Download the Fraudsters Dictionary
When you peruse the dark web and forums like Telegram, you quickly learn that fraudsters and scammers have their own language. It can be confusing to say the least. Well one company – Nethone – has spent months researching and assembling the language of fraudsters in a book they call the “Fraudsters Dictionary” The Fraudsters […]
States Fail To Collaborate on Unemployment Fraud
In the fight against Unemployment Fraud, individual states are losing the battle. In an article in AP News, the Labor Department now believes that $63 Billion or more has been lost to fraudulent unemployment claims – a staggering number that exceeds most experts’ highest estimates. The wave of unemployment fraud has been reported by over […]
Fraud Doomsday & How The Fraud Analyst Could Save Us
Check this out. The Fraud Technology Podcast asked me to join them for a discussion on a potential Fraud Doomsday Scenario and to get my thoughts on how Fraud Analyst and Fraud Managers could save us from it. The Fraud Technology Podcast was created by two counter-fraud technology leaders, Will Megson and Matt Vega. Matt […]
Talking Fraud With Karisse Hendrik on Fraudology
I had the time of my life getting interviewed by Karisse Hendrik on her popular podcast – Fraudology. For those of you that don’t know Karisse, she has worked with hundreds of e-commerce companies consulting with them on best practices for fraud avoidance with a specialty in chargeback optimization. A self-professed “Chargeback Nerd”, she runs […]
BofA Accused of Refusing Claims From Fraud Victims
This is an interesting report from CBS This Morning. California’s state unemployment agency is still struggling to deal with a crush of claims during the pandemic – and a staggering amount of fraud. But many unemployed Californians with legitimate claims of fraud told CBS News they question whether the bank that supplies the debit cards […]
LifeLock & Credit Freezes Won’t Stop This Fraud
The Identity Theft protection service industry will rake in $3.2 billion in revenue in the US alone this year. It’s a booming industry that consumers have flocked to, hoping to protect themselves from the nightmare of identity theft. But, as identity theft soars to its highest level in history, you would expect that these credit […]
Her Partner Took 2 Fraud Bounce Back Loans Then Left
A woman posted a heartbreaking request for help on Reddit. This week she pleaded for help on Reddits UK Personal Finance with a terrible situation regarding 2 bounce back loans. Bounce Back loans are the UK’s equivalent to Paycheck Protection Loans here in the US and they provide a 100% guarantee to lenders who offer low-interest […]
Santander Fraud Advisor Nabbed For Fraud Scheme
A fraud advisor for Santander that was entrusted with helping customers resolve their fraud and scam claims was arrested and jailed for fraud this week. Bilal Abbas, who worked for Santander, helped conmen outside of the bank buy luxury goods using stolen account details. He stole those details from Santander customers using the systems he […]
Every Family in Cali Could Pay $2.4K For EDD Fraud
The staggering levels of fraud against government CARES Act programs are going to cost taxpayers a lot of money. In California, unemployment fraud alone is estimated at close to $30 billion already and growing by the day. Close to 1 in 3 unemployment claims may contain fraud and more fraud may be rooted out in […]
California Turned Off Fraud Detection, Then Got Burned
Did California get too cheap on the fraud tools and get burned because of it? This story may be the best example of a pennywise and pound foolish fraud strategy that I have ever seen. In a recent article by KCRA, California’s EDD Department had a remarkably effective fraud detection system that could have prevented […]
They Lined Up For Help, But It Turned Out To Be Fraud
On any given day in November, you could pass by this tiny non-descript store located in a strip mall in Orange County California and see people lining up to get in. The business called Nguyen Social Services had just opened doors months earlier – in August- and was already doing a bustling business. Their shop, […]
TransUnion Finds Synthetic Fraud is Dropping
A Press Release by TransUnion finds instances of synthetic fraud and outstanding balances for suspected synthetic accounts at U.S. financial institutions have declined significantly after the World Health Organization (WHO) declared COVID-19 a global pandemic on March 11, 2020. However, a new analysis by technology analyst firm Aite Group finds the cost of synthetic fraud […]
What Scam As A Service Learned from the Gold Rush
In 1848 with the gold rush just beginning a smart man named Sam Brannan opened up a mining supply store in Sutters Fort. He bought up every shovel, pick and pan in the area (investing about $70,000 at the time) and then sold that equipment to the flood of 49’ers that arrived to find gold. […]
2020 Fraud – Imposters, ID Thieves & Benefit Raiders
Identity thieves, imposters, and fraud rings hell-bent on raiding government programs ran amok in 2020 creating one of the worst years for fraud in history. The FTC released their Consumer Fraud Sentinel Report this month, and it shows how big of a role the pandemic had in shaping consumers’ experience with fraud in 2020. Overall, […]
Fraud Is A National Security Threat in the UK
A think tank in the UK – the Royal United Services Institute (RUSI) advises that fraud has reached such epidemic levels that it should now be considered a threat to national security. The report by RUSI called The Silent Threat The Impact of Fraud on UK National Security, warns that fraud against UK citizens, businesses, […]