DOJ Cracks Back on Money Mules used in Fraud Scams
From the DOJ, a press release was issued which outlined their aggressive enforcement against money mules. This is what they outlined. Attorney General William P. Barr and law enforcement partners today announced a concentrated effort across the country and around the world to halt money mule activity. Money mules assist fraud schemes by receiving money […]
AWS Launches Fraud Detector To Automate AI
AWS continued their course towards world domination today when they launched Fraud Detector – a solution that combines automated customized model creation with realtime use of that model for future transactions. This is useable AI delivered to prevent fraud in realtime. The solution appears to fully automate all the steps of machine learning to deliver […]
Welcome To The Age of Fraud – Top 10 Predictions for 2020
In a world where information and data is our lifeblood, fraud has infiltrated every aspect of our lives. No longer is fraud the exception to the rule; it is the rule. Whatever you do, wherever you go – the risk of fraud is lurking around every corner and it impacts everyone. And if you don’t […]
Card Fraud Losses Hit $29 Billion Annually This Year
Card fraud losses globally will reach $29 billion this year. This, according to a new report released by Nilson Media who tracks card fraud with issuers globally. According to a Nilson Press Release, Fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The […]
Hacker Makes Millions Bounty Hunting Bugs
Tommy DeVoss has spent his life hacking websites and he even spent years in jail for his crime. But now he uses his power for good and can make up to $160,000 a day exposing bugs and holes in big companies’ websites. What used to be a hobby for Tommy has turned into a full-time […]
Shark in The Housing Pool – A Mortgage Fraud Story
During the last three years, I’d swindled most of America’s biggest banks out of more than $15 million using fake and stolen identities, forgeries and my knowledge of the mortgage industry. I’d manipulated public records, all three credit bureaus, defeated the security procedures of six states’ department of motor vehicles and the U.S. State Department’s […]
First Fraud Unicorn Company Now Worth $1 Billion
AI company, Riskified, out of Tel Aviv has just completed a capital raise of $165 million which means the company is now valued at over $1 billion dollars. A “Unicorn” refers to a startup reaching or exceeding $1 Billion in value. That puts Riskified squarely in Unicorn status and make them one of the hottest […]
Fraud Guarantee Name Used to Trick Google Search
Have you heard about the company named “Fraud Guarantee”? It’s the company that is at the center of the Trump and Giuliani Ukraine scandal that was used as a shell company to pay off vendors and associates. But the reason that he gave the company the strange name is the most interesting story of all. […]
Is Fraud Putting the Brakes On Faster Payments?
Facing increasing Push Payment fraud schemes, the UK is ready to put the brakes on Faster Payments. At least they want to “tap the brakes” on some of the more risky transactions – like first payments to new payees. At least one fraud expert is calling this UK’s Slower Payment Initiative. In a report released […]
Fraudster Used 477 Stolen Cards On Apple Pay
A 30-year-old Miami man – Daniel Butler – was sentenced to more than four years in federal prison for putting 477 stolen credit cards on Apple Pay and iPhones and then racking up more than $1.5 million in purchases. Since there is no limit for Apple Pay transactions on the iPhone, Butler was able to […]
The Top Fraud Losses and Trends For 2019
The top fraud losses in the US account for an average of $170 Billion Dollars each and every year. That is an astounding number. If you consider the GDP is approximately 19 trillion a year, the top fraud types are about 1% of that number – and that is just here in the US. And […]
Former Mortgage Broker Exposes His Fraud Methods
Matthew Cox is a former mortgage fraud broker and admitted fraudster. He falsified documents to make it appear that he owned properties, and then fraudulently obtained mortgages on them for five to six times their actual worth. He was so brazen that he perpetrated fraud over many years and was convicted several different times. By […]
That Was Fast! First Case of Apple Card Fraud Reported
No credit card is immune to fraud, and by no card, that means you too Apple Card. While the card touts its ultra-high security, unexposed card numbers, and facial recognition features, fraudsters have still managed to find a vulnerability – and it didn’t take them long to figure it all out. According to 9to5Mac, a customer […]
How the Viral Cash App Fraud Scam Works
The Cash App Scam is making the rounds on the internet. This Youtuber breaks down how the CashApp Scam works and how to avoid it. It’s a scam that relies on gaining your trust and relying on your greed.
In 2019 Mortgage Fraud Risk is Declining in the US
In fraud, the drivers behind the numbers are sometimes more important than the numbers themselves. This is particularly true when examining the complex nature of mortgage fraud risk which is driven by a number of underlying factors including the economy, interest rates, property values and, general market conditions. Some people believe you would have to […]