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 […]
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 […]
This Fraudster Opened 8,000 Accounts, Made Millions!
Forty-six year old Kenneth Gilbert Gibson of Reno Nevada opened 8,000 fraudulent accounts in a scam for the ages. His accounts included fraudulently opened PayPal credit accounts, bank accounts, and prepaid credit and debit card accounts he created with stolen identities. After opening the 8,000 accounts, he used the accounts to transfer, $3.5 million to himself […]
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% […]