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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How Publisher’s Clearing House (PCH) created a “legitimate” multi billion dollar business out of defrauding the elderly and children.

If you were a child of the 80’s or 90’s living anywhere in the USA then you need no introduction to Publisher’s Clearing House (PCH). You may recall those iconic manilla-envelopes with bold-lettered proclamations about winning cash prizes. Often, their mailers exposed check-like printed paper through a see-through cellophane address window. Maybe you were drawn to their fun-colored, sticker-like magazine subscription stamps. All this could be enough for an innocent young mind to dream of his or her family winning PCH. Is it the same psychology behind the immoral practice of children-targeted marketing by tobacco, fast food, and mobile gaming companies? After all, youth targeting is an accepted part of PCH’s marketing strategy today. PCH has been the subject of many lawsuits for deceptive marketing. This shows the company as another example of mass fraud as a criminal enterprise. It also fits the bill for senior fraud, freemium fraud, and fraud against children. Publisher’s Clearing House is a criminal enterprise because it is mass fraud posing as a legitimate business. As the FP101.net course states, “For a long fraud, they have to play the long game. [Fraudulent businesses] all use corporate fronts with billions of dollars in political lobbying and plenty of brilliant lawyers to create a legitimacy and respectability.” As a billion-dollar business, you can guarantee that PCH is not short of lawyers and lobbyists [...]

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 [...]

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 [...]

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 [...]

Will their multi billion $$$ fraud schemes crash Deutsche Bank (DB) through the “too big to fail” myth?

The United Kingdom’s Financial Conduct Authority and the US Government recently declared (another) high penalty on the biggest money laundering scheme exposed so far in recent years. Deutsche Bank has agreed to pay over $600m in penalties for enabling an estimated $20 billion in this Russian money laundering scam. All down to a failure to engage in any security system which stops the bank and its members from being used for criminal activities. In other words, they did not even try to figure out who they were doing business with. The United States officials also imposed an additional penalty of $425 million due to this scam. There is also a likelihood of a public investigation and hearings yet to come. Investigators believe that nearly $80 billion cash might have been involved in the scheme. The scam was run between 2010 and 2014 to move money into the western financial system. The money-laundering operation is also nick-named “The Global Laundromat”. The fraud is connected to the Russian criminals with links to the Kremlin, the old KGB, and the FSB.  Here’s how the scheme was planned. A number of inactive companies from the UK gave fake loans to each other. All the companies involved then failed to pay these large fake debts. Apart from that, the judges in Moldova, who were corrupted, approved billions of dollars’ debt [...]

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 [...]

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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