Fraud Prevention Blog

How a 22-year-old stole your identity from halfway across the world

Posted by Stephanie Cho on Fri, Sep 04, 2015 @ 01:09 PM

Like most millennials, if you left college tens of thousands of dollars in debt with looming unemployment/underemployment on the horizon, there’s a good chance that you’ve done some unsavory activities, legal or illegal, that still brings about that tickle of regret and embarrassment in your stomach whenever you think about what you had to do to make ends meet. Of course, this is not to excuse the behavior of the man this post is going to be about, but rather, to highlight the fact that the cyber criminals stealing your identity and emptying your bank account are not sophisticated, Juilian Assange-esqe hackers: they are underemployed twenty-something year olds sitting at the kitchen table in their underwear and drinking a beer, using just a laptop and telephone to defraud some of the world’s largest financial institutions and their clients.

 

Topics: identity theft, fraud news, fraud, financial crime, cyber crime

IRS Removes W-2 Auto-Extensions to Fight Fraud

Posted by Sean Trundy on Fri, Aug 28, 2015 @ 09:35 AM

To combat the recent tidalwave of identity theft cases across the United States, the Internal Revenue Service is fighting back. Beyond implementing various new security measures and working with other government agencies to fight fraudulent filing, the IRS is now removing automatic extensions of W-2 forms. The current extension will remain in effect for another year, with the change going into effect in 2017.

Topics: identity theft, fraud protection tips, fraud news, fraud prevention protection, fraud prevention, tax fraud

With Mobile Transactions Comes Mobile Fraud

Posted by Sean Trundy on Thu, Aug 27, 2015 @ 02:39 PM

With the increase of mobile commerce brings a parallel increase in fraudulent mobile transactions, according to a recent report from Kount. For months, mobile commerce transactions have been increasing at dramatic rates, in some cases even surpassing desktop e-commerce and brick-and-mortar purchases. Although in-store and online transactions may be better protected against fraud threats, many merchants are still catching up with fraud protection measures on the mobile front. 

Topics: fraud protection tips, fraud news, fraud prevention protection, fraud prevention, mobile fraud protection, mobile fraud

Online Fraud Tied To Cities With High Number of Data Centers

Posted by Sean Trundy on Tue, Aug 11, 2015 @ 02:49 PM

According to a new report, the majority of online fraud in the United States is coming from several cities across the country with high concentrations of data centers. These cities, which include Tampa, New York, Chicago, Atlanta, and LA among others, are seeing increased rates of fraudulent activity, especially across the Internet. The correlation between the number of data centers and the high level of fraud suggests that stolen identities may be being funneled via VPN servers and proxies. 

Topics: fraud protection tips, fraud news, fraud prevention protection, counterfeit fraud prevention, fraud prevention

Protecting Seniors Against Fraud and Identity Theft

Posted by Sean Trundy on Fri, Jul 24, 2015 @ 12:19 PM

Identity theft and fraud among senior citizens is rising across the country, with many states as well as the U.S. government taking steps to help protect seniors from this risk. Why are seniors more at risk for fraud and identity theft? It may range from their distribution of personal information to generational beliefs making them more trusting of strangers. Regardless of the reason, fraud prevention for seniors is key to keeping the risk low and preventing scams from occurring. 

Topics: identity theft, fraud protection tips, fraud news, fraud prevention protection, counterfeit fraud prevention, fraud prevention

"Slip and Trip" Accidents Lead to Surge in Liability Fraud

Posted by Sean Trundy on Thu, Jul 23, 2015 @ 12:32 PM

The United Kingdom is reporting a huge jump in liability fraud, citing a 75% increase in bogus liability claims last year alone, numbering 19,800 cases. While the UK reports that insurance fraud rose by 9%, fraudulent claims for "slip and trip" accidents and other injuries appear to be one of the fastest-growing crimes. 

Topics: fraud protection tips, fraud news, fraud prevention protection, fraud prevention, liability fraud

Feds Fight Tax Fraud Through Check Cashing Businesses

Posted by Sean Trundy on Wed, Jul 22, 2015 @ 12:40 PM

As the Internal Revenue Service continues to work to combat tax fraud this year, other federal agencies are also amping up efforts to rein in the issue. One epicenter of fraud is in southern Florida, both due to its proximity to Puerto Rico and the demographic of older residents. The Financial Crimes Enforcement Network (FinCEN) is working in Miami-Dade and Broward counties in south Florida to minimize fraud risk. The FinCEN has issued a "Geographic Targeting Order" requiring strong identity verification at check cashing companies. Any individual wanting to cash a federal income tax refund will have to show and verifiy their identity. 

Topics: fraud protection tips, fraud news, fraud prevention protection, fraud prevention

SEC Playing Bigger Role in Cybersecurity

Posted by Sean Trundy on Fri, Jul 17, 2015 @ 10:24 AM

Despite the Securities and Exchange Commission's focus upon regulating the securities industry and protecting investors, the agency is moving to play a bigger role in cybersecurity. Because the SEC is responsible for customer data protection, disclosure of material information, and market system integrity, it tends to handle cybersecurity issues for advisers, broker dealers, and public companies. 

Topics: regulatory compliance, fraud protection tips, fraud news, fraud prevention protection, fraud prevention

Large National Insurer To Offer Identity Theft Protection

Posted by Sean Trundy on Fri, Jul 17, 2015 @ 10:23 AM

In a wave of preventative measures for data protection, the Blue Cross Blue Shield Assocation announced this week that it will begin offering identity theft protection services for its customers. This year has come with a fair share of challenges for large companies and security breaches; many are hopeful that new identity theft protection options will provide strong safeguards against security threats. 

Topics: identity theft, fraud protection tips, fraud news, fraud prevention protection, fraud prevention

Consumers Express Concern Over Protecting Financial Information

Posted by Sean Trundy on Thu, Jul 16, 2015 @ 07:24 AM

Counterfeiting and identity theft are major concerns for the public, and safety of private financial information is very important to the American people. According to a recent survey commissioned by a major credit card company, 77% of those polled explained that they worry about their financial and Social Security information being compromised.

Topics: identity theft, fraud protection tips, credit card fraud, fraud news, counterfeit fraud, fraud prevention protection, counterfeit fraud prevention, fraud prevention