Car Dealers Using COVID-19 “Stimulus Checks” to Sell Cars
Some car dealers give the auto industry a bad name. And some dealers are doing just that in the midst one of the worst pandemics of our time. Car dealers have been using fake COVID-19 Stimulus checks and official-looking government envelopes to trick consumers into coming down to the dealerships. The envelopes and the checks, […]
$200 Billion Will Be Lost To Fraud With Stimulus
Fraud is always a problem when it comes to big government spending, but what about the $2 trillion coronavirus emergency relief plan? In this video, NBC news discusses how much could be lost with Neil Barofsky who was the Special Inspector General of TARP in 2008. He projects that upwards of $200 Billion will be […]
Fraudsters Set Their Sights on Small Business Loans
The $2 Trillion Dollar stimulus package has a treat for small businesses. It offers extraordinary loans for up to $10 million that will be forgiven as long as they promise not to lay employees off. It’s designed to protect millions of Americans that work for small businesses and to keep them employed for at least […]
Are The New Stimulus Checks A Fraudsters Delight?
Stimulus Checks. Everyone is anxiously awaiting them. And, if you are among the 264 million American’s that will receive one you might want to be on alert. Fraud experts are predicting that those $1,200 checks are a fraudsters delight – flooding bank accounts with potentially billions in dollars to steal. And with the IRS opening […]
A Perfect Storm is Brewing for Fraud and Scams
A perfect storm happens when a rare combination of events happens at the same time and aggravates the situation. The results are a disaster. And March 2020 appears to be that perfect storm for fraud. That perfect storm has 3 factors converging on the world at once 1) unprecedented global fear and panic, 2) a […]
Fake Check Scams Cost Consumers $1.2 Billion Yearly
Check fraud is on the rise. A new survey by the American Bankers Association (ABA) reports that attempted check fraud ballooned to $15.8 Billion in 2018 as reported by banks. But this number does not include fake check scams that impact consumers who deposit those checks into their bank accounts. Since banks hold customers responsible for counterfeit […]
Western Union Refunds $143 Million to Fraud Victims
It’s payback time! Western Union set up a fund to pay back victims of wire fraud that used their service to pay scammers. 109,000 wire fraud victims were collectively paid $143 Million dollars yesterday. That’s an average check size of $1,311 which is a pretty nice size. According to the US Department of Justice, victims […]
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 […]