Using A CPN Is A Fraud and A Crime
It’s called a CPN which stands for Credit Privacy Number. A CPN claims to be a nine-digit identifying number that you can use instead of your Social Security number to protect your privacy on credit documents. But using a CPN, instead of your real social security number to apply for loan or credit card can spell […]
About-Fraud Makes Sense of The Many Fraud Tools
Fraud Managers must manage many risk on a day to day basis. It can be a bit mind boggling when you think about it. Check out all of the different risk that fraud managers are faced with every day. As part of managing that risk they are constantly evaluating new tools and technology to help […]
How To Use Your Phone To Detect Skimmers
The secret service issued a warning to consumers to be on the lookout for skimming devices at gas pumps this 4th of July. The scam is on the increase and it involves crooks implementing a card reading device on top of the gas stations pumps that can intercept the details from the magnetic strip and […]
Serial Fraudster Racks Up $30 Million In Luxury Auto Fraud
He was an FBI informant, once testified against the Russian mob, and his spare time was a serial fraudster. Albert “Alex” Golant was born in Belarus Russia and moved to Wisconsin at a young age. To make money he would eventually become a prolific car broker and high stakes gambler, only his schemes were not […]
Auto Lender Hit With Phantom Auto Loan Fraud
In 2015, the US Office of Personnel Management (OPM) was involved in the largest hack against Government employees in history. The hackers made off with 21.5 million records. That data included social security numbers, fingerprints, usernames, passwords and other personal data from government employees. The OPM apparently awarded ID Experts $133 Million to protect the identities of those government […]
Auto Lenders Address Rising Fraud
An article written by Matt Wood in Auto Finance News highlighted some of the rising fraud trends that we are seeing in auto lending. Different forms of fraud are rising in the auto industry and are presenting lenders with challenges as fraudsters continue to grow smarter, Frank McKenna, chief fraud strategist at artificial intelligence solutions […]
The Moment Visa Crashed Captured on Video
https://twitter.com/twitter/statuses/1002631835577397248 In all seriousness, Visa identified the issue as a hardware problem that caused messages back to the Chip Card from Visa to fail. What a day. One of the worst payment outages in history. How many of you fraud analyst have ever written a rule that declines too many transactions? Can you imagine if […]
3 Lenders Profits Hit Hard By Same Insider Fraud
American Banker reported that 3 separate lenders warned of massive profit hits suffered as a result of a single commercial loan fraud scheme. The lenders; Fulton Financial, Univest, and Franklin Financial all submitted separate regulatory filings warning that their 2nd Quarter profits were going to take a significant hit as a result of write downs […]
How Fraudsters Trick You To Bypass 2FA
An interesting and clever example which shows just how scammers and fraudsters will go to get your one-time password or those 2 Factor Authentication codes to your bank accounts. This example popped up here on Reddit. The person that received the text was tricked into sending the scammer the one-time passcode that they then used […]
Has Auto Loan Fraud Replaced Car Theft In The US?
Thefts of cars have gone on a decades-long decline here in the United States. In 2003, there were more than 433 car thefts per 100,000 people. Today, the number of thefts has dropped to 215. That is a reduction in car thefts by over 50%! FBI Crime Reports for Auto Theft When it comes to car […]
The Skim Reaper Spells Doom To Skimming Fraud
The Secret Service estimates that over $1 Billion Dollars is stolen from US consumers each year due to card skimmers. The University of Florida has developed a skimming detection device that can instantly identify if a card reader has been compromised by a skimmer in the hopes of reducing losses to consumers. The device is […]
Industry Insider Wants to Kick Fraud Out of Auto
Joel Kennedy knows a thing or two about auto finance. You could call him an expert. He co-founded a company that specialized in lending to borrowers with low credit scores called Pelican Auto Finance. In a recent article that appeared in Non Prime Times, he shines the spotlight on one issue that he believes the […]
Kids Are Twice As Likely to Be Fraud Victims Than Adults
Here is something to make your bold boil. Toddlers and kids are under attack by fraudsters. About 1 in every 50 kids is subject to becoming victimized by fraudsters in this day and age. Your son, daughter, grandson or granddaughter are the #1 target of these fraudsters because their social security numbers are cleaner and […]
Congress Strikes Back at Synthetic Identity Fraud
Congress is striking back and fraudsters that steal children’s social security numbers to perpetrate synthetic identity fraud. The U.S. House of Representatives approved a new law that U.S. Reps. Carlos Curbelo (R-FL) and Randy Hultgren (R-IL) led to stop synthetic ID fraud in which children’s identities are commonly stolen and used by scammers to create […]
Bad Bots Are Taking Over the World
2018 was the year that Bots went mainstream. According to a new report by Distil Networks, Bot activity accounts for 42% of all internet activity. And what’s worse, is that close to half of that activity is by malicious “bad” bots. Bad Bots are taking over the world. 1 in every 5 hits to […]