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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Here’s a three (or four) part winning formula that will work for anyone! If you type “magic formula for success” into Google you will get around 10 million results in topics ranging from investing (of course!) dieting, marketing, romance, and on it goes. At the very least, you’ll likely be drawn into a debate as to whether such a formula actually exists and then to the many and endless scams which try so hard to hijack your wallet. Based on all these search results, just about anything we desire has a “magic” formula. This created the idea of putting out a simpler “magic” formula for success based on my own know-how and experience– which if you’re truly hungry and driven enough, you can complete even without the extra “magic” bit! All formulas are made up of parts and we have limited this piece to a three part formula with an optional fourth. If you stick to these first three absolutes and your personal needs, you will then have your very own “magic formula” for success. The fourth is a whimsy, a little wishful thinking for the world. “Work is love made visible” — Kahlil Gibran “Real Hard” Work. If you honestly think you know what real hard work is, you’re unusual because most people don’t engage with work the way we mean it here. This is not about [...]
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 [...]
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 [...]
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 [...]
What is identity theft and identity fraud and how does it happen? Identity theft is always personal. It occurs when someone illegally gets and uses the data of another person without their consent. Identity fraud occurs when this info is used for deception or material gain, benefit or theft. Either or both of these actions are serious crimes in most countries and carry heavy penalties, even for first-time offenders. The top of anyone’s personal fraud prevention list has got to be identity theft. It is the fastest growing crime on the planet – by far. Three words best used to describe it are; blatant, vile and plague. These in any order you care to choose. It is a classic example of fraud at its ugliest for so many reasons. Most people only know what it is and the misery it causes after they become victims. Like any fraud out there, you really don’t have to understand it, you just need to know what it is. The size and scale of identity theft globally is massive. The exact numbers, wherever you find them are in doubt. You must assume any such data to be at best, educated guesses. The reasons are many. If you dig deep into the research, most of the numbers found online or in the media are trends and guesses multiplied by assumption. Mostly created [...]
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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