Listen to This OTP Fraud Bot Try To Steal From A Victim
A couple of months ago I wrote about a new breed of Bots called OTP Bots. The bots are programmed to extract one-time passwords from victims with zero human-to-human interaction. These bots are nothing more than sinister robocall bots that have been programmed to call unsuspecting victims and convince them to turn over one-time passwords […]
Fraud Data Scientist – 7 Ways To Turbo Boost Your Models
Machine Learning is driving huge gains in efficiency and innovation in fraud detection. Behind those gains are Fraud Data Scientists – women and men that train machines to find fraud faster and more accurately by using vast databases of historic transactions to spot patterns of fraud. I have always admired Fraud Data Scientist because […]
4 Charged in Massive $150M Merchant Fraud Scheme
Federal investigators arrested 3 individuals Thursday on charges of conspiring to deceive banks into allegedly processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses, including online gaming, debt collection, debt relief, online pharmaceuticals, and payday lending. A fourth individual remains at large. Ahmad […]
One FraudMan’s Crusade To Make You Laugh And Learn
Have you checked out the new fraud blog – FraudWit ? If you haven’t, I suggest you do. It’s very funny. It’s quirky. And it’s a great resource to the fraud fighting community. FraudWit is The Onion but for fraud and scams and it’s all about teaching consumers in a fun and humorous way about […]
6 Ways “The CEO” Will Wreck Your Fraud Strategy
I have always told fraud strategist that the biggest risks to their overall strategy is having their boss’s boss’s boss start meddling in their strategy. Inevitably, their fraud rules and strategies are going to decline someone (or perhaps not decline someone) and that’s going to get escalated to the “executive office”. It’s there that the […]
Fraud Car Sales Online Are Soaring In California
Fast money equals fast fraud. And opportunistic fraudsters are making big bucks selling stolen cars. The State of California is warning residents of the state to be on the lookout for fraudulent car sales online. And it’s being driven upward by soaring used car prices and demand for vehicles. As car dealers’ inventories of used […]
New Study – 15% of PPP Loans Might Be Fraud
A new study released this week by the University of Texas Austin reveals that up to 15% of Paycheck Protection Loans might contain fraud. That is about 50% higher than fraud experts initially thought might contain fraud. Around 1.8 million of the program’s 11.8 million loans – which accounts for more than 15% of loans […]
Rick Spolofiloto – The Most Useless Fraud Consultant
He’s the hottest thing in fraud management. A rising superstar with dashing good looks, a nice suit, and an impressive educational resume. And he’s headed to your company to save it. His name? Rick Spolofiloto. His game? Fraud Consulting. And he’s ready to kick some serious butt and get your company back in line. I […]
Social Security Employee Nabbed in Fraud Scheme
The United States Attorney’s Office for the Middle District of Pennsylvania announced that Takiyah Gordon Austin, age 46, of Wilkes Barre, Pennsylvania, was charged ina 29-count Indictment on July 20, 2021, wich conducting a scheme to fraudulently obtain unemployment benefits related to COVID-19 emergency relief funds. The case was unsealed on August 12, 2021, following […]
Will This Miracle Blanket Pay off Your Mortgage?
Convicted fraudster, Jim Bakker, is selling a new “Miracle Blanket” that will pay off your mortgage for you. Just put your bill underneath the blanket at night and watch your mortgage and other bills vanish. And, it better do just that because this blanket will set you back $1,000. What do you make of this? […]
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 […]
US Is Granting States $240M To Fight Fraud
Good news for fraud fighters, and bad news for fraudsters. But is the investment too little, too late? The US is fed up with unemployment fraudsters and acknowledging that states need more money to fight back. This week, the Department of Labor (DOL), launched a program to offer $240 million in grants to states to […]
10 Techs Supercharging Auto Loan Fraud Prevention
The future is here. And it’s digital. We are in the middle of a digital transformation – and it’s all being driven by the demand for speed and convenience. Faster decisions, faster funding. And fast money as we know all too well can always leads to fast fraud if you’re not careful. But the good […]
White Lies – The $29 Billion Auto Fraud That Impacts You
Little white lies. No one ever gets hurt by little white lies. Well, don’t tell that to the insurance companies that are losing big money when consumers lie or omit information on the insurance policies. Verisk Analytics, a company that specializes in property/insurance risk, concluded companies are losing $29 Billion a year in lost premiums because consumers […]
The Evolution of Scams – A Conversation with Mpower
I had a chance to speak to Ben Wallach, a seasoned fraud executive who has made it his mission to help the next generation of fraud fighters establish and build their careers in the fraud and cybersecurity industry. He started a website called Mpower. The mission of Mpower Your Career is to assist the globe […]
Talking Fraud ROI With Karisse Hendrix
I recently had the chance to visit Karisse Hendrix on her Fraudology Podcast – the best podcast on fraud on the planet. We had a great conversation talking about the struggles fraud executives have creating and selling and ROI internally to their organizations. For those of you that don’t know Karisse, she has worked with […]
Charitable Stealing – Why Fraudsters Target Charities
Why would fraudsters spend hundreds of millions a year donating to charities? Fraudsters are the business of stealing money, not giving it away. But they do. On the face of it, they appear to be very generous. Every year, stolen credit card numbers, checks and even bank routing numbers are used to make hundreds of […]
How HushPuppi Got Caught – It Started With A Post
This is a great video that shows behind the scene footage of one of the world’s biggest scammers while it tells the story of his arrest. His whole life unraveled when he posted his birthday on Instagram and the FBI was able to determine his real identity.
Auto Loan Fraud is Up Big in Houston
Houston Police Department is reporting a spike in vehicle fraud cases in Houston. Sgt Darren Schloesser, head of the fraud unit says that’s because the crime is so lucrative.
Is Your Boss Being Too Cheap on The Fraud Tools? Read This
I have run across so many embattled fraud managers that have tried to get a fraud tool or technology that they needed only to fail. Most of the time they fail to convince the executives to get the tool because there are higher priorities within the organization, or because they can’t build the ROI for […]
Feds Bust More Nigerians for Unemployment Fraud
Federal agents report that they have broken up an unemployment fraud ring based in Maryland that targeted California and numerous other states with more than $2.6 million in fraudulent claims. A federal criminal complaint obtained by KCRA 3 Investigates said that more than 200 individual unemployment applications were filed with California EDD from one Hyattsville, […]