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 […]
10 Ways to Enlist an Army To Help You Fight Fraud
Cheats, scammers, and liars. Fraudsters are all of those things. And they are defrauding consumers at record levels. 2021 is going to be a record year for fraud – particularly against consumers. Thanks to epically horrible data breaches, heightened fraud perpetrated by scammers during the pandemic and high rates of identity theft – no […]
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 […]
Why Is Straw Borrower Fraud So Dangerous?
To a crow, a straw man in a corn field might look like a real man. It has a head, arms, a body and even legs. But inside it is just full of straw. It has all the parts of a man but it isn’t real at all. It’s there to look like […]
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, […]
6 Tips for Fraudsters to Fake Their Own Deaths
Sometimes when things are really bad, you just want to disappear. For most of us that just might be just a fleeting thought but for others like fraudsters, crooks and murderers it is a reality. Lots of famous people have tried to fake their own death – John Darwin, Ken Kesey (author of One Flew […]
40 Tourist Frauds and Scams to Avoid
A helpful infographic for you road warriors out there.
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 […]
Fraud Data Scientist – 7 Ways To Turbo Boost Your Models
Machine Learning is driving huge gains in efficiency and innovation in fraud detection. Behind those gains are Fraud Data Scientists – women and men that train machines to find fraud faster and more accurately by using vast databases of historic transactions to spot patterns of fraud. I have always admired Fraud Data Scientist because […]
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 […]