PinDrop Reports Big Increase in Phone Fraud
Social engineering is on the rise because fraudsters have found the weakest link in the security chain – the call center operator. According to the 2016 Call Center Fraud Report, fraudulent calls spiked 45% in the last 3 years and now 1 in every 2000 calls into call centers is by a fraudster trying to […]
NACHA Reports Zero Increase in Fraud with Same Day ACH
Nacha is reporting that there has been zero increase in fraud after the much-feared launch of Same Day ACH in September of last year. The report comes after Nacha survey 23 financial institutions about their experience with Same Day ACH. 100% of those banks reported no increase in fraud. And it’s not for lack of […]
Online Merchants Will Not Be Liable For Fraud In 3 Years
Here is a bold statement. “Within three years merchants will no longer be liable for credit card fraud online”, said Skye Spear, vice president of partnerships at Signifyd That quote in Forbes caught my attention. Then I took a closer look at what Skye Spear and his company are doing to make that possible. Yes, […]
London Fraud – How Fraudsters Steal in London
London has always been a hot spot for pickpockets and clever con artist. Watch this awesome Vice Video that takes you behind the scenes for a new generation of clever con artist that are making millions.
Auto Finance – Auto Loan Fraud Set to Double in 2017
An article by William Hoffman in Auto Finance News reports Auto Lending Fraud is set to double. Here is the article in its entirety. Consumer fraud in auto lending could double in 2017, compared with the year prior, in large part due to prevailing trends in the finance industry, said Tim Grace, chief executive of […]
Expose – How Fraudsters Steal Your Identity
This short expose shows how scheming fraudsters prey on consumers to steal their identities and drain their bank accounts. http://www.dailymotion.com/video/x4gok0y
Fraud Continues Unprecedented Climb Higher
Are we at the beginning or end of a dramatic spike in fraud across all industries? It might be open for debate but clearly, all signs are pointing to the fact that we may be in the very early stages of a long and treacherous climb upward. I reviewed the Top 10 Reported Fraud Losses last month […]
CEO Fraud 2.0 – It’s Like Fraud on Steroids
Imagine getting an email from the CEO of your company requesting that you email out a zip file containing last year’s W2 forms to a new accounting firm that is “helping your company with taxes”. Accounting and payroll departments all over the US are getting emails like this one each and every day. And they’re […]
Auto Lending Fraud Estimated at $6 Billion for 2017
Auto Lending Fraud is a fraud dominated by systematic dealer fraud, fraud rings and early payment default. With 2016 auto lending originations soaring to historically high levels, the downstream impacts are now revealing themselves in higher fraud losses. PointPredictive estimates the annual value of auto loan originations that contain some element of misrepresentation may be […]
Counterfeit Card Fraud Drops 52% in 2016
Visa announced this week that counterfeit fraud is down 52% for 2016 at merchants that have deployed their Chip Card terminals. The rapid adoption of Chip-enabled terminals at US merchants continued at an astonishing clip with over 1 million new merchants installing the terminals. That raises the figure to over 1.8 million merchants accepting […]
Fraud Alert : You Should Always Hang Up On This Call
If you get a call from a phone number that you do not recognize and the person asks, “Can you Hear Me?”, the best thing you can possibly do is hang up the phone immediately. Law Enforcement is warning consumers across the US of a new scam that is gaining momentum. It is happening in […]
This CEO Tries to Convince Auto Lenders Fraud is Real
I love it when senior executives take a stand against fraud and try to do something about it. So when I read this article in Auto Finance Excellence – Roadblocks to Creating a Dealer Fraud Detection Network, I was pretty impressed with CEO Troy Cavallaro and what he has been trying to do. He has been […]
Up To 90% of Traffic To Online Retailers are From Fraud Bots
Threat Metrix released their latest CyberCrime Report for 2016 as you might expect, fraud attempts, particularly from BotNet attacks are soaring. As much as 90% of the traffic they track to key online retailers appears to originate from Bot’s programmed by hackers to infiltrate their systems, take over accounts and make fraudulent purchases. 700 Basis […]
How a Fraud Ring Created 7,000 New Synthetic Identities
Yesterday, a fugitive Habib Chaudhry was arrested after running from the law for four years. He was one of 18 criminals that were charged by the US Justice Department for running the most sophisticated Synthetic Identity crime rings in history. Their crimes were so complex and extraordinary; you can barely believe that they managed […]
First American Fraud Index Shows Mortgage Fraud Up 10%
First American released their latest Application Defect Index and their conclusion is that Mortgage Fraud Risk has increased 10% in the last year. These results are remarkably consistent with CoreLogic’s Fraud Analysis which suggested that mortgage fraud had increased by 15% – I wrote about that here – CoreLogic Fraud Index. CoreLogic believes that the […]