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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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Hurricane Florence has come and gone, but its fraud crime will just be getting started.

Wherever disaster strikes there will be fraudsters eager to take advantage of the situation. Hurricane Florence will be no exception. On Friday, September 14th 2018, North Carolina was devastated by Hurricane Florence. For nearly two weeks, news outlets tracked the tropical cyclone. This provided time for many residents living in its trajectory to follow emergency plans. Despite this, many people were trapped or lost their lives during the disaster. Currently, at least 37 people have lost their lives in the storm. But human casualties aren’t the only losses. Many animals also perished including pets and livestock. Over three million chickens and more than five thousand hogs died. Tens of thousands of people are now displaced in a region with minimal housing options. It is expected that as much as $13 billion in damages will result from the storm. Needless to say, relief aid is necessary and many generous folks will be quick to help.  Hurricane Florence donation lines are being publicized. High profile celebrities have begun to chip in as well. Michael Jordan has even already donated $2 million dollars to relief efforts. But be advised that major disasters are prime times for charity scams. Last month, several crooks were sentenced for defrauding London’s Grenfell Tower fire. Fraudsters benefited from free housing, wardrobe, food, and travel allowances. Some of this charity was even used to fund [...]

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 [...]

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 [...]

Fortnite Fraud Frenzy

How the latest freemium game craze has created multiple fraud scams within a fraud. “Fortnite Battle Royale is the completely free 100-player PvP mode in Fortnite” trumpets Microsoft marketers. So, if something is “completely free” then one should expect not to pay anything. Assuming this to be true, then how can something pitched as “free” and “free to play” generate as much as $300 million per month? That is the amount that the freemium game “Fortnite” has been making as of January 2018. While there is a paid version, most of its revenue comes from the well touted “free” version. It is currently the number one online video game taking the world by storm. With more than 125 million players, children, teens, adults, and even celebrities have been lured into it. The game’s highly addictive nature has led to it being banned from some schools. Many working professionals have also reported extensive losses of productivity because of this so-called “free” product. In FP101, we learn about the deep psychology behind freemium game addictions and how it works. While the game is heavily defended in the media (maybe because most of their writers are Fornite addicts themselves) people should be aware that these addictions are planned and deliberate. All for profit. Anonymous game developers have explained how targeted and strategic these games are in engaging with their [...]

The banking fraud business model

Mass fraud by banks and financial institutions continues unabated without hard prison time for the guilty parties. “Deutsche Bank settles for $205 million in currency manipulation scheme.” “Goldman Sachs confesses to c.$5 billion in mortgage fraud during the 2008 financial crisis.” “Wells Fargo settles securities fraud lawsuit for $480 million.” “Bank of America to pay $42 million in electronic trade ‘masking” case’.” These kind of headlines are daily events and it appears all our major banking institutions have engaged in a for profit mass fraud enterprise at some point - and continue to do so. It’s all there in your news feed. Here’s two big questions. How can big banks consistently plead guilty to mass fraud crimes and yet never see executives sent to prison? How can they keep paying these multi billion dollar fines and still be in business? During a rally in 2011, US presidential candidate Mitt Romney famously said, “Corporations are people, my friend.” It was his response to protestors calling for corporations to be taxed. He argued that corporate employees are taxed based on the their earnings. To him, that counts as the corporations being treated like people. Corporations claim their “personhood” status usually when they’re trying to wriggle their way out of paying for something. It’s a tactic that dates back to the 1800’s. Back then, a railroad company went so [...]

9 reasons why people need an introductory course in fraud prevention (FP).

It’s a natural next step for one of the most sophisticated professions in the world! No one wakes up in the morning with fraud prevention on their mind. Yet, it is an urgent need in today’s climate of rampant and evasive fraud. Here are 9 reasons why, in no order of merit, people need a fraud prevention course.   Fraud continues to grow and expand internationally. The scale of global fraud has increased substantially. It has made its prevention a new and very broad science. All sciences require a primer or introduction—the first step in a knowledge journey. FP101 is designed to be an introduction to the subject of fraud. It’s not enough to cover the topic in its entirety but it is an excellent start. At the very least, participants will walk away knowing how to detect fraud and how to protect themselves. At best, they will be intrigued to continue exploring the topic through self or advanced study. Most fraud prevention programs are hard to understand. The language of modern day fraud prevention is only understood by a minority. This is because it uses industry-specific language from being born out of professions like accounting, forensic science, and law enforcement. These professions, like many, require a mastery of terminology and a high school or college reading level. Thus, when dealing with the science behind modern [...]

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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