Articles about Fraud

Prison

Jailed fraudster admits running same cold-caller con from behind bars

The jailed kingpin behind a multimillion-pound fraud has admitted attempting to run an almost identical con from behind bars. Feezan "Fizzy" Hameed, 26, ran a voice-based phishing fraud which claimed 750 RBS group victims (mainly small businesses such as accountants and solicitors) and resulted in loses of £113m. He used his …
John Leyden, 12 Jun 2017
A burning dumpster

Oh no, Silicon Valley! Failed startup CEO on fraud rap after allegedly bullsh*ting staff and refusing to pay them

In an indictment unsealed on Wednesday, Isaac Choi, founder and CEO of failed Silicon Valley job search startup WrkRiot, was charged with five counts of wire fraud for allegedly defrauding former employees. Problems at the upstart surfaced in August when Penny Kim, former head of marketing for the company, published an account …
fraud

Wow, someone managed to make money on Fitbit stock – oh, 'fraudulently'

While Fitbit investors may be weeping over the wearable upstart's slumped share price, at least one person made out like a bandit on the stock, allegedly. On Friday, America's financial watchdog, the SEC, filed fraud charges against Robert Murray, of Virginia, accusing him of ramping up Fitbit's stock price temporarily via …
Iain Thomson, 19 May 2017
Man on old phone, image via Shutterstock

Crooks can nick Brits' identities just by picking up the phone and lying

Identity crimes remain among the greatest threats to UK businesses online. The offences made up three in five (60 per cent) of all fraud recorded by Cifas, the UK's leading fraud prevention service. Cifas' annual report, published Wednesday, collates statistics from 325,092 instances of fraud recorded in 2016. These internal …
John Leyden, 10 May 2017
accounting

Fake invoice scammers slurp $5bn+ from corp beancounters – FBI

The FBI reckons scammers netted more than $5bn in four years by emailing fake invoices and similar bogus claims to beancounters, tricking them into handing over company cash. This so-called business email compromise crime (aka BEC, or sometimes "whaling") involves thieves sending convincing-looking invoices to staff while …
Iain Thomson, 5 May 2017

eBay denies claims it's failing to thwart 'systematic fraud'

A campaigner has gone public with his concerns over an alleged scam on eBay. The person claimed a group of fraudsters have found a way around PayPal/eBay's anti-fraud system, in a complex multi-stage scam. eBay says it has the problem in hand, a contention strongly disputed by the campaigner, who said he has tracked and …
John Leyden, 24 Apr 2017
phishing

UK.gov survey shines light on cybersecurity threats to businesses

Phishing and ransomware remain the most pressing security threats for UK business, according to a government-backed survey out Wednesday. The survey, commissioned by the Department for Culture, Media and Sport, found that the most common types of breaches are related to staff receiving fraudulent emails (in 72 per cent of …
John Leyden, 19 Apr 2017

SWIFT on security: Fresh anti-bank-fraud defenses now live

Inter-bank data comms biz SWIFT says it has introduced mechanisms to better protect money transfers from tampering. We're told the fresh defenses will make it easier for banks to track movements of money. The payment controls are part of SWIFT's Customer Security Programme, a set of mandatory IT and physical security …
Shaun Nichols, 13 Apr 2017
shimmer

US ATM fraud surges despite EMV

Improved technologies in the banking sector have failed to stem the rising tide of fraud in the US, according to a study by analytic software firm FICO. The US's belated move to EMV (Europay, MasterCard and Visa) chip-equipped cards hasn't curtailed fraud as much as many had hoped, based on the successful rollout of the …
John Leyden, 31 Mar 2017

Financial fraud losses in the UK last year topped £20m a day – report

Financial fraud losses in the UK totalled £768.8m in 2016, up 2 per cent on 2015, according to Financial Fraud Action UK. The figures, released on Thursday, cover losses from scams involving payment cards, remote (internet and telephone) banking and cheques. They also show that £1.38bn – equivalent to £6.40 in every £10 – of …
John Leyden, 30 Mar 2017

GiftGhostBot scares up victims' gift-card cash with brute-force attacks

Cybercrooks are using a bot to automate the process of breaking into and draining online gift card accounts. The software nasty, named GiftGhostBot, attempts to steal cash from money-loaded gift cards provided by a variety of retailers around the globe, according to Distil Networks. Any website – from luxury retailers to …
John Leyden, 24 Mar 2017
theft

More Brits' IDs stolen than ever before

UK identity fraud has hit its highest recorded levels, according to a new report. Fraud prevention service Cifas recorded 172,919 identity frauds in 2016 more than in any other previous year. Identity fraud now represents over half (53.3 per cent) of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation …
John Leyden, 15 Mar 2017
Nigerian prince

'Nigerian princes' snatch billions from Western biz via fake email – Interpol

Spoofed email and malware hidden in attachments netted crooks in West Africa more than $3bn in three years from businesses. That's according to research carried out by the International Criminal Police Organization (Interpol) and infosec biz Trend Micro. Forget claims of money stuck in bank accounts. Scammers are now raking it …
Iain Thomson, 10 Mar 2017
Woman smiling on phone/. photo by shutterstock

Scammers hired hundreds of 'staff' to defraud TalkTalk customers

Hundreds of staff were hired by scammers in Indian call centres to defraud TalkTalk customers, according to a BBC report revealing the extent of the scam. According to the report, employees worked in shifts and earned £120 per month phoning TalkTalk customers. The whistleblowers say they were given a script in which they were …
Kat Hall, 7 Mar 2017
Credit card theft

Online shops plundered by bank card-stealing malware after bungling backend Aptos hacked

Shoppers of 40 online stores have had their bank card numbers and addresses slurped by a malware infection at backend provider Aptos. The security breach occurred late last year when a crook was able to inject spyware into machines Aptos used to host its retail services for online shops. This software nasty was able to access …
Shaun Nichols, 1 Mar 2017
A businessman in handcuffs

Surveillance software boss thrown in the clink for cooking the books

The head of a defunct surveillance and communications software company has been given the longest-ever prison sentence for back-dating stock options. Jacob "Kobi" Alexander will spend the next 30 months behind bars, ordered by Judge Nicholas Garaufis of the US District Court in Brooklyn, New York. Alexander had been the CEO …
Shaun Nichols, 24 Feb 2017
US Flag and money

US account holders more likely to switch banks following fraud

Account holders in the US are more likely to switch banks in the aftermath of fraud, according to a new study. Researchers at Carnegie Mellon University found that people who had their information compromised were more likely to terminate their relationship with the bank within six months of a fraudulent event, even if they …
John Leyden, 17 Feb 2017
Walmart 'Cat's Away IPA'

FAKE BREWS: America rocked by 'craft beer' scandal allegations

US big-box chain Walmart is being sued by an Ohio bloke who claims the retailer's line of "craft beers" is an egregious lie. Matthew Adam, of Hamilton County, is championing a class-action lawsuit alleging Walmart's line of "Trouble Brewing" beers is an act of fraud and false advertising. According to Adam's complaint [PDF], …
Shaun Nichols, 17 Feb 2017

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