09 Dec 2019

Feds Crack Down on Money Mules, Warn of BEC Scams

The Justice Department stated earlier this week that it is cracking down on money mules, or middlemen who provide assistance in fraud schemes, claiming that it has stopped over 600 money mules this year. Money mules refer to people who receive money from victims and forward the proceeds to foreign

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22 Nov 2019

Israel braces for bitter fight after Netanyahu indictment

Prime Minister of Israel Benjamin Netanyahu’s indictment is expected to sharpen the battle lines in Israel. Netanyahu was charged with serious accusations of corruption on Thursday, dashing hopes for a unity government after September’s elections. In a speech late on Thursday, Netanyahu called the accusations an attempted coup while his

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11 Sep 2019

Fraudsters no longer operate in silos, they are attacking across industries and organizations

In the first half of this year, the number of human-initiated fraud attacks increased by 13% compared to the second half of last year, a new report by LexisNexis Risk Solutions shows. It also found that fraud campaigns are becoming broader in scope, leading to a rise of networked, cross-organizational

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08 Jul 2019

AI for Fraud Detection to Triple by 202

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

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02 May 2019

NASA Says $700 Million in Rocket Failures Caused by Fraudster Company

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

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14 Feb 2019

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

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14 Nov 2018

Postal Service’s Informed Delivery Feature Could Be Helping Fraudsters

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

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18 Oct 2018

Dating site scam victims in the UK lose an average of $2,600 USD

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.

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