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. […]
1.4 Million New Phishing Sites A Month Fuel Fraud Epidemic
There are plenty of Phish in the Sea. According to Webroot, there are about 1.4 million new phishing sites created by fraudsters each and every month. And each of those sites is designed to cleverly steal valuable personal and banking information from you. And the emergence of Phishing sites does not appear to be slowing down anytime […]
Synthetic Identity Fraud Losses Are $6 Billion Annually
Synthetic identity fraud is large. The Auriemma Consulting Group completed analysis which suggests that losses due to synthetic identity fraud topped $6 billion dollars last year. The study found that Synthetic identity theft, a form of application fraud in which criminals use fake personas to abuse credit, is responsible for 5% of charged-off accounts and up to 20% […]
Money Mule or Advanced Fee Fraud Scam? You Decide.
I was reading an interesting question posed on the Scam board on Reddit. A user there had recently engaged with someone online who he felt was trying to scam them. The scammer was posing as a girl out of the UK and soliciting Korean’s to partner in a scam with them. The question is posed, […]
Card Fraud in Europe Is Higher Than Ever
FICO has just released their new card fraud study in Europe and the news looks grim. Card fraud losses across 19 countries that FICO monitors have hit a new high of 1.8 Billion Euros. The primary culprit? Card Not Present which had one of the most dramatic increases in all of history as fraudsters shifted […]