5 Reasons Working In Anti Fraud Is The Best Job Ever
In 1990, I was fresh out of college working in a dead-end job as a customer service operator for a credit card company. My shift started at 5 am. Every morning at 4 am, I would pull myself out of bed, drive to that job, strap on that dreaded headset, and start answering calls. They […]
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 […]
Social Security Number Fraud Hits Auto Loans Hard
PointPredictive press released a widespread scheme involving the structuring of social security numbers used to create synthetic identities for potentially fraudulent auto loans. The scheme involves applicants, or in some cases bad actors at car dealerships, using valid Social Security Number prefixes (the first 5 digits of a valid SSN) and systematically changing the suffixes […]
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 […]
Car Dealers Beware of Auto Loan Fraud
Auto Loan Fraud is a big problem here in the US and growing. Annual estimates are that approximately $6 Billion in car sales are made and financed with a loan containing some fraud on the application. That is a big number. And lenders are looking for any ways that they can reduce that fraud. Many […]
11 Companies That Teach Machines To Detect Fraud
Machine Learning for fraud is big business. Particularly here in San Diego where companies like HNC Software pioneered the use of it over 20 years ago to solve the problem of credit card fraud when there were few fraud detection solutions available. Since HNC, many other companies have sprouted up using machine learning to […]
Can you Fight Fraud with Credit Score Models? NOPE.
In 2004, the mortgage industry was booming. Lenders were originating more loans than ever before. At its height, mortgage companies were originating and in many cases selling close to $3 trillion in loans annually. Mortgage production had literally tripled in 2 years. It was a lending boom. It seemingly didn’t matter what type of […]
Online Fraud Attempts Are Up Almost 400%
The Global Fraud Index published by Forter for Q3 2016 is out and it shows a massive uptick in the level of online fraud losses. From 2015 to 2016, fraudsters have been working overtime racking up more fraud attempts on a rate basis than we have seen for many years. The Global Fraud Index shows […]