This Expert Says COVID Fraud Is Grossly Underestimated
Last week, the Secret Service raised the alarm that up to $100 billion in Covid relief funds were stolen by criminals. The White House downplayed that statement by the U.S. Secret Service citing it was old news while possibly inferring that COVID fraud was not a serious issue. But one fraud expert disagrees and claims […]
Secret Service – Covid Fraud Is Enormous – $100 Billion
The Secret Service has appointed an industry vet, Roy Dotson, to handle COVID-related fraud. They have seized $1.2 Billion in funds and returned another $2.3 Billion in funds via ACH. According to the report, this is the Super Bowl of Fraud and believe up to $100 billion in Covid relief funds were stolen by criminals.
Facebook Uses Lawsuit To Disrupt Scammers Attempts
Meta (formerly known as Facebook) filed a federal lawsuit in California to stop scams and phishing attempts against users of Facebook, Messenger, Instagram, and WhatsApp. They announced the lawsuit today. They Are Going After Scammers That Created 39,000 CopyCat Facebook Websites The lawsuit attempts to reveal who is behind these phishing schemes that have been […]
Fintech’s Are Blocking Other Fintechs For Fraud
A report in Forbes today indicates that “fraud is a growing issue for fintech companies, as bad actors are doing everything from stealing identities to exploiting the slow U.S. bank-to-bank transfer network to siphon off money.” The problem has gotten so bad that several companies are now banning transfers for digital banks in a blunt effort to […]
Cat and Mouse – Fraudsters Shift To Disability Fraud Now
Fraud is a game of cat and mouse and we’re watching it in real time in California right now. It’s no secret that California got rocked with unemployment fraud in 2021. The state admitted that they paid out at least $20 billion in fraudulent claims, but many believe the number could actually be much higher. […]
Blue Acorn Made $1B on PPP, Now Congress Has Questions
Scottsdale based Blue Acorn processed billions of dollars in PPP loans and now Congress wants answers on fraud. The company made it remarkably easy for borrowers to obtain PPP funds with their automated systems and collected $1 billion in fees. Fintech’s have a lot to answer for now that the dust has settled. This will […]
Sentilink – Most eCBSV Name Mismatches Not Fraud
Sentilink posted a new article that provides some revealing statistics on the Social Security Administration’s new electronic consent-based social security name matching service. Sentilink, the growing identity company, is one of the early adopters of the program and provides access to the service to banks and lenders. So they are able to provide early read-outs […]
Texas Cracks Back At Fake Dealers and Paper Tag Fraud
Small car dealers in Texas are behind a wave of new paper license plate fraud cases the state is dealing with. The state estimates that it’s a whopping $200 million criminal enterprise and phony car dealerships are being set up to get access to the DMV temporary license plates so that criminals can use them […]
FTC Steps Up Efforts To Stop Spike in Impersonator Scams
In a new press release, The Federal Trade Commission launched a rulemaking today aimed at combatting government and business impersonation fraud, a pernicious and prevalent problem that has grown worse during the pandemic. Impersonators use all methods of communication to trick their targets into trusting that they are the government or an established business and […]
Violent Nigerian Crime Gang Linked To Fraud And Murder
The criminal fraud economy on the surface may seem to be a non-violent group of white-collar criminals but that could not be further from the truth for Black Axe. This violent mafia-style gang that was formed in Nigeria has been linked to murder and fraud and they reportedly infiltrated the country’s political system and ran […]
EDD Fraud – The Biggest Fraud In American History
KCRA, in California, is calling it the biggest fraud in American History and they’ve just released a documentary that outlines how it happened. Beginning in September of 2020, KCRA 3 Investigates producer Dave Manoucheri and Photographer Victor Nieto began traveling across California and interviewing people in other states as part of an unprecedented documentary project […]
Credit Washer Brought His Whole Family Into Scam
This week Michael Griffin, the operator of a North Carolina credit repair business, was sentenced to eight years in prison for creating fake police reports to clean up his clients’ bad credit in a massive credit washing scheme. To carry out the scheme he recruited his family to help run the business, by using synthetic […]
This Dealerships Million Dollar Fraud Scheme is Wild
Car dealer fraud is one of the oldest and most common frauds here in the US. And it seems that some dealerships never stop thinking of new and creative ways to scam both lenders and consumers. And the fraud scheme that the co-owners at Big Red Kia in Norman Oklahoma cooked up is pretty wild. […]
Officials Look Into Womply On PPP Fraud Controls
Toby Scrammel, the CEO of Womply, got a letter from Congress this week about fraud. Womply manages the online lending platform that helped over 1,000,000 businesses get PPP loans this year. The letter came from Senator Clyburn, the Chairman of the Select Subcommittee on the Coronavirus Crisis and the committee has set their sites on […]
FICO Warns of Black Friday Fraud Bonanza This Year
FICO issued a press release today warning consumers this Black Friday will be different and could be more fraud-filled than ever before. This year’s Black Friday sales shopping is likely to be impacted by supply chain issues, shipping delays, and lingering fears of entering crowded shopping centers and high streets, all of which will inject […]
What Was Credit Card Fraud Like in 1983? Check This Out!
I came across an interesting video today from 1983 when credit card fraud was just emerging and not many knew much about it. In fact even two years after this video was published, credit card fraud was called The Neglected Crime. Watch This Video To Get A Glimpse Watch this video where a former mobster […]
Scammers Impersonate Fraud Agents In New Zelle Scheme
The rise of Zelle as one of the most popular payment apps is impressive. The service is closing in on a 40% share of the P2P market and will probably process over $500 billion in payments this year. But Fast Money = Fast Fraud and Zelle Scammers Are Impersonating Fraud Agents Now Consumers love the […]
Out of Controls Scams in UK Puts Banks In Tough Spot
Scams are out of control in the UK and banks will soon be forced to reimburse customers when it happens. It’s gotten so bad that regulators are stepping in to push more onus and responsibility on banks to curb the problem. This week, the Payment Systems Regulator, published a consultation paper that will ultimately force […]
Houston Police Uncover Network Of ID Fraudsters
Houston is a hotbed of auto lending fraud, and that has police there are working overtime to stop ID fraudsters that are working in criminal rings. Sgt Darren Schloesser, who runs the Houston Police Departments Auto Theft Division Vehicle Fraud Unit advises that he’s seeing the usual suspects again and again now and that cases […]
Fraud Fighters Team with TikTok To Help Stop Scams
Fraud Fighters teamed up with Tik Tok this week to raise awareness of scams and help curb the growing problem of fraud. In an article posted this week, Fraud Awareness Week and Combatting CyberCrime, Andy Yu and Jeff Dant of Tik Tok kicked off an initiative to educate users on how to identify scams and […]
BioCatch Launches First-Ever Mule Detection Solution
BioCatch, the global leader in behavioral biometrics, announced today that it has launched Mule Account Detection, the first ever best-in-class solution that delivers comprehensive protection against money mules, people who, at someone else’s direction, receive and move money obtained by criminal means. A Critical Link in the Fraud Supply Chain Mule accounts are a critical link […]