Auto Loan Synthetic Fraud Ring Busted
An elaborate multi-loan fraud case involving 22 borrowers was uncovered by Tinker Credit Union in Oklahoma after they analyzed their charge off’s and defaults and noticed an unusual pattern. 22 loan applicants advised the bank that they paid over $2,000 each to a person Paul Barry White – the ringleader of the scheme. In exchange for […]
New Fingerprint Card Launched To Stop Fraud
Gemalto announced a new product that should take a bite out of fraud – a new contactless fingerprint card. While fingerprint cards were launched last year, this is the first biometric-powered credit card with a contactless technology. The card will help stop fraud by ensuring that the only person that can use the card is […]
Visa’s Streamlined Disputes Will Reduce Friendly Fraud
It’s here. Visa is throwing their antiquated chargeback system out the window and streamlining it to make chargebacks faster and easier to understand. In April, Visa will launch the Visa Claims Resolution Initiative which will simplify disputes from 22 separate rules into 4 dispute categories, and they will speed up the process by automatically determining […]
There Will Be Fraud (And 10 Other Predictions for 2018)
2018 will be a big year for fraud. There will be fraud, lots and lots of fraud in 2018. If that comes as a shock to you. It probably shouldn’t. Fraud has been on the rise for the last 25 years and it is showing no signs of slowing down anytime soon. As a […]
This Nigerian Prince Wasn’t What People Expected
When you think of a Nigerian Prince, a lot of images come to mind but 67-year-old Michael Neu, is not one of them. But apparently, he had scores of victims thinking he was a real Nigerian prince. And a very rich and generous one at that. Slidell police this week arrested the aging “Nigerian Prince” and […]
Online Fraudsters Prefer These 7 Things
Online fraudsters are clever but their patterns of fraud are predictable and can be spotted easily if you know what to look for. Feedzai, an innovative machine learning company, does just that mining predictable online patterns of fraudsters that might not be visible to the naked eye. In a great report, you can find here. […]
Counterfeit Card Fraud Drops 66%
Visa reports that counterfeit fraud is dropping like a rock. According to a recent press release, Visa reports that chip technology is the reason for the drop. One of the leading factors was that chip technology is extremely effective in reducing counterfeit fraud, which was the leading type of fraud in the U.S. at the […]
Shifting Sands – Fraud Report Reveals Changing Landscape
Idology, an Identity Verification Company, has released their 5th Annual Fraud Report which reveals the shifting landscape of fraud over the past year. Like sand, fraud is always changing, always moving to the path of least resistance. And that was even truer this year as fraudsters escalated the cat and mouse game with more data […]
Scammed? Get Your Money Back From Western Union!
Wire Fraud is a growing epidemic here in the US. Fraudsters love it because they can con victims and get their money right away. And Western Union has always been a favorite choice of fraudsters that want to get paid right away. It always seemed like Western Union is a sure thing. Fraudsters counted on […]
New ScamBaiting Tool Totally Wrecks Fraudsters
It was only a matter of time before someone figured out how to enlist the help of robots in the fight against fraud. And a New Zealand security company, Netsafe, has done just that. They developed a massively creative artificial intelligence program to turn the tables on scammers that send phishing emails. The results are […]
International Fraud Awareness Week
Hundreds of organizations from around the world are banding together to educate and spread fraud awareness this week during International Fraud Awareness Week. More than 350 organizations (including PointPredictive) are spending this week holding training seminars, educating employees or inviting fraud experts to speak to their customers about the impacts of fraud and how to […]
FBI Reports Home Closing Wire Fraud Is Spiking
There is explosive growth in wire fraud and it is coming from the most unlikely places – home closings. The FBI is reporting an explosive increase in wire related fraud where hackers infiltrate real estate agents email accounts, send fake emails and convince homebuyers to wire hundreds of thousands of dollars to their accounts with […]
Study Shows Lenders Have Highest Cost of Fraud
The lending industry has a higher cost of fraud than any other industry; that includes auto lenders, mortgage lenders, digital lenders and bank lenders. In their 2017 True Cost of Fraud study, LexisNexis interviewed 1,196 executives across hundreds of e-commerce merchants, banks and lenders and determined that lenders spent $2.82 in cost, fees, and interest […]
Data Breach Index Is Going Off A Cliff in 2017
Poor internal security practices are taking a toll. Gemalto tracks data breaches across the globe each day, and they are raising the warning flag. The Gemalto Breach Index was released this week and it points to a massive uptick in breaches. More data was stolen the first half of 2017, then the entire previous year. […]
A Fried Chicken Fraud Exposed
Sweet Dixie Chicken, a popular brunch spot in Long Beach, is the type of place that serves pricey plates in a trendy setting. A waffle and eggs will set you back $14.50. Scrambled Eggs will cost you $14.95. And Chicken and Waffles will run you $15.95. At prices like that, you would expect craft food […]