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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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Editorial and FP101 Blog

Life lessons from a degenerate poker player.

There was a period in my life when I was very loyal to the game of poker. My interest in the game peaked one “after” morning when I realized my commitment was well down the road to that of a degenerate gambler. This was something of a crisis because I was on a major winning streak at the time. The thought did not sit well, especially for the unwelcome choices it created. Reality surely does bite!   About seven years earlier, with just a passing knowledge of the game, I decided that I wanted to become a skilled poker player and with that, I started playing the small shady games around Dublin. As my game developed, I expanded my horizons, played and won many tournaments including the Omaha Irish Open in 1990 and made it to several final tables in many other international tournaments.   My real skill was developed and honed to precision in cash games, particularly in Omaha which is considered to be the “crack cocaine” of poker games. There were several years of 3 day/2 night trips to the Victoria Casino in London to play the cash game there and then following the big bucks to the Aviation Club de France for another year or so, all very profitable.   What’s not so blissful about all of this are the angst, discipline and [...]

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 [...]

More than just words…or lose these two words for a higher quality of life!

  Where I come from, using what’s generally referred to as “foul” language or swearing is normal, so much so that one of my childhood memories is as I was leaving Church one Sunday morning commenting, “I’m (expletive) glad that’s over” to which my Aunt coming from behind articulated herself with a cuff on my ear; “mind your (expletive) language”! However I may have thrived by my personal love of language since or how often I write something, I often used the exact same phrase when my own children use “bad” language and they laugh at it, understanding my true desire is to have them understand that such language may not be deemed socially acceptable by some people or in some places. One of the results of this is that there are other words that are in everyday use which have a much greater negativity. What this really means is those who elect themselves as our betters have a list of words that should not be used socially and when they are, automatically define the user as a socially and/or intellectually inferior person, the lowest common social denominator or just “common”. Using such language in some places will make you unwelcome. Ultimately as far as the modern English language goes, many of these words are junk or obsolete and really have little or no relevance or [...]

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 [...]

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 [...]

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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