fed Releases Classifier To Help Improve Fraud Reporting
In simpler days, payment fraud used to be pretty straightforward. You had stolen or counterfeit checks and maybe the occasional wired fraud and that was the end of the story. But over time, that changed. More types of payment options became available – ACH, Zelle, Paypal, Venmo, Cash App, and more of those options became […]
Online Fraud Will Cause $200 Billion in Losses in 4 Years
Juniper Research found that businesses in eCommerce, airline ticketing, money transfer, and banking services, will cumulatively lose over $200 billion to online payment fraud between 2020 and 2024, driven by the increased sophistication of fraud attempts and the rising number of fraud types. In research published this week, Juniper advises that the payments industry is […]
FBI Reports Internet Fraud Climbs 32% in 2019
The internet is connecting everyone in the world together and drawing us closer together. And while that is a good thing in many cases, it also is providing a ripe hunting ground from fraudsters and scammers that are trying to steal your money. This week the FBI, reports that fraud on the internet rose to […]
Retail Fraud Attacks Have Tripled Since 2017
Lexis has released their annual cost of fraud report and has found that overall fraud attempts doubled year-over-year and tripled since 2017. The rise in fraud is real and here to stay. The largest increase in fraud is small retailers that sell digital goods. The massive increases in fraud are related to increased bot activity […]
1 in 5 Millennials Lie on Their Mortgage Application
A new survey from Equifax Canada determined that millennial borrower were more than twice as likely as other borrowers to inflate their income on an application for a mortgage loan. The report, which surveyed 1,545 Canadians across the country, found that 20% of millennial borrowers admitted they would change their income to qualify versus about […]
The Fraud Tree Illustrates How Internal Fraud Works
If you are looking for a fantastic chart that describes all of the different fraud types and how they are perpetrated by internal fraudsters, you can head to the ACFE (Association of Certified Financial Examiner) who have spelled it out pretty clearly in this downloadable document. – Download Here. This is a great reference to […]
New FinCEN Report BEC Wire Fraud Has Risen 300%
BEC Wire fraud is kind of a big deal. A very big deal. FinCEN released a new advisory warning this week that BEC related fraud has caused over $9 billion in financial losses since 2016. Just as alarming as the losses though was the dramatic increase in FinCEN related SAR Reports which indicate that BEC […]
Fed Alerts Public That This Fraud is the Fastest Growing
The Federal Reserve published a whitepaper this week that claims that the fastest growing type of fraud in the US is Synthetic Identity Fraud. The article which you can read here, alerts the public that synthetic identity fraud is more prevalent in the United States than in other countries because identification in the United States […]
DOJ Launches Transnational Elder Fraud Task Force
The Justice Department is cracking back and people that take advantage of elderly US citizens. I learned of the news from Global Fraud Fighter Maryann Miller. Attorney General William P. Barr today announced the establishment of the Transnational Elder Fraud Strike Force, a joint law enforcement effort that brings together the resources and expertise of […]
GE Stunned with $1.5 Billion Dollar Fine for Fraud
General Electric was ordered to pay a fine of $1.5 billion fine over the lending activities of their shuttered subprime lending unit, WMC Mortgage. WMC Mortgage was acquired by GE at the height of the mortgage market bubble in 2005. Between 2005 and 2007, WMC Mortgage volumes soared to over $65 billion in originations and a toxic […]
Credit Repair Fraud Ring Busted – Stole 500 Identities
Five people, including a Brooklyn man who ran a credit repair business and a former football player associated with the New York Giants, were arrested in connection to an alleged identity theft ring that attempted to steal more than $1,000,000. The group allegedly stole as many as 500 identities to apply for fraudulent loans — […]
Facebook Ignored Friendly Fraud to Boost Revenue
Facebook has always pushed the boundaries of ethics. Even in its earliest days, Mark Zuckerberg was accused of stealing the idea of the company from friends he met in college. Ever since then, the company has struggled to maintain trust with users. An internal company memo from 2011 is putting it on the hot seat […]
Venmo Fraud Spikes – Takes Higher Operating Losses
2018 has been a tough year for Venmo. Fraud activity is on the rise pushing up their losses and as they try to respond and cut off the fraudsters, they are pissing off thousands of customers. In the first 3 months of 2018, Venmo reported an operating recorded an operating loss of about $40 million […]
Fraud Rates Projected to Peak on Thanksgiving Day
Thanksgiving is a great day. And thanks to retailers who insist on getting a jump on Christmas sales, it’s also a great day to shop. Unfortunately, it’s also a great day to use a stolen credit card. ACI published an analysis which suggests this Thanksgiving there could be a little less to be thankful for […]