How Long Will It Take To Hack Your Password?
As an authentication method, passwords obviously suck. But we’re stuck with them and have to make the most of them. The reason passwords suck is because data breaches have rendered them nearly useless. Over 5 billion records were breached last year and many of those records contained your passwords and sign-on credentials to sites you […]
Using CPN’s Are Landing People in Jail
A recent expose on CPN use by NBC’s Scott Friedman shows how the seedy element of the credit repair business is landing some consumers of their services in jail. The investigation focuses on one consumer – Swatisha Keith. All that she wanted was a better life with better credit to help buy things she needed […]
Check Fraud Climbs to $15.8 Billion as Check Use Declines
If you think the only people that write checks are kindly old ladies at the supermarket checkout line, think again. Fraudsters and scammers are writing more bad checks than ever. So why is check fraud in the US is spiking to historical highs, even as check use has declined to it’s lowest levels? Attempted Check […]
4 Ways Fraudsters Shifted Their Takeover Patterns
Fraud is ever changing. Fraudsters are continually evolving their craft to bypass bank fraud controls. As banks deploy AI and Machine Learning, fraudsters are employing their own machine learning to identify new and better ways to skirt controls. And nowhere are patterns changing faster than in online account takeover. A new study released this month […]
Card Fraud Losses in UK Jump 19% – Highest Recorded
Fraud scoring company, FICO, released its annual interactive European Fraud Map, which shows that the UK’s card fraud losses hit a record £671 million in 2018. That’s a big jump, particularly since the UK had managed to reduce losses in 2017 by close to 8% the year before. Fraud losses in the UK accounted for […]
Welcome To The Age of Fraud – Top 10 Predictions for 2020
In a world where information and data is our lifeblood, fraud has infiltrated every aspect of our lives. No longer is fraud the exception to the rule; it is the rule. Whatever you do, wherever you go – the risk of fraud is lurking around every corner and it impacts everyone. And if you don’t […]
Card Fraud Losses Hit $29 Billion Annually This Year
Card fraud losses globally will reach $29 billion this year. This, according to a new report released by Nilson Media who tracks card fraud with issuers globally. According to a Nilson Press Release, Fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The […]
Is Fraud Putting the Brakes On Faster Payments?
Facing increasing Push Payment fraud schemes, the UK is ready to put the brakes on Faster Payments. At least they want to “tap the brakes” on some of the more risky transactions – like first payments to new payees. At least one fraud expert is calling this UK’s Slower Payment Initiative. In a report released […]
The Top Fraud Losses and Trends For 2019
The top fraud losses in the US account for an average of $170 Billion Dollars each and every year. That is an astounding number. If you consider the GDP is approximately 19 trillion a year, the top fraud types are about 1% of that number – and that is just here in the US. And […]
That Was Fast! First Case of Apple Card Fraud Reported
No credit card is immune to fraud, and by no card, that means you too Apple Card. While the card touts its ultra-high security, unexposed card numbers, and facial recognition features, fraudsters have still managed to find a vulnerability – and it didn’t take them long to figure it all out. According to 9to5Mac, a customer […]
Burner Identity Sites Make Synthetic ID Fraud a Snap
Real identities are permanent, but fake identities can be created, used and then discarded in as little as a few minutes. In fact, fake identities are now so easy to create that synthetic fraudsters are able to create burner identities in as 5 minutes using sites on the open internet. And some websites are making […]
Everyone’s Rich – Mortgage Fraud is Rising in the UK
Not everyone is rich, although many may claim to be on their mortgage applications so they can qualify for their dream homes. Income fraud is on the rise in the UK and Cifas, the UK’s largest cross-sector fraud database is warning the public that it is becoming increasingly common. They released a report this week […]
Digital Identity Fraud Is A Real Problem For Us Now
Online payment fraud will reach $43 billion annually by 2023. An astounding number, considering that just 20 years ago total payment fraud was less than $2 billion each year. To counter this dramatic rise in fraud, online retailers, banks and finance companies have been increasingly relying on using digital identities to help create a frictionless experience […]
Fraud at Verizon Affects 7,000 Customers Monthly
Verizon is pleading with the FCC to approve new controls that will help them stop the rash of identity theft against their customers. Verizon reports that new subscriber fraud has gotten so out of hand that they need to change regulations to help them stop the spike in losses. In a statement by Ronan Dunne […]
Fraud Will Rise Again (And 10 Other Predictions for 2019)
2019 has arrived and you know what that means – it’s prediction time again. January is always a good time to look at what might be in store for the coming year so you can plan your strategies. Most of Our Predictions Last Year Were on Target Last year, Global Fraud Fighter Maryann Miller and […]
Industry Insider Wants to Kick Fraud Out of Auto
Joel Kennedy knows a thing or two about auto finance. You could call him an expert. He co-founded a company that specialized in lending to borrowers with low credit scores called Pelican Auto Finance. In a recent article that appeared in Non Prime Times, he shines the spotlight on one issue that he believes the […]
There Will Be Fraud (And 10 Other Predictions for 2018)
2018 will be a big year for fraud. There will be fraud, lots and lots of fraud in 2018. If that comes as a shock to you. It probably shouldn’t. Fraud has been on the rise for the last 25 years and it is showing no signs of slowing down anytime soon. As a […]
Counterfeit Card Fraud Drops 66%
Visa reports that counterfeit fraud is dropping like a rock. According to a recent press release, Visa reports that chip technology is the reason for the drop. One of the leading factors was that chip technology is extremely effective in reducing counterfeit fraud, which was the leading type of fraud in the U.S. at the […]
International Fraud Awareness Week
Hundreds of organizations from around the world are banding together to educate and spread fraud awareness this week during International Fraud Awareness Week. More than 350 organizations (including PointPredictive) are spending this week holding training seminars, educating employees or inviting fraud experts to speak to their customers about the impacts of fraud and how to […]
FBI Reports Home Closing Wire Fraud Is Spiking
There is explosive growth in wire fraud and it is coming from the most unlikely places – home closings. The FBI is reporting an explosive increase in wire related fraud where hackers infiltrate real estate agents email accounts, send fake emails and convince homebuyers to wire hundreds of thousands of dollars to their accounts with […]
Data Breach Index Is Going Off A Cliff in 2017
Poor internal security practices are taking a toll. Gemalto tracks data breaches across the globe each day, and they are raising the warning flag. The Gemalto Breach Index was released this week and it points to a massive uptick in breaches. More data was stolen the first half of 2017, then the entire previous year. […]