Get Ready for Gas Station Fraud Armageddon in 2020
Gas stations around the US are rushing to upgrade their fuel pumps in order to accept Chip Cards by the October 2020 deadline. Even though they were given extraordinary leeway and an extra 3 years to upgrade their pumps, many chose to wait until the last minute to comply. A new report by Conexxus, a […]
Personal Data Can Prevent Fraud – Here’s How.
Millions of Californians now have more rights than ever before when it comes to their personal online data. That includes the right to find out what’s been collected and ensure it is not sold. That new legislation is called California Consumer Privacy Act (CCPA) and many other states are following suit. Most consumers think that […]
Loan Fraud is Shooting Up and Up and Up in India
Not a day goes by that I don’t read an article about the problem of loan fraud in India. It started a couple of years ago with the massive $1.8 Billion Dollar loan fraud at Punjab National Bank and it has only gotten worse. That case which involved 3 bank insiders working with billionaire Nirav […]
Are Liar Loans Pushing Fraud Too Far in Auto Lending?
The Auto Lending Industry could be in for rough waters. Ben Eisen, a Wall Street Journalist investigated the issue of Liar Loans and remarks in this video how eerily similar the problem seems to be compared to the Mortgage Crisis of 2007. 1 in 4 loans have inflated income. And that’s just what we know […]
5 Things Banks Should Do To Stop Synthetic Identity Fraud
The Federal Reserve calls synthetic identity fraud the fastest growing financial crime in the US. It boggles the mind that something so ridiculously simple as using a stolen Social Security Number and combining it with a different name and address could lead to such a rampant crime. I mean, shouldn’t we be able to stop […]
Social Security Number Fraud Hits Auto Loans Hard
PointPredictive press released a widespread scheme involving the structuring of social security numbers used to create synthetic identities for potentially fraudulent auto loans. The scheme involves applicants, or in some cases bad actors at car dealerships, using valid Social Security Number prefixes (the first 5 digits of a valid SSN) and systematically changing the suffixes […]
4 Ways Fraudsters Shifted Their Takeover Patterns
Fraud is ever changing. Fraudsters are continually evolving their craft to bypass bank fraud controls. As banks deploy AI and Machine Learning, fraudsters are employing their own machine learning to identify new and better ways to skirt controls. And nowhere are patterns changing faster than in online account takeover. A new study released this month […]
950 Accounts Impacted in $2.4 Million Bust Out Scheme
A San Bernardino County man faces federal criminal charges that he masterminded a bank account “bust-out” scheme that defrauded Wells Fargo out of $2.4 million and compromised more than 950 of its accounts. Steven Michael Banks Hubbard Jr., a.k.a. “Marcus” and “Man,” 36, of Rialto, was charged in an 11-count federal grand jury indictment returned […]
House of Cards – 1 In 5 Auto Loans Contain Income Fraud
An article in the Wall Street Journal was published which indicated that 1 in 5 borrower applications have inflated incomes. The article written by Ben Eisen exposes some dealers that lie about the income to get loans approved and put the borrowers in cars that they could not otherwise afford. The article also indicated that, […]
Duh. Dumb Fraudster Post His Crimes on Instagram
There are dumb criminals and then there is Arlando M. Henderson. He was arrested this week for stealing more than $88,000 in cash from the vault of the bank where he was employed, and then committing a separate loan fraud in connection with the purchase of a luxury automobile. So why is he so dumb? […]
Viral Video Shows Woman Committing Card Fraud
A viral video made the rounds today showing a woman who is helping a customer apparently help herself to the woman’s credit card. While the customer goes to get something off the shelf, she sneakily takes a picture of both the front and back of the card. The audacity of some people!
SWIFT Fraud is Rising According to New Report
A new report released today by EastNets reveals that SWIFT related fraud attempts are on the rise and not declining. According to the report, SWIFT payment fraud is on the rise, and there is strong evidence that banks are not adequately preparing themselves to combat the threat. In addition to various high-profile incidents of bank […]
Fraudsters Target Luxury Cars With CyberCrime Scams
Fraudsters are using far more technical crimes to steal from car dealerships and auto lenders these days. And the newest method of choice for them is cyber-crime. In recent industry reports, cyber-criminals have significantly increased their attacks using wire transfer fraud, high tech data breaches and even introducing malware onto the dealer and lenders systems. […]
Card Fraud Losses in UK Jump 19% – Highest Recorded
Fraud scoring company, FICO, released its annual interactive European Fraud Map, which shows that the UK’s card fraud losses hit a record £671 million in 2018. That’s a big jump, particularly since the UK had managed to reduce losses in 2017 by close to 8% the year before. Fraud losses in the UK accounted for […]
13 People Arrested for Using CPN’s To Defraud 3 Banks
I’ve said it before, and I will say it again – using a CPN is a fraud and you can go to jail. If you don’t believe me just ask the 14 people that were arrested and charged in Milwaukee County accused of defrauding banks for over $500,000. Instead of using their correct social security […]