Synthetic ID’s and Shell Companies Used in PPP Fraud
I am calling PPP Loan Fraud, the loan fraud of the century. It continues to astound me the level of audacity that fraudsters used to extract billions from the program in the blink of an eye. This week, the DOJ announced yet another massive PPP fraud scheme. But this time with a twist. Federal prosecutors […]
PPP Fraud Arrest Just The Tiniest Tip of The Iceberg
“The smallest and tiniest tip of the iceberg.” That is how Hannibal Ware, the Inspector General of the SBA, described the 41 criminal complaints involving $62 Million in fraudulent Paycheck Protection Loans. And if you do the math, and look at the numbers you will realize just how right he is. The sheer size of […]
ID Theft Complaints Soar 2,000% in Illinois
The Illinois Department of Employment Security is reporting some astounding numbers related to unemployment fraud. In a recent article, investigators at the department are reviewing more than 14,000 identity theft claims in the last five months. Last year, during the same time period there were only 651 total claims. That’s a more than 2,000% increase […]
How To Strike a Balance with A Fraud Operations Scorecard
Striking a balance between fraud prevention and customer impact is the hardest part of every fraud managers job. The focus shifts so much it’s like riding a see-saw, and so often organizations fail to strike the optimal balance between impact on fraud and impact on the customer. One day your executives tell you to turn […]
A Wave of Jailed Inmate Unemployment Fraud Hits
They are calling it a fraud at an unprecedented level. Inmates are applying for and then collecting Pandemic Unemployment Assistance (PUA) while sitting in their jail cells. PUA is a part of the CARES Act, and is a federal program designed to provide assistance to those unemployed due to the coronavirus pandemic. Federal and state […]
Did The Unemployment Rate in Arizona Jump to 82%?
The number of unemployment claims in Arizona has reached 2.8 million now. This is the total number of people in the state that have reportedly filed for unemployment benefits. There is just one small problem. The state only has about 3.4 million workers in total. That would make the unemployment rate for the state over […]
Stunned Woman Gets 70 Fraud Letters For Unemployment
A woman in Kansas City was surprised to see a letter in her mailbox from the Unemployment Office sent to her address but to a name she did not recognize. Then, she got another letter, and another letter, and another and another, and another. By the end of the week she had received 70 different […]
Microsoft and Capital One Collab on Fraud Detection
It isn’t often that you see card issuers and merchants collaborating around data sharing but a new initiative launched by Capital One and Microsoft just may change all of that. Last month, during Microsoft’s quarterly earnings report CEO Satya Nadella, advised that the company was working directly with Capital One to share transactional data to […]
Inmate Unemployment Fraud Ring Found in California
It’s one thing for someone to file for unemployment when they are living in freedom, but it takes it to a whole new level when people in jail claim they deserve unemployment. In fact, filing for unemployment while you are incarcerated is a crime in California. But that just happened last week. 21 people in […]
Indian Student Masterminds International Fraud Scheme
An Indian national has been sentenced to over a year in prison for his role in defrauding about 200 Americans of at least $150,000 with his conspirators in India. Anikkhan Pathan, a student on a F1 Visa, “participated in an international fraud scheme that victimized 200 hard-working Americans.” according to an affidavit that was filed […]
New York Stopped $1 Billion in Unemployment Fraud
The New York State Department of Labor advised that they prevented a whopping $1 billion in fraudulent claims from being paid out since the Pandemic began. And it gets worse. According to the department, they’ve sent more fraud cases to federal prosecutors in the past 5 months than they have in the last 10 years. […]
Mom and Son Convicted in Elaborate $13M Internal Fraud
A Houston mother and her son were convicted this week in an elaborate fraud scheme which involved them working together to steal over $6 million in fraudulent loans from a California bank. It was the largest fraud scheme in the banks 113-year history. A federal jury convicted Carlos Wydler (the son), and Leyla Wydler his […]
Another Man Buys A Lambo With Fraud PPP Loan Funds
What is it with these Paycheck Protection Loans? Is every guy out there suffering a midlife crisis, taking these loans out so they can finally live out their dreams? Last week, David T Hines from Florida purchased a $319,000 Lambo after fraudulently applying for PPP loans with fictitious businesses. On his applications, David Hines said […]
Florida Man Prints Check At Home – Buys Porsche
A Florida man, Casey Kelley must have a really good printer. He was able to print a fake check for $139,000 from his home, stroll into a nearby car dealership, and purchase a 911 Turbo. Here he is in standing at the dealership in front of the car. He was only caught, after he got […]
SBA Rocked By Rampant Fraud in EIDL Loan Program
The SBA released a warning citing serious concerns over rampant loan fraud with the agency’s Economic Injury Disaster Loan Program. The loan program has been the target of fraud since the government expanded to the loan program in March with $10 Billion in additional funding. Unlike the PPP program, however, the business can have 500 […]
Hacker Gives Away 386 Million Breached Records Free
A hacking Robin Hood is giving away a fortune of breached data by leaking massive numbers of databases online. And he is not charging a penny for the data. BleepingComputer reports that a hacker going by the name ShinyHunters has begun leaking the breached databases for free on a hacker forum known for selling and […]
Florida Man Gets PPP Loan and Buys A Lambo Next Day
David T Hines was riding high after receiving $3.9 million in COVID relief funds from the PayCheck Protection Loan Program. He was rich and was going to show off just how rich he was. So he spent $319,000 of that money on a new Lamborghini Huracán sports car with funds that were intended to go […]
5 Reasons Why You Should Never Sell Your Tradelines
Tradeline selling is gaining popularity as a side hustle. In fact, Side Hustle Nation says it can make you $1,000 a month for doing practically no real work. But is it worth it? Is this really a dream side hustle where you can make lots of money for nothing? The answer is no. Selling authorized […]
CPN’s, Synthetic ID’s,Gift Cards, Cars, and Motorcycles
As I have said time and time again, using a CPN is a crime and you can go to jail if you use one. Well, a Bonny and Clyde couple got greedy and used their CPN’s to steal cars, apply for credit cards, buy gift cards, and buy luxury motorcycles. They even tried to buy […]
Brett Johnson Turned Card Fraud Into An Empire
Brett Johnson is a good guy. He has turned his life around. And now he has dedicated his life to fighting fraud. But..if you had a credit card in the between 2002 and 2004 and your card information was stolen and used, there is a good chance that Brett Johnson and his ShadowCrew might have […]
Love the Beach and Fighting Fraud? Move to San Diego!
I originally posted this a couple of years ago, but I am so proud of this city and the buzzing anti-fraud community here, that I decided to repost it again. San Diego is an amazing place to live. With an average temperature of 71 degrees, 266 sunny days a year, and some of the most […]