On The Web

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Risk

Covid-related Fraud Has Cost Americans $382 Million

March 25 2021

• in
• Identity theft

“Fraud linked to the Covid pandemic has cost Americans $382 million, according to the Federal Trade Commission. As of Tuesday, more than 217,000 people had filed a coronavirus-related fraud report with the agency since January 2020, according to federal data. The median loss was $330.   However, losses skewed higher for seniors — $500 for […]

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Risk

How the Pandemic Helped Drive a Startling Increase in Identity Theft Losses

March 9 2021

• in
• Identity theft

“Some 47% of U.S. adults have reported identity theft over the past two years, while the fraud’s toll ballooned to $712.4 billion in 2020, up 42% from 2019, according to a report released Tuesday by Aite Group, a Boston-based research and consulting firm, and sponsored by Giact, an Allen, Texas-based financial-services security firm. The startling […]

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Risk

Scammers Have Taken $36 Billion in Fraudulent Unemployment Payments From American Workers

January 6 2021

• in
• Identity theft

“The U.S. has pumped billions of dollars into the unemployment system since the spring — a magnet for criminals that’s led to surging theft and fraud attacks. This has contributed to at least $36 billion being taken from out-of-work Americans.  Now, the federal government and states are clamping down. The $900 billion Covid relief package […]

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Domains

Fraud Schemes Exploit Weak Spots in Unemployment Claims System

October 2 2020

• in
• Government Payments
• Identity theft

“The for-sale ad appeared last week in an underground internet bazaar that specializes in selling stolen accounts and data. It was for access to a filched unemployment insurance claim in California that had been approved and offered benefits worth $17,550. The black-market sale of jobless benefits is just one sign that the unemployment insurance system […]

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Risk

U.S. Coronavirus Fraud Losses Near $100 Million As COVID Scams Double

August 5 2020

• in
• Identity theft

“U.S. losses from coronavirus-related fraud and identity theft have reached nearly $100 million since the pandemic emerged in March, while complaints of COVID-19 scams have at least doubled in most states, a consumer protection group said on Tuesday. A report from the group, based on government data, highlighted the vast scope of a fast-growing criminal […]

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Reports

Thanksgiving Online Fraud Up 109 Percent Since 2014: Jumio

December 14 2018

• in
• Identity theft

“Defining fraud as an attempt to manipulate government-issued IDs in order to create new online accounts, Jumio found an expected bump in fraud attempts during the busy holiday shopping period, with fraud jumping 22 percent compared to the year’s overall average. But the larger trend is much more worrisome, with Jumio reporting that online identity fraud […]

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Risk

2019 Data Breach Forecast Predicts Biometric Hacking

December 7 2018

• in
• Biometrics
• Identity theft

“It’s a timely warning in the wake of recent academic research suggesting that a number of fingerprint authentication systems could effectively be spoofed by AI-generated fingerprintsthat emulate highly common fingerprint features. Even highly sophisticated biometric authentication systems such as Apple’s 3D facial recognition system have been proven vulnerable to more elaborate hacking efforts. But effective countermeasures are always […]

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Risk

Voice Phishing Scams Are Getting More Clever

October 1 2018

• in
• Identity theft
• Payments fraud

“Most of us have been trained to be wary of clicking on links and attachments that arrive in emails unexpected, but it’s easy to forget scam artists are constantly dreaming up innovations that put a new shine on old-fashioned telephone-based phishing scams. Think you’re too smart to fall for one? Think again: Even technology experts […]

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Risk

With Synthetic ID Fraud Losses Soaring, Complications Beset a Search for Solutions

May 9 2018

• in
• Card fraud
• Identity theft

“Cyberthieves can use the payment credentials they steal to charge products to the people who are the legitimate owners of that data. That’s bad enough. But increasingly, these fraudsters are using the information they glean from data breaches to invent fresh identities, sometimes out of whole cloth, leaving credit card issuers, banks, and other lenders […]

On The Wires

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Risk

Experian Announces Breakthrough Solution in the Fight Against Synthetic Identity Fraud

May 26 2020

• in
• Identity theft

“To combat a growing threat that’s expected to drive $48 billion in annual online payment fraud losses by 2023,1 Experian® today announced the launch of Sure Profile™. Experian is the first company with an offering to combat synthetic identity fraud that is integrated into the credit profile with market-leading assurance. With Sure Profile, Experian is putting “skin-in-the-game” […]