IRS Flags Historically Low 1 Million Tax Frauds This Year
CNBC reported that the IRS had flagged more than 1 million tax returns by early March as being filed by potential identity thieves. That number sounds shockingly high. Is tax fraud spiking? Should we be worried? When you dig into the history of IRS tax fraud, that 1 million counts could actually spell very good […]
Freeze Switches May Create Odometer Fraud Boom
Each year 40 million used cars are sold, and over 450,000 have odometers that were illegally altered. And the impact to consumers is huge – approximately $1 billion a year according to industry estimates. It’s a serious issue, that experts believe may only get worse as new technologies being sold online gets into the hands […]
Unemployment Fraud Rages In Massachusetts Again
If you thought we left unemployment fraud in the rearview mirror with COVID. Think again. A new surge in unemployment fraud claims in Massachusettes is so high that it is reportedly distorting national unemployment stats. The state has been battling against takeover fraudsters and identity thieves to the point where it is now having an […]
Taking The War On Check Fraud To The Dark Web
I often refer to check fraud as the Rodney Dangerfield of fraud types because it gets “No Respect” and even less investment. It’s an arcane fraud that first emerged over 500 years ago but has recently taken center stage again thanks to rampant mail theft of checks, a bustling secondary market for those checks on […]
You’re Not Dead – Bizarre Credit Karma Glitch
Imagine waking up one day to find out you are dead. What appears to be a Credit Karma glitch of some sort is going viral on Social Media. Thousands of people are reporting that their profiles are reporting them as “deceased” on Credit Karma and that all of their accounts have been closed. The problem […]
Synthetic Refund Fraud Rolls Two Frauds Into One
Brett Johnson has been tracking Professional Refund Fraud for close to 8 years and he is reporting a new dangerous variant that has emerged – Synthetic Refund Fraud. According to Johnson, fraudsters have figured out how to roll two damaging frauds – synthetic identity and professional refunding fraud – into a single monster fraud. A […]
TSB Says Meta Drives Over 80% Of The Fraud And Scams
TSB bank says that Meta is responsible for most of the fraud and scams perpetrated against their customers, and they want social media companies to step up and own financial liability just like the banks do. According to recent reports, the bank has reported a significant increase in scams originating from Meta-owned sites and apps, […]
Fraud Gang Sold Fake Glasses To See People Naked
Strange news out of India this week. Remember those gag glasses called X-Ray Specs that you used to get as a kid? They claimed to be able to help you see people’s skeletons. Well, in Chennai India, a gang of four fraudsters was arrested for an elaborate hoax to sell glasses with “special powers” that […]
These Fraud Department Scam Calls Are Everywhere Now
Scammers are going to make it impossible for fraud analysts and banks to reach customers to protect their accounts. Tens of thousands of consumers are getting calls and texts from fake fraud departments, and it’s really starting to undermine the validation process banks use to verify activity with their customers. When a consumer becomes a […]
Binance Has 700 Employees In Fraud And Compliance
Close to 10% of Binance’s staff is dedicated to compliance. Tigran Gambaryan, the head of Binance’s financial crime unit, reported that 700 employees focus on compliance, with 170 of them collaborating with law enforcement agencies to fight against fraudulent activities. He made these comments at the Consensus 2023 crypto and blockchain conference in Austin, Texas. […]
Watch Car Dealer Shred A Fraudster And His Fake Docs
This car dealer is fed up with a fraudster that tried to pass a fake driver’s license and document to get a car. I am not sure what is going on with this guy’s hair, but it looks like it could be a hairpiece – perhaps part of his disguise. In any case, the dealer […]
American Phones Are A GoldRush For Scammers
The Guardian reports that robotexts from scammers are bombarding Americans’ phones daily, causing consumers untold losses. Sophisticated smishing campaigns launched by scammers are so profitable that it has resulted in a GoldRush for scammers – the gold being the money in American’s bank accounts. An Absolute Blitzkrieg Of 521 Million RoboText A Day 2022 saw […]
Fraud Fighters – Someone Out There Is Counting On You
Why do you do what you do? I think it comes from inside you. You have the desire to help people. And that’s why you chose to be a fraud fighter. And now, people out there are counting on you. Maybe you don’t know it. But they do. If you’re a fraud fighter, this post […]
Remote Jamming Is Latest Trend In Credit Card Theft
South Africa may be ground zero for a new trend in credit card fraud. It’s happening in gas stations, supermarket parking lots and parking stations across the country. It’s called Remote Jamming. Remote jamming involves criminals interfering with the signal between a vehicle’s immobilizer and the car, preventing it from locking even when the owner […]
Hindenburg – Did 50% Of Cash App’s Customers Vanish?
Hindenburg kept the assault on Block this week, saying that Block’s response to their allegations actually confirms that they have inflated their user accounts for years. They claim that instead of refuting the key issues, Block’s response confirmed much of their analysis and avoided addressing many of the other claims. Block Confirmed 44 Million Active […]