Congress Launches Investigation Into ID.me
In a sweeping letter to ID.me, Congressional lawmakers demanded records about its contracts with states as well as information about the accuracy of the technology and how they store sensitive customer data. The letter which was released by the Washington Post earlier today details the concerns that lawmakers have about ID.me and their rapid rise […]
This Fake Account Buy Now Pay Later Scheme is Devilish
Fraudsters are clever. They are always scheming of new ways to defraud banks, lenders and fintech’s of every dollar they can. But according to Karisse Hendrix, a self-professed “Chargeback Nerd”, who runs her own business called – Chargealytics Consulting, this new scheme might be one of the insanely creative fraudster schemes she’s seen since the early […]
This Used Car Salesman Is A Fraud Fighting Hero
Andrew Shinsky is a used car salesman. And he is also a fraud hero. He went above and beyond the call of duty to foil an identity theft attempt and made a lifelong friend in the process. Check out this heartwarming story of how Shinsky stopped 47 year old Darci Peters from using a stolen […]
Alarming- Gun Services Now Appearing On Fraud Channels
Telegram is always a great source for understanding what is happening on the black market in fraud. There are thousands of channels dedicated to helping fraudsters communicate with each other. And it’s all right there in the open for you to see. You get to understand the fraudsters mindset, what they are interested in and […]
Big Banks Enter Identity Race With Early Warning
Borrower consent services are riding a huge wave of growth and this week there was some big news. Early Warning Services, LLC and seven of the largest banks in the U.S. today introduce Authentify®, a new identity verification service for consumers and businesses. While on a participating business’ website or app, consumers can choose to […]
The system failed at almost every conceivable level
Across the U.S., criminals have stolen over $200 billion in pandemic-related state unemployment benefits by filing fake claims and using false identities. The government received applications for unemployment benefits from Mickey Mouse, Poopy Britches and John Doe. By all counts it was the greatest fraud in history and a catastrophic failure of fraud controls. Check […]
Brett Johnson And The DownFall of Shadow Crew
A great video posted by Lex Fridman on his podcast LexClips. Brett Johnson describes how Shadow Crew eventually tumbled and fell.
Newly FBI Report Reveals Fraud Is Highest Ever
According to the FBI, the United States has experienced an unprecedented increase in cyber attacks and malicious cyber activity. In 2021 the scale of fraud and cyber attack reports hit an all time high. In a report released this week, the FBI received a record number of complaints from the American public: 847,376 reported complaints, […]
Visa and MC Raise Fraud Thresholds As Gas Prices Soar
Gas prices are soaring and credit cards are just not able to handle the rapid increases. Visa and Mastercard and changing their fraud liability rules for gas stations to allow larger transactions after gas price surges have made it hard for many drivers to fill up their cars using their credit cards. Most gas stations […]
ACFE – Internal Fraud Losses Globally Hit $4.7 Trillion
The ACFE released its annual report on fraud and they estimate that organizations are losing $4.7 Trillion to occupational fraud each year. That means that companies are losing up to 5% of their revenue to fraud committed by their employees. The term occupational fraud refers to frauds that are committed by individuals against the organizations […]
SBA Bolstering Fraud Program To Crack Down on Losses
The SBA is making big changes. Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, announced an all-hands-on-deck, multi-faceted expansion of efforts to identify and support the SBA Inspector General’s recovery of fraudulently obtained COVID economic relief funds and to prevent potential […]
NBC Report – The Fleecing of America’s PPP Program
This is a very good report from NBC that details the stunning fraud that was the PayCheck Protection Loan Program. What I love about it is how they show data scientists looking for red flags in the background. The PRAC data scientist, Claire Stabile, details one case where they found 1,300 different PPP Loans going […]
Infamous Ghost Excellently Reports On Amazon Fraud
I have highlighted Infamous Ghost’s Youtube channel before. He has a great way of breaking down fraud cases and scams and helps you get to the heart of the matter quickly. I like his no-nonsense approach. Check out this really great video he uploaded that outlines one of the biggest Amazon fraud scams I have […]
California Used Old Card Tech, Now Its A Skimmers Delight
California continues to be a case study in the lack of fraud controls. In 2016, the state turned off their fraud program to save money and it’s been downhill ever since. First, the state reportedly lost $31 billion due to unemployment fraud perpetrated during the pandemic. Then, the state got hit with Disability fraud when […]
Credit Repair Co Accused of Filing Fake Id Theft Reports
The FTC is cracking back at the growing problem of credit washing and people filing false identity theft claims on their website. Today, they obtained an order halting a credit repair scheme that allegedly bilked consumers out of millions of dollars by falsely claiming they will remove negative information from credit reports, while also filing […]
ShapeShifter Used Countless Identities To Defraud Banks
A con artist who is being described as a shapeshifter stole more than $3.5 million dollars from lenders using countless identities in the process. According to the Justice Department, Joseph Albert Corey was a serial fraudster who could just not stop stealing from banks and medical companies even after he was apprehended. He Initially Went […]
Landmark Study in Auto Lending Fraud – It’s Up 260%
Point Predictive released its 2022 Auto Fraud Trends Report, which details record-high levels of attempted vehicle loan fraud in 2021, a trend that Point Predictive believes will continue to increase throughout 2022. “The pandemic laid the groundwork for rising fraud risk in 2021 as fraudsters learned to use falsified information and identities to benefit from […]
New Report – These Are The Fastest Growing Fraud Types
TransUnion has released their latest global report on annual digital fraud trends and by all accounts fraud is way up. The report which you can download here – TransUnion’s 2022 Global Digital Fraud Trends report, indicates that shipping fraud is the fastest growing fraud type globally. Shipping fraud was up 800% in 2021, and a […]
Car Salesman Pulls Elaborate Fraud Scam On 30 People
Ricardo Perez, a former car salesman at Dick Scott Jeep, Ram, Dodge, Chrysler in Michigan got fired for fraud by the dealership in 2021. He had worked there for 7 years before he was terminated. But rather than looking for a new job as a car salesman somewhere else he stuck to his life of […]
Massive Instagram “Cash For Checks” Fraud Ring Busted
This week, Pennsylvania Police uncovered a massive fraud ring that was stealing checks, gift cards, and cash out of mailboxes. The report, which appeared in Pennlive, details a case involving over 39 police jurisdictions (some out of state), and possibly up to 90 suspects. The fraud ring is just one of many rings across the […]
Fake PayStubs Are Tripping Up Income Verifications
Everyone wants to pretend they are rich when they are applying for a loan from a bank or lender. And that leads to lots of lies about income on applications for credit. 1 in 5 applications for a loan contains material falsified claims of income. Liar Loans are making a big comeback in our frothy […]