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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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The US Federal Loan Fraud “Forgiveness” Program.

How tens of thousands of young people have spent over a decade working their way through a loan forgiveness plan that they will NEVER get.  Student loan debt is a harsh and ugly reality in the United States. The average US student borrower won’t be able to pay back their loan until after they reach 40 years of age. 44 was the magic number for former President Barack Obama. He famously didn’t pay off his student loan debt until age 44, just before taking office as the 44th US President. So, none but the rich and privileged are immune to this crisis—for surely this is what it is. The current outstanding US student loan debt is a staggering $1.5 trillion. Many young professionals begin their careers with a six-figure personal debt. A huge and unfair milestone to start out in life with. It’s a fact that has many in America considering if a higher education is even worth the price any more. Many still choose to study and earn degrees at enormous personal cost. Some do so with the expectation of selecting a post-graduate career in public service. A 10-year career in public service comes attached with promises of full loan forgiveness. It is an attractive deal that many have built their careers around. Sadly, the vast majority of these professionals probably won’t see their debt [...]

Fraud against young children is already costing $ billions. Here’s how to prevent it.

Parents of young children have running to-do lists of many things to keep up with. New parents worry about things like setting up their nest, choosing a doctor, finding daycare and staying on top of rapid growth and development. Later on, they're setting up playdates, finding the right school, exploring their child’s hobbies, and so many other things that nurture their well-being. Fraud and identity protection probably doesn’t make the list for most parents. Sad to say, in this day and age of rampant fraud it really has to be. According to a study by Javelin Strategy & Research, one million children had their identities stolen in 2017. Fraudsters cashed in a whopping $2.6 billion from child identity theft alone. These crimes left families with a collective bill of $540 million. That's a hefty price for something not in the plan for childhood expenses. Fraud against children is a growing enterprise and it falls on parents to protect their little ones from this awful epidemic. The idea that stealing a child’s identity is profitable might sound strange to some. It's not like the average child has a ton of cash sitting in the bank. But the truth is, children are now more likely than adults to be victims of identity theft for one simple reason: a blank financial history. A child’s blank financial history gives criminals [...]

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 [...]

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 [...]

Is whistleblowing and loss prevention the same thing?

Everything you should know about whistleblowers, but did not know what to ask. What is the highest and best use (HBU) of a whistleblower? A whistleblower (WB) is a person who reports bad or illegal conduct from within an organization. Most countries have laws to protect WBs. Whistleblowing is a superior tool for fraud and loss prevention, deficiency, and dishonesty. Many such cases have been exposed by workers who reported events to employers, regulators or the press. Especially fraud and child abuse. It is known and generally accepted that more cases of fraud and corruption are exposed by WBs than any other method, even law enforcement or the media. So whistleblowing is a very powerful tool for loss prevention generally. It’s just a matter of using it right for it to be a huge benefit to us all. Savvy employers will use open dialogue in the workplace. They see the value of being aware of mistakes or wrongdoing at an early stage. This creates the chance to fix problems quickly before they fester and get worse. “In business as in life it is never a case of things not going wrong: it all comes down to how to deal with matters when they do go badly”. This is a mark of personal skill and flexibility. So whistleblowing is by far the sharpest and most useful tool [...]

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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