Prevention Summaries & Fraud News

Fraud Frenzy’s educational and FREE news exposes fraud events from all over the world. Building your fraud awareness by reading about these events is one step towards fraud protection. You will find some of the latest fraud summaries in our Fraud News section. We update our database of fraudulent events daily, so be sure to visit regularly!

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E-Commerce and Internet fraud.

What is E-Commerce Fraud? E-Commerce fraud is when someone steals personal payment information on the Internet. One example is credit card information theft. Most of this type of fraud has been mainly happening online and incidents like these are growing every year. The table below from Statista shows how many billions of U.S. dollars are expected to be lost in the United States by credit card fraud from 2012 to 2018. The blue area displays CNP data which stands for “card not present.” This means a payment or purchase was made without having the actual card in your hand. Most of these situations occur online where credit card data is saved on websites. When someone uses a credit card at a store in person, they are usually asked to show identification such as a driver’s license or state ID. Verifying identity online is a lot harder than in person. As long as someone has the card information, they can use that card without proving the identity. Most websites have security questions, however, if someone has stolen your info, they might easily know the answers to those questions. This is why CNP crimes are easier for criminals and why they continue to grow each year. By comparing the CNP data from 2012 with that of 2018, you will see that dollar loss is expected to grow from 2.6 [...]

Has anything changed 10 years on from the Lehman Brothers crisis?

September 2018 marked the 10-year anniversary of the Lehman Brothers bank collapse. At the time,  was the fourth largest investment bank in America. But it had almost as much debt ($619 billion) as it had in assets ($639 billion). Dubbed, the “Lehman Weekend”, the world witnessed the largest bankruptcy in US history. It led to a huge Recession and a near meltdown of the global economy. In its wake, millions of ignored victims. Everyone remembers the housing market crash of 2008. It was the biggest US economic crisis in nearly 70 years. Like all such man made disasters, the root causes are greed and fraud. It was never investigated as such. It was simply too big a fraud event for that. In the early 2000’s the US housing market was booming. More people were owning homes than ever before due to “subprime mortgages.” A subprime mortgage is a loan given to people with low credit scores and incomes. These are individuals would not normally qualify for standard “prime” loans. Subprime mortgages carry more risk so typically there are unfavorable interest rates attached to these loans. During the housing boom, banks were giving out mortgages left and right with very low requirements. This is because it brought in quick and easy money. Anyone and everyone could get a mortgage. Lots of mortgages meant that banks bundled them [...]

Why take a fraud prevention course?

Have you ever taken one of those viral quizzes on Facebook or elsewhere? Have you ever stayed in a job or gig you really hated? Have you ever wore yourself out trying to help someone who really did not want or need to be helped? Do you pay your taxes on time each year?   We better stop with the questions, there’s a roll coming! These questions might not appear related, but if you answered yes to any of them, then you are a potential fraud victim. This is the world we live in and we did it to ourselves. Here’s one of the ways we did this. The estimated number of global social media users will reach 2.77 billion in 2019. Any website where the masses get together is an open target for fraudsters. The owners and investors of mass traffic websites, who are themselves pretty venal, can and will only do so much to prevent fraud. Sad to tell, many are actually fraud enablers hiding behind artificial intelligence (AI). If you have ever surfed the internet or find yourself with an online addiction, then you’re already a victim. You have already been targeted with or without your knowledge. Data theft schemes and scams are so common now; we don’t even notice them until it comes around to adding up the material costs and financial [...]

What is the first rule of negotiation?

Negotiations, Satchmo and me. “There came then one of the most surreal moments that I have ever known — and there have been a few.” I have a very early memory of falling in love with “Satchmo”. I was one of those kids who, from the minute I learned to walk, could show up just about anywhere. It was a chilly January evening in 1960 and I was on my way to the nearby newsagents on a short errand. Passing the only electrical store in the town, I spotted this big, sweaty guy on the display black and white TV blasting away on his trumpet for all he was worth. For some reason, I could not resist this vision and waltzed into the store as only a four and a half year old kid will and straight into the window display to turn up the volume. I was mesmerized by this guy until the song he was belting out (“When the Saints go Marching in”) finished and from that day to this, the pure charisma of Louis Armstrong has always held me in a warm and rapturous spell. Even now, he remains the greatest person I never met and I have met many in a life full of adventure. Fast forward sixteen years to another freezing winter evening in January 1976 on the brow of a hill in [...]

What is cannabis fraud?

If you expect to have a cannabis fraud prevention plan, you need to first understand how fraud works in the cannabis world.   In the five years since Uruguay first legalized marijuana in 2013, the plant has seen more acceptance globally. From 2 countries legalizing its cultivation in Africa, to 30 U.S. states legalizing its medical use and 8 its recreational use, its presence is spreading. On June 19th, 2018 legalized cannabis saw major progress when it was signed into law in Canada. Canada is now the second country to have legalized the plant. It is expected to bring in an estimate of $7 billion within its first year. In the US alone, legal marijuana is already a $10 billion industry. But wherever the money flows, fraud will follow. Fraud is found throughout the cannabis industry. To understand cannabis fraud, you need to understand the cannabis supply chain. The supply chain is the entire life cycle of a product from conception to being purchased. A cannabis fraud event can occur at any point within the supply chain. The graphic below shows the three main phases of the cannabis supply chain. As a plant, the cannabis supply chain begins at the farm level where it is grown. It then moves into the processing of the plant to finally making its way into the hands of consumers through [...]

Want to add sparkle, character, and real employee value to your resume? Here’s how!

You only get one chance to make a good first impression. This is a well known and life changing fact: the reason most people pay close attention to resume writing. It’s an industry that LinkedIn has successfully taken to a new level. For many, it’s the first step into the real world. Jobseekers don’t always consider how fraud prevention is a necessary and often urgent investment need for most employers, big or small. It’s a priority for some, especially those operating in retail and services. If any employer were asked if they preferred a fraud aware candidate over an average candidate, you could easily guess their answer. Our certified online interactive fraud prevention course, FP101, can give you a level of fraud awareness that will impress any prospective employer. Completing our course will show the following positive traits and abilities: Self-management. Willingness to learn and develop. Problem solving and decision making skills. Resilience and determination. Fraud awareness and responsibility. Value added educational qualification.   Other additional benefits include confidence building, personal security and much more. You can read all about it at www.FP101.net where we have articles, blogs and videos. We believe in the idea that an entry level fraud prevention education such as this should be made available to anyone who really wants it. Thats why our business model includes a scholarship program. This program [...]

Fraud Reports & Events

Stay at FraudFrenzy.com and follow the latest perpetraitors and scam events all over the world. These are not only ordinary people, but also big companies who are actively involved in fraudulent events and internet scams. We update our news database daily. A well-informed person is a well-protected person. We aim to inform our audience because education is prevention!

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Written by David Tracey.

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