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 […]
Fallback Fraud is Falling Fast in 2018
In 2017, Fallback fraud was the fastest growing fraud type for card issuers in the United States. In 2018, Card issuers improved their fraud strategies and monitoring and have been able to curtail this fast growing type of fraud. FallBack Fraud Spiked After Chip Implementation in the US According to Auriemma, card issuers reported that […]
Synthetic Identity Fraud in Cards to Hit $1.2 Billion Soon
Card fraud is getting a boost, thanks to criminals that have shifted their focus from counterfeiting plastics to counterfeiting identities. Aite published analysis that suggest that synthetic identity fraud is growing at a rate of about 20% every year on card portfolios. By 2020 it is expected that card issuers will lose about $1.2 billion […]
Has Auto Loan Fraud Replaced Car Theft In The US?
Thefts of cars have gone on a decades-long decline here in the United States. In 2003, there were more than 433 car thefts per 100,000 people. Today, the number of thefts has dropped to 215. That is a reduction in car thefts by over 50%! FBI Crime Reports for Auto Theft When it comes to car […]
Kids Are Twice As Likely to Be Fraud Victims Than Adults
Here is something to make your bold boil. Toddlers and kids are under attack by fraudsters. About 1 in every 50 kids is subject to becoming victimized by fraudsters in this day and age. Your son, daughter, grandson or granddaughter are the #1 target of these fraudsters because their social security numbers are cleaner and […]
Bad Bots Are Taking Over the World
2018 was the year that Bots went mainstream. According to a new report by Distil Networks, Bot activity accounts for 42% of all internet activity. And what’s worse, is that close to half of that activity is by malicious “bad” bots. Bad Bots are taking over the world. 1 in every 5 hits to […]
6 Reasons Why P2P Fraud is A Big Big Deal
Person to Person Payments (P2P) is blazing hot! It is without a doubt the hottest trend in banking as apps like Venmo and Zelle boast millions of new users monthly. But it also happens to be the hottest fraud trend as well, as cybercriminals and scammers rush in to take advantage of instant payoff as […]
Mortgage Fraud in China Is Out of Control
There is a property binge in China and people are so afraid of missing out on the gold rush that they are lying on their applications. Since 2012, property prices have been on a tear as the economy has improved and the government has offered incentives to help people get into homes. They lowered down […]
Shifting Sands – Fraud Report Reveals Changing Landscape
Idology, an Identity Verification Company, has released their 5th Annual Fraud Report which reveals the shifting landscape of fraud over the past year. Like sand, fraud is always changing, always moving to the path of least resistance. And that was even truer this year as fraudsters escalated the cat and mouse game with more data […]
Study Shows Lenders Have Highest Cost of Fraud
The lending industry has a higher cost of fraud than any other industry; that includes auto lenders, mortgage lenders, digital lenders and bank lenders. In their 2017 True Cost of Fraud study, LexisNexis interviewed 1,196 executives across hundreds of e-commerce merchants, banks and lenders and determined that lenders spent $2.82 in cost, fees, and interest […]