Is Credit Repair Fueling the Rise in Synthetic ID Fraud?
Doug wasn’t a very good credit risk. In fact, he defaulted on just about every credit card and loan he ever had. He was about as lousy as paying his bills as anyone out there and his credit score was below 500. But that didn’t stop him from walking into his local car dealership and buying […]
Don’t Ever Let Them Take Your Fraud Fighting Spirit
You were born to do this. You live for it. You’re a fraud fighter and you always have been. Whether you’re an investigator, fraud analyst, fraud manager, or fraud technology creator you love your job. You bounce up out of bed in the morning ready to make a difference; ready to stop some bad guys […]
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 […]
Shocking – 125 Wells Fargo Employees Fired For Fraud
Wells Fargo has fired 125 employees for committing fraud by applying for and receiving Economic Injury Disaster Loans while they were employed with the bank. They were fired by the company, “by making false representations in applying for coronavirus relief funds for themselves,” according to internal memos that were reviewed by Bloomberg. The bank was […]
Welcome To The Age of Fraud – Top 10 Predictions for 2020
In a world where information and data is our lifeblood, fraud has infiltrated every aspect of our lives. No longer is fraud the exception to the rule; it is the rule. Whatever you do, wherever you go – the risk of fraud is lurking around every corner and it impacts everyone. And if you don’t […]
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% […]
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 […]
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 […]
Online Merchants Will Not Be Liable For Fraud In 3 Years
Here is a bold statement. “Within three years merchants will no longer be liable for credit card fraud online”, said Skye Spear, vice president of partnerships at Signifyd That quote in Forbes caught my attention. Then I took a closer look at what Skye Spear and his company are doing to make that possible. Yes, […]