Fraud Prevention Blog

March 6, 2014 - Identity Theft, Organized Crime, and the Deep Web

Posted by Sean Trundy on Thu, Mar 06, 2014 @ 09:28 AM

Warning:
The following information is scary. Stop reading now unless you have a robust identity authentication system in place for your business.


Topics: identity theft, authenticating drivers licenses, mortgage fraud, counterfeit credit cards, ID Verification

Turning the Tide on Identity Fraud, Part I: The Costs

Posted by Gary Satanovsky on Wed, May 25, 2011 @ 03:08 PM

Two very important studies delving into fraud reports from 2010 were issued recently. The first, a Lexis-Nexis annually-released paper examined trends in mortgage fraud, valuing the losses from all cases of mortgage fraud at $1.5 billion -- a number, they noted, which was almost certainly on the low end of the actual amount. The second, an identity theft survey by the very respected Javelin Strategy group, found direct losses to identity theft last year amounted to $37 billion.

The much greater losses to ID fraud should not surprise anyone who has followed the financial industry with any attention -- after all, a substantial amount of all financial crime, including mortgage fraud, comes from false identity documents  presented by the fraudsters involved in a transaction. A loan application taken out by a fraudster using a stolen identity counts for both an ID theft and mortgage fraud; thus, there is a lot of overlap

Topics: identity theft, verification of ID, mortgage fraud, fraud news, Webinar, fraud prevention

Identity Theft Creates Straw Homebuyers in Mortgage Fraud

Posted by Gary Satanovsky on Tue, Apr 26, 2011 @ 03:32 AM

Imagine you were offered this amazing business opportunity: you would join an effort by a local real estate firm to help out homeowners on the verge of foreclosure. By lending your name to this seemingly reputable institution, you would be assisting in a noble cause -- helping people stay in their homes -- and making a tidy profit, all at very little effort. Sound too good to be true? It was – but that did not stop many from falling for this con.

Topics: identity theft, mortgage fraud

Stopping Fraud and Securing Identities: It's Not Just a Good Idea. It's the Law.

Posted by Gary Satanovsky on Mon, Sep 13, 2010 @ 03:17 PM

In continuing our September Mortgage Fraud spotlight, this week we are talking about the government regulation of identity verification. We know already how unscrupulous fraudsters recruit straw buyers, forge identification documents and walk away with hundreds of thousands of dollars in proceeds. For the loaning institutions this, however, is just the beginning of their troubles. After reporting the loss, they have to face an investigation by the government's Financial Crimes Enforcement Network, as well as by various other federal and state financial regulators. Fines approaching $25,000 or more frequently await the institutions at the end of these investigations.

Topics: identity theft, verification of ID, mortgage fraud, bank secrecy act

Mortgage Fraud's Latest Trends

Posted by Gary Satanovsky on Tue, Aug 31, 2010 @ 11:24 AM

For anyone concerned about how mortgage fraud can affect them specifically, the LexisNexis Mortgage Asset Research Institute has recently released their periodic "Mortgage Fraud Case Report", which details the fraud trends both in type and geographic region.

Topics: verification of ID, mortgage fraud, fraud prevention

Mortgage Fraud Rise Can Mean Trouble for Unprepared Lenders

Posted by Gary Satanovsky on Fri, Aug 27, 2010 @ 12:56 PM

Topics: identity theft, regulatory compliance, mortgage fraud

Common Methods of Performing Mortgage Fraud

Posted by Sean Trundy on Thu, Jul 29, 2010 @ 03:25 AM

Mortgage fraud has been much in the news in recent years.  After the dust created by the mortgage-fueled financial crisis of 2007-2008 began to clear, scrutiny of the mortgage-industry revealed extraordinary levels of fraud.  This excerpt from the FBI’s Financial Crimes Report, 2008:

Topics: regulatory compliance, mortgage fraud, anti-money laundering

Mortgage fraud and the problem with mere ID validation

Posted by Gary Satanovsky on Mon, Jul 12, 2010 @ 10:46 AM

Topics: identity theft, verification of ID, mortgage fraud, authenticating driver's licenses, fraud prevention

Stop Burying your Head in the Sand and Start Fighting ID Fraud with Automatic Verification!

Posted by Jimmy Aitchison on Fri, Jun 04, 2010 @ 06:26 AM

Every day in the business world, organizations strive to be the best. They work to identify the Who's Who in their industry, understand how their competitors achieve success, and then strive to find ways to gain similar results by doing it better, faster, and cheaper.

Topics: verification of ID, mortgage fraud, Underage sales, authenticating driver's licenses