The Association of Certified Fraud Examiners (ACFE) projects that the use of artificial intelligence (AI) for fraud detection will triple by 2021. At the moment a mere 13% of firms use AI for detecting fraud, but an additional 25% plan to introduce this technology over the next two years. The
Subpar aluminum parts manufactured by Sapa Profiles, Inc. (SPI) led to the failure of two NASA satellite launches in 2009 and 2011, resulting in losses of $700 million, the US space agency stated[pdf] on Tuesday. SPI tried to hide the poor quality of the aluminum parts it supplied to NASA
Phone scams remain lucrative, but risks exist: Ex-director of FBI, CIA takes on a phone scammer—and wins
Showcasing some of the common elements of basic phone scams and their surprising successes, a recent case saw a Jamaica-based phone scammer attempt to scam William H. Webster, ex-director of both the FBI and CIA and the only person to have headed both agencies. The case started in 2014 when
The U.S. Postal Service’s new Informed Delivery program provides scanned copies of customers’ incoming mail, ideally making physical mail received through USPS more convenient. The program has 13 million users, but an internal warning issued by the Secret Service has highlighted some of methods fraudsters have used to abuse the
According to research by Barclays, the majority of people who have been tricked into giving money to others they met on online dating sites lost over $2,600 USD. 37% of victims gave over $6,500 to fraudsters posing as a love interest, with the 45-64-year-old age bracket at the highest risk.