Don’t Get Hit with ShotGunning Fraud
Don’t cue up the old western music. I’m not talking about actual shotguns here. And I’m not suggesting you buy a gun to protect yourself. What I am talking about is a very specific type of fraud scam that some in the industry like to refer as “Shotgunning or ShotGun Fraud”. Actually it’s not a […]
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 […]
5 Reasons Why Banks Can’t Ignore Scams Any Longer
What is the difference between a fraud and a scam? To consumers, there is no difference. But to banks, it’s a much different story. Fraud is something banks are liable to reimburse customers for. But scams on the other hand, those are losses the customer bears because the customer got conned and gave out their […]
Con Man Details His $39 Million Mortgage Fraud
Check out this very interesting story about this Con Man’s $39 million mortgage fraud. He was a mortgage broker that committed a massive fraud.
OTP Bots Take Social Engineering To New Level
Robots are powerful and they can be used for good or for bad. When they are good, they are very good. But when they are bad, they can be very bad. Such is the case with new bots that are taking social engineering to a whole new level. They’re called OTP Bots and they are […]
High Flying Fraud Company Riskified Files for IPO
In a year where at least 8 fraud companies achieved Unicorn status, the sky’s the limit. And this week, high flying fraud startup Riskified has filed for an IPO – a relatively rare event among fraud startups. The Israeli company, which was founded in 2013 by Eido Gal and Assaf Feldman was built under the […]
Second Nigerian Charged With Fraud in Washington
A month ago a Nigerian – Abidemi Rufai – was arrested and charged with stealing over 100 identities to steal more than $350,000 in unemployment fraud benefits from Washington State. Yesterday, federal prosecutors arrested and charged another Nigerian citizen with stealing $290,000 in a similar scheme. Officials linked an email address belonging to Chukwuemeka Onyegbula […]
P2P App Complaints Surge 300% As Scams Grow
Consumer complaints about P2P payment apps such as PayPal, Venmo and Square have surged during the last year. In April of 2021, there were 970 digital wallet complaints — almost double the previous monthly high from July 2020. The study which was conducted by Public Interest Research Group [PIRG], examined consumer complaints to the CFPB […]
How To Commit Fraud Like They Did in The 1980’s
Fraud and scamming has gotten so technical and hard these days. But it didn’t used to be that way. In fact, fraud used to be absurdly basic by today’s standards. This weekend I stumbled across a link – a treasure trove of old fraud and scam guides created in the 80’s and early 90’s. You […]
ID.me Fraud Checks in Arizona Dropped Fraud 99%
A recent article by Axios details how effective drivers license verification from ID.me might have been in protecting Arizona state from unemployment fraud claims. In October of 2020, unemployment fraud claims were skyrocketing in the state. 570,400 initial PUA claims were filed in the week ending October 10, 2020. A month later, after hiring ID.me […]
Guerilla Black Details His Credit Card Fraud Empire
At his peak, Compton rapper Guerilla Black was bringing in $40,000 amount in proceeds from the 27,000 credit cards he stole. And he worked globally, stealing from banks in England, Switzerland, Nigeria, Mexico, Italy, Canada, Sweden, France, Australia, Norway, Ireland, Russia, Denmark and Germany. Check out this No Jumper interview where Guerilla Black explains what […]
Apple Is Leading The Way With A New Digital Identity
What Apple does, everyone follows. IOS15 is coming and it offered up some huge news on the digital identity front. Today, Apple announced that the company will soon add digital driver’s licenses to the Apple Wallet. And newly granted patents indicate that Apple is well on their way to become the standard in Digital Identity. […]
Learn How A Love For Rapping Destroyed Fraud Ring
Rappers, Social Media and money laundering. This story has it all and is a great expose into the new world of cyber fraud and bitcoin to facilitate money laundering. It’s also a glimpse into the a fraud network that spanned many countries and utilized hundreds of people to hack into victims bank accounts and then […]
BofA Ordered Not To Block EDD Without Proof of Fraud
A federal judge prohibited Bank of America from freezing accounts for California unemployment benefits based solely on an automated fraud filter that the bank has deployed. U.S. District Judge Vince Chhabria issued a preliminary injunction that was sought in a class action lawsuit by 15 Californians. Those California residents were amount the thousands that had […]
Should Fraud Analyst Scan Social Media To Fight Fraud?
Fraud and scams are reaching epidemic levels. Some say that its higher than any other point in history. And you can count me as one of those people. But what is behind this stratospheric rise in fraud and scams? What is driving it upward like never before? I believe it’s social media. Telegram. Facebook. Instagram. […]
Retired FBI Agent Scams Victim, Faces 178 Years Prison
A retired FBI agent who allegedly convinced a Granbury woman she was on “secret probation” and conned her out of roughly $800,000 has been federally charged, announced Acting U.S. Attorney for the Northern District of Texas Prerak Shah. He is facing a sentence up to 178 years in prison now. He Told Victim She Was […]
States Struggle With Backlogs From Fraud Checks
ID.me provides a very valuable identity fraud check that about half the states in the US are relying on to curb unemployment fraud claims. ID.me claims that the solution is stopping billions in potential fraud for states and that is likely true. But it is not coming without some backlash. This week, ID.me is coming […]
Fintechs Could Be In Big Trouble Over PPP Fraud
Fintech companies could be in big trouble over PPP fraud. They are under immense scrutiny over the inordinately high level of fraud they processed over the last year. The PPP Program was a boon for Fintech companies this last year, generating billions in profits for them, while shouldering the cost of fraud and default of […]
Fraudsters Targeting New SBA Restaurant Fund
How many time can the SBA get hit with fraud? It seems like the attacks will never stop. This week, fraudsters are all over the new SBA Restaurant Revitalization Fund. That seems to be the case based on all the activity on social media and telegram channels focused on fraud. The Program Launched Less Than […]
UK Banks Reimbursing Almost 50% of Scam Victims
UK Fraud Finance published their annual fraud report for 2020 and there is some surprising news on scams. In 2020, UK Banks reimbursed close to 50% of Authorized Push Payment losses back to consumers. UK Finance began collating and publishing data on authorised push payment (APP) scams (also known as bank transfer scams) in 2017 […]
Lemonade Under Fire For Using AI To Stop Fraud
Lemonade, (not the drink) but the insurance startup is under fire for bragging that they use Ai to analyze up to 1,600 data points on insurance claims made via their video app, and then denying those claims if they suspect fraud. And it didn’t go very well at all. Twitter and social media erupted when […]