How Sales Pressure Can Cause Spikes in Auto Fraud
Sales and Fraud are sometimes at odds. Sales people want to sell. Fraud people want to stop fraud. These often don’t go hand in hand. The most motivated buyers are often the fraudsters themselves, so why would you ever want to turn down a sale to anyone. The answer is quite simple actually. PointPredictive analysis […]
The Most Common Fraud Scams, Scamsters Do
There are lots of ways to get ripped off out there. And now more than ever, it’s important to be vigilant of all the clever ways fraudsters can steal your money. I have been scammed a dozen times in my life (probably more) and that is because I was confused at the time and wanted […]
The Many Many Risk Fraud Managers Must Manage
It used to be so simple. Back in the 80’s, fraud managers jobs were pretty straightforward – make sure that you stop bad checks from being written and occasionally if someone lost their charge card make sure you shut it down quickly before a bad guy found it and tried to buy a Sony Walkman […]
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% […]
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 […]
Top 10 Fraud Scams for 2017 By Losses
The 2016 Internet Crimes Report has just been released and it provides eye-opening analysis of how you might become a victim of fraud. Each year the FBI compiles statistics on all internet crimes reported by Americans and creates the Internet Crimes Report. It is the best indication of how Americans are being conned by crooks, thieves, and […]
Machines Can Identify Income Fraud Without Verification
Income Fraud is one of the most common types of fraud that impacts lenders. People lie about their income in order to qualify for the loan. As a case in point, 1 in 5 borrower’s admitted in a survey that they misrepresented their income on their application for a car loan. In Australia, 1 in 6 […]
5 Reasons Machine Learning Won’t Eliminate Fraud Analyst
Computing power is doubling every two years. As computers become increasingly powerful, we are finally able to capitalize on the enormous power of artificial intelligence and machine learning. Self-driving cars, stores without cashiers where you simply walk out with your merchandise and have your card charged automatically, the ability to ask SIRI anything and get an immediate and […]
3 Recent Reports That Have Fraud Experts Puzzled
There are 3 recent fraud reports that have left fraud experts scratching their heads and wondering if everything they know about fraud is wrong. Fraud is a cat and mouse game and experts that have been in the industry long enough know that fraudsters move quickly to the weakest link in the chain. They like […]
PinDrop Reports Big Increase in Phone Fraud
Social engineering is on the rise because fraudsters have found the weakest link in the security chain – the call center operator. According to the 2016 Call Center Fraud Report, fraudulent calls spiked 45% in the last 3 years and now 1 in every 2000 calls into call centers is by a fraudster trying to […]
NACHA Reports Zero Increase in Fraud with Same Day ACH
Nacha is reporting that there has been zero increase in fraud after the much-feared launch of Same Day ACH in September of last year. The report comes after Nacha survey 23 financial institutions about their experience with Same Day ACH. 100% of those banks reported no increase in fraud. And it’s not for lack of […]
CEO Fraud 2.0 – It’s Like Fraud on Steroids
Imagine getting an email from the CEO of your company requesting that you email out a zip file containing last year’s W2 forms to a new accounting firm that is “helping your company with taxes”. Accounting and payroll departments all over the US are getting emails like this one each and every day. And they’re […]