Fraud Is A National Security Threat in the UK
A think tank in the UK – the Royal United Services Institute (RUSI) advises that fraud has reached such epidemic levels that it should now be considered a threat to national security. The report by RUSI called The Silent Threat The Impact of Fraud on UK National Security, warns that fraud against UK citizens, businesses, […]
Millions May Soon Find Out They Are Victims of ID Theft
Getting a letter in the mail saying you owe taxes for unemployment benefits that you never applied for is so 2021. Buckle your seat belts, we may soon see a wave of people learning that they are victims of identity theft. The IRS today urged millions of Americans to be on the watch for IRS […]
California – Up To $31 Billion in Unemployment Fraud
According to ABC7 , California unemployment fraud could be even higher than anyone could have ever imagined. In an EDD conference call, Julie Su, secretary for the California Labor and Workforce Development Agency said, “Of the 114 billion dollars in unemployment paid by California since March, approximately 10% has been confirmed as fraudulent. An additional […]
In 2020, 80% of Fraud Attacks Were Account Takeover
As the pandemic emerged in 2020 and lockdowns began across the world, consumers shifted online to get their goods and services. Online spending reached 18% of total retail volume compared to only 14% in 2019. And the flood of online shopping and activity was great cover for fraudsters who ramped up their online activity significantly […]
Circling Loan Sharks Resort To Fraud During Pandemic
Scores of instant money lending apps are popping up in India but they are nothing more than Loan Sharks that are defrauding desperate people during desperate times. The Pandemic has created a new and emerging market for international loan sharks that can use new technology to reach more desperate people. The Hindu Times reports that […]
What Do You Do When Your Mom Steals Your Identity?
Over 67% of Americans are afraid of becoming victims of identity theft, but only 20% are afraid of being murdered? Having someone steal your identity is a very real threat to so many. But what happens when someone you know steals your identity? Does it make it any better, or any worse? One Reddit User […]
British Business Bank Launches Fraud Investigation
The Telegraph reports that leaders at the Business British Bank are launching a £1,000,000 investigation to get to the bottom of fears that widespread fraud occurred on the Bounce Back Loan Program. Similar to the US Paycheck Protection Program (PPP), The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that […]
Into the Unknown – Our Top 10 Fraud Predictions for 2021
The past is our lesson. The future is what we do with it. Maybe 2020 is a year that you don’t want to remember, but it is probably one you will never forget. Raise your hand if you’re apprehensive about 2021 ✋? Raise your hand if you’re just not sure what is going to happen✋? […]
Argh. Can We Expect Another $28 Billion in PPP Fraud?
This week, Trump finally signed the $900 Billion Pandemic Relief Bill. The bill contains another $285 billion that has been earmarked for the SBA to give in the form of Paycheck Protection Loans (PPP) to small businesses to keep workers employed. But today many, including the Wall Street Journal, are concerned that the bill fails […]
BofA Under Fire for EDD Debit Card Fraud In California
Bank of America is coming under fire after a rash of consumer complaints about fraud on their EDD Debit Cards and how they were treated by BofA in the process. Bank of America is accused of their slow response, and in some cases, of withholding credits back to fraud victims, and hundreds of complaints are […]
Chicken Farm Fraud Runs Rampant in Rhode Island
Target12, a news outlet in Rhode Island, investigated 3.8 million in suspicious SBA loans in the area and found a stunning $3.8 million in fake farms. Check out this video that shows the shocking story of how fraudsters took advantage of the generous COVID Economic Industry Disaster Loan program to steal millions from Uncle Sam.
Fraud Fueled Millions in Fake Business Loans
Chicken Farms aren’t the first place you would look for loan fraud. But a recent report by Bloomberg indicates that is chicken farms were used to apply for millions in Covid relief. Newly released SBA data reveal thousands of $10,000 grants went to people who falsely claimed to have businesses they didn’t have according to […]
Massive Mobile Fraud Scheme Drains Millions From Banks
The sophistication of emulators and fraud tactics on mobile is getting so advanced that fraudsters have figured out new ways to bypass banks’ fraud controls. And that could spell big trouble for the coming years as banks scramble to update their mobile fraud strategies to respond to updated attacks on their highest growth channel. IBM […]
Miami Cop Sold Fake Police Reports for Credit Washing
Credit washing is one of the fastest-growing types of fraud impacting lenders across the US. Some lenders have reported a 400% increase in fraudulent identity theft claims, driven largely by shady credit repair companies trying to help consumers remove legitimate loans from their credit reports. This week, a former Miami Dade cop (Marquies McGirt) pleaded […]
Houston PD Nab Auto Fraudster Tied to 1,400 Cases
Houston police tracked down a serial fraud suspect tied to more than 1,400 synthetic identity fraud cases in several states and cities, including Houston. The suspect, Jarius Bell, was arrested in the act of using a synthetic identity under the name of Jimmer Warner by Sgt Darren Schlosser who heads up the Vehicle Fraud Unit […]
I Got Scammed, How Could I Be So Dumb?
Fraudsters suck. They got me. They really did. Their trick was so slick it worked. I should have known better. I’ve always thought I was smart and savvy and could spot a scam a mile away. I mean I work in fraud detection trying to help people avoid fraud all day long. But I was […]
BofA Advises California Paid $2 Billion in EDD Fraud
Bank of America reported this week that California paid an estimated $2 billion in fraudulent unemployment benefits. Bank of America contracts with the state to issue unemployment benefits via their debit cards. Bank of America indicated that between March 1st and November 21st, the bank issued approximately 8.2 million unemployment debit cards that were loaded […]
Forter Raises $125M, Now Valued at Over $1.3 Billion
It might defy your imagination but another fraud company has passed the billion-dollar valuation mark. This month, Forter raised $125 million in Series E funding which now values the company at over $1.3 billion dollars. The investment comes on the heels of surging e-commerce fraud and the rapid increase in Forter’s annual revenue. Reports indicate […]
Miami’s Credit Card Fraud Dark Lord Interview
Koncrete, an online podcast, always publishes amazing interviews with notorious fraudsters and this month they published another blockbuster. In this episode, they interview John Boseak, one of the most prolific credit card fraudsters of the early 2000s. He was discovered by another mortgage fraudster turned author- Matt Cox – in prison and Matt later went […]
What Are The Top Trends in Auto Lending Fraud in 2020?
I was delighted to be able to speak at the NAF Subprime Auto Lending Conference for 2020. I provided our take on the changing face of auto lending fraud in 2020.
Devious Minds – The Battle for Corona Funds
I was honored to present at this years FraudCon Virtual Event on War Stories of Fraud in 2020. I chose to speak on the fraud of the century – Stimulus Fraud of 2020. Check it out here.