Mortgage Fraud Hits 82 Basis Points of Fraud Loss
CoreLogic released their latest Mortgage Fraud estimate and determined that a whopping 82 basis points of applications contain some indication of fraud. That’s surprising, considering just how diligent mortgage lenders are in verifying and scrutinizing just about every piece of information that a borrower files to get a mortgage. How come borrowers continue to lie […]
ATM Compromises And Debit Card Fraud Are Spiking
EMV is almost fully rolled out here in the US but that doesn’t appear to be helping Debit Cards much – at least at ATM machines. Fico this week reported Compromises of ATMs and point-of-sale (POS) devices in the US rose 21 percent in the first six months of 2017, compared to the same period in 2016. This […]
Card Not Present Fraud Reaches 78% in Australia
The Australian Payments Net reports that online credit card fraud has doubled in the space of just six years. Card not present fraud has soared to over $471 in Australia last year accounting for 78% of the $534 Million that occurred. This is not the first year that online fraud has been on the rise. CNP […]
Scams Fueling Higher Check Fraud Rates For Banks
Check use is declining. Each year, use of checks declines about 5% and last year, that number fell to about 17 billion checks here in the US. By comparison, Americans use their debit cards now about 70 billion times a year – about 4 times as often as they write checks. In fact, Checks are […]
Synthetic Identity Fraud Rate Doubles
A new study by ID Analytics finds that a special form of identity theft called “Synthetic Identity Fraud” has doubled in size since 2011. In a press release today, IDAnalytics announced that since the randomization of social security numbers (SSNs) in 2011, the number of new SSNs appearing on applications within their ID Network more […]
Are CyberAttacks as Harmful as Hurricanes?
In 2012, one of the deadliest and most destructive hurricanes hit the Atlantic coast -Hurricane Sandy. Hurricane Sandy caused widespread destruction in both lives and its financial impact. But man made disasters, may cause more damage than natural ones. In a recent press release, Lloyds of London estimated that a global cyber attack could result in losses […]
Top 10 Fraud Scams for 2017 By Losses
The 2016 Internet Crimes Report has just been released and it provides eye-opening analysis of how you might become a victim of fraud. Each year the FBI compiles statistics on all internet crimes reported by Americans and creates the Internet Crimes Report. It is the best indication of how Americans are being conned by crooks, thieves, and […]
UK Fraud Reports Hit Highest Levels Recorded
Fraud is not going down anytime soon. In fact, fraud seems to be increasing year over year across all regions and most fraud types. CIFAS just released their Fraud Report for 2017 which you can find here – CIFAS Fraud 2017 Report. Fraud is up another 1.2%, over an already historic level of fraud reported […]
Auto Loan Fraud – 1 in 5 May Contain Fraud
UBS published a new study which indicates that an astounding 1 in 5 borrowers admitted that their auto loan applications could contain inaccuracies. This spells bad news for lenders that rely on application information to be factual in order to approve loans. In fact, UBS was so concerned that they indicated that “something is going […]
Auto Lending Fraud Loss Trends
Auto lending fraud has been getting more attention recently as losses begin to mount for some lenders. As losses mount, lenders are beginning to look beyond credit risk strategies into fraud strategies which can target high-risk losses such as early payment default which can be caused by misrepresentation on the original application. Known Fraud and […]
Facebook is Putting 33% of British At Risk of Fraud
New research by Equifax has found that 33% of people in the UK put their full name and date of birth on their social media profile page, and fraudsters are able to use that information to connect that information to the address. And why is this important? Well, to put it simply, you only need […]
What The Swift Response to Fraud Tools Can Teach Us
I read some good news this week. Swift announced the launch of a new payment screening service that will help small banks defend against fraud attempts on their network. The service will place a red alert flag on Swift payment messages that contain signals of fraud and out of pattern behavior. The massive $1 Billion fraud […]
Why Your SSN Is So Ineffective Against Fraud
Here is a cool little informative video about why the social security is woefully ineffective in stopping fraud and identity theft.
Auto Lending Fraud Infographic
I created this handy little Auto Loan Fraud Infographic to explain how auto lending fraud works and why criminals are so interested in it. Why do fraudsters love committing fraud? Because not only can they get the car for free, they can ship it to Asia and sell it 3 or 4 times the value […]
Canada is Close to Wiping Out Skimming Fraud
While American’s are getting hit with more card fraud than ever, it appears that our friendly neighbors in Canada figured out what to do about it a long time ago. It appears that when Canadians decided to put Chip’s on their cards way back in 2008, they had the right idea because it has worked […]