SAR Filings Prove Fraud Continues To Hit Records
FinCEN updated their annual SAR filings this week and it is becoming increasingly clear that fraud is continuing to grow at a record pace. The data which includes SAR filings for fraud at depository institutions, finance companies, and mortgage lenders through the first 9 months of 2021, indicates that close to 4 million reports will […]
Billions of Tax Dollars Wasted in Australia
It appears PPP Fraud related to COVID wasn’t a problem unique to the US and the UK. Australia also has some controversy surrounding how the funds were disbursed to businesses. 60 Minutes Australia released coverage this weekend on what termed “Billions of Tax Dollars Wasted in Australia”. It was a massive cash grab from their […]
How The Biggest Banks Get Away With Fraud
This is an interesting video created by ColdFusion, an Australian-based online media company independently run by Dagogo Altraide. The video tackles the problem of bank fraud at major banks and illustrates the point by focusing on Wells Fargo’s Fake Account scandal involving over 3.5 million accounts. The video also includes an appearance by Rob Bezdjian, […]
Car Hacking Is Here Now, And It’s A Real Threat To You
Hackers can get into anything these days – even the car sitting in your driveway. A new cybersecurity report from Upstream Security highlights the growing problem of car hacking in their annual report. And they’re warning you to be prepared for increased threats. A lot more. According to the tech firm based in Israel, there […]
2 Astute Professors Detect Massive Fake Student Fraud
Two astute professors detected a massive student fraud at Delta College in California this week. Tara Cuslidge-Steiano and Adrianna Brogger, noticed something was off with the number of students enrolled in their journalism classes last week. As it turns out, they were on to something and they had inadvertently stumbled into a massive fraud scheme […]
A Fraudster Burnt His Tesla on Frozen Lake To Get Paid
In 2019, Fred Lambert reported on the mystery of a Tesla Model X that was found burning to almost nothing on a frozen lake in Vermont. According to Fred, a Tesla Model 3 owner GreenMtnM3 reported the strange story on Tesla Motor Club and it had a real “Fargo” feel to it. Well this week, […]
India Implements Validation Rule To Stop Check Fraud
The Reserve Bank of India is so concerned with rising incidents of check fraud that they are forcing banks to implement rules to stop it. As per the new rule, customers who are looking to write checks will have to inform their respective banks about the check details via net/mobile banking or a physical visit […]
Largest DDOS Attack In History Was Thwarted
The largest DDOS attack in history was launched against a Financial Institution this month and it was stopped. It was stopped so well, that no one even knew it occurred. ZDnet .com reported that Cloudflare said it’s system managed to stop the largest reported DDoS attack in July, explaining in a blog post that the […]
Listen to This OTP Fraud Bot Try To Steal From A Victim
A couple of months ago I wrote about a new breed of Bots called OTP Bots. The bots are programmed to extract one-time passwords from victims with zero human-to-human interaction. These bots are nothing more than sinister robocall bots that have been programmed to call unsuspecting victims and convince them to turn over one-time passwords […]
4 Charged in Massive $150M Merchant Fraud Scheme
Federal investigators arrested 3 individuals Thursday on charges of conspiring to deceive banks into allegedly processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses, including online gaming, debt collection, debt relief, online pharmaceuticals, and payday lending. A fourth individual remains at large. Ahmad […]
One FraudMan’s Crusade To Make You Laugh And Learn
Have you checked out the new fraud blog – FraudWit ? If you haven’t, I suggest you do. It’s very funny. It’s quirky. And it’s a great resource to the fraud fighting community. FraudWit is The Onion but for fraud and scams and it’s all about teaching consumers in a fun and humorous way about […]
Fraud Car Sales Online Are Soaring In California
Fast money equals fast fraud. And opportunistic fraudsters are making big bucks selling stolen cars. The State of California is warning residents of the state to be on the lookout for fraudulent car sales online. And it’s being driven upward by soaring used car prices and demand for vehicles. As car dealers’ inventories of used […]
New Study – 15% of PPP Loans Might Be Fraud
A new study released this week by the University of Texas Austin reveals that up to 15% of Paycheck Protection Loans might contain fraud. That is about 50% higher than fraud experts initially thought might contain fraud. Around 1.8 million of the program’s 11.8 million loans – which accounts for more than 15% of loans […]
Rick Spolofiloto – The Most Useless Fraud Consultant
He’s the hottest thing in fraud management. A rising superstar with dashing good looks, a nice suit, and an impressive educational resume. And he’s headed to your company to save it. His name? Rick Spolofiloto. His game? Fraud Consulting. And he’s ready to kick some serious butt and get your company back in line. I […]
Social Security Employee Nabbed in Fraud Scheme
The United States Attorney’s Office for the Middle District of Pennsylvania announced that Takiyah Gordon Austin, age 46, of Wilkes Barre, Pennsylvania, was charged ina 29-count Indictment on July 20, 2021, wich conducting a scheme to fraudulently obtain unemployment benefits related to COVID-19 emergency relief funds. The case was unsealed on August 12, 2021, following […]
Will This Miracle Blanket Pay off Your Mortgage?
Convicted fraudster, Jim Bakker, is selling a new “Miracle Blanket” that will pay off your mortgage for you. Just put your bill underneath the blanket at night and watch your mortgage and other bills vanish. And, it better do just that because this blanket will set you back $1,000. What do you make of this? […]
US Is Granting States $240M To Fight Fraud
Good news for fraud fighters, and bad news for fraudsters. But is the investment too little, too late? The US is fed up with unemployment fraudsters and acknowledging that states need more money to fight back. This week, the Department of Labor (DOL), launched a program to offer $240 million in grants to states to […]
10 Techs Supercharging Auto Loan Fraud Prevention
The future is here. And it’s digital. We are in the middle of a digital transformation – and it’s all being driven by the demand for speed and convenience. Faster decisions, faster funding. And fast money as we know all too well can always leads to fast fraud if you’re not careful. But the good […]
The Evolution of Scams – A Conversation with Mpower
I had a chance to speak to Ben Wallach, a seasoned fraud executive who has made it his mission to help the next generation of fraud fighters establish and build their careers in the fraud and cybersecurity industry. He started a website called Mpower. The mission of Mpower Your Career is to assist the globe […]
Talking Fraud ROI With Karisse Hendrix
I recently had the chance to visit Karisse Hendrix on her Fraudology Podcast – the best podcast on fraud on the planet. We had a great conversation talking about the struggles fraud executives have creating and selling and ROI internally to their organizations. For those of you that don’t know Karisse, she has worked with […]
How HushPuppi Got Caught – It Started With A Post
This is a great video that shows behind the scene footage of one of the world’s biggest scammers while it tells the story of his arrest. His whole life unraveled when he posted his birthday on Instagram and the FBI was able to determine his real identity.