Articles about Fraud

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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
Prison

Crims in £160m broadband scam facing 44 years of porridge

Four men, who conned Barclays Bank and Belgian banking group KBC out of £160m in a super fast broadband scam, have today been sentenced to a collective 44 years in the clink. The individuals presented bogus broadband contracts to the banks, which were tricked into issuing huge loans to H20 Networks through Total Asset Finance …
Kat Hall, 10 Feb 2017
i_am_the_law

Guilty! Four blokes conned banks in £160m fibre broadband scam

Four men in the UK have been found guilty of swindling Barclays Bank and Belgian banking group KBC out of £160m in a super-fast broadband scam. Total Asset Finance Ltd (TAF), which went into administration in 2011, had been working with H2O Networks to roll out fibre optic cables across Blighty. H2O supplied fibre-optic …
Kat Hall, 8 Feb 2017
Drinks on a bar

Went out boozing in SF during Dreamforce or Oracle OpenWorld? Malware may have slurped your bank card

A posh US hotel chain says a trio of its popular San Francisco night spots were infected with bank-card-stealing malware from August to December of 2016. So if you were in town for a conference during that time, and had your card swiped through an infected sales terminal, be on the look out for dodgy transactions. …
Shaun Nichols, 6 Feb 2017

UK courts experiencing surge in cyber-crime case load

The total cost of fraudulent activity in the UK surpassed a billion pounds for the first time in five years, reaching £1.137bn in 2016 compared to £732m the year before. Fraud against businesses was up sevenfold last year, with inside jobs committed by employees and management the most common method, as measured by alleged …
John Leyden, 24 Jan 2017
Money laundering

Western Union coughs up $586m for turning a blind eye to fraudsters

Western Union will forfeit more than half a billion dollars after admitting it broke money laundering laws. The admission comes after America's trade watchdog, the FTC, looked into why so many fraudsters use the company's services to launder ill-gotten gains. Under the terms of the settlement, Western Union pled guilty to …
Iain Thomson, 23 Jan 2017

Shocking crime surge – THE TRUTH: England, Wales stats now include hacking and fraud

Crime stats for England and Wales have shown a huge year-on-year increase. Don't panic, though: it's due to the inclusion of fraud and computer misuse offences for the first time. In a report published this week, the UK Office for National Statistics (ONS) reckoned there were 6.2 million reported incidents of crime in the 12 …
John Leyden, 20 Jan 2017

Dieselgate: VW pleads guilty, will cough up $4.3bn, throws 6 staff under its cheatware bus

In one of the toughest smackdowns in recent US corporate history, Volkswagen has pleaded guilty to Dieselgate fraud charges, and will cop a massive fine. Meanwhile, six staffers have been charged regarding the engine cheatware scandal and are facing the business end of a trial. According to the US Department of Justice on …
Iain Thomson, 11 Jan 2017
Image by LuckyN http://www.shutterstock.com/gallery-1795121p1.html

Two years on, thousands of unpatched Magento shops still being carded

More than 6,000 online stores running eBay's Magento platform have been hacked with credit cards stolen under a campaign that could span almost two years, Germany's Federal Office for Information Security says. Attackers are injecting carding malware on unpatched Magento shops, which steals payment information during …
Darren Pauli, 10 Jan 2017

National Lottery whacked with £3m fine for suspect ticket win

The National Lottery has been whacked with a £3m fine by the Gambling Commission over its failure to have proper controls in place to prevent a fraudulent ticket winning. It followed a probe by the regulator into allegations that a £2.5m fraudulent National Lottery prize had been paid in 2009, but which only came to light last …
Kat Hall, 16 Dec 2016

Expedia support tech raided his CFO to rack up insider trades

Former Expedia worker Jonathan Ly has admitted to hacking his own chief financial officer and investor relations head to commit US$331,000 in insider stock-trading. Ly, 28, of San Francisco, pleaded guilty to securities fraud in a Seattle District Court and faces up to 25 years prison and a US$375,907 settlement including some …
Team Register, 9 Dec 2016
fraud

Bloke sold cash register code to restaurants that deliberately hid sales from taxmen

A salesman sold cash register software that allowed business bosses to cheat on their taxes. John Yin, 66, appeared before the US district court in Seattle to plead guilty to wire fraud and conspiracy to defraud Uncle Sam. He faces up to 25 years behind bars and must cough up $3,445,589 to the authorities. Yin, of Everett, …
Iain Thomson, 5 Dec 2016

Guessing valid credit card numbers in six seconds? Priceless

Fraudsters can guess credit card numbers in as little as six seconds per attempt thanks to security gaps in Visa's network, academics say. The brute force attacks allow criminals to bombard Visa with card payment requests across multiple sites with each attempt narrowing the possible combinations until a valid card number and …
Darren Pauli, 5 Dec 2016

Deliver-oops! Takeaway pusher's customers burger-ed by hijackers

Customers of online takeaway firm Deliveroo are getting their accounts hijacked and charged for food they never ordered, according to an investigation by BBC One's Watchdog. Investigators from the campaigning TV consumer affairs programme uncovered evidence that scores of customers of the newly be-logo-ed Deliveroo are being …
John Leyden, 23 Nov 2016
image by Alexander_P http://www.shutterstock.com/gallery-493324p1.html

Credit cards ripped from Madison Square Garden venues in year-long op

Carders have spent a year stealing an unknown number of credit card numbers from iconic New York City entertainment venue operator Madison Square Garden, after breaching payment card processing systems. Madison Square Garden disclosed the breach and said it only impacted customers who paid for food, drink or merchandise in …
Darren Pauli, 23 Nov 2016
Fraud

Tesco Bank limits online transactions after fraud hits thousands

Tesco Bank has restricted the operations of current accounts after funds were looted from a reported 20,000 accounts. The UK bank has confirmed a fraudulent attack, which is under investigation. In the meantime it has suspended online transactions from current accounts, including contactless transactions. Customer can still …
John Leyden, 7 Nov 2016

Tech support scammers use denial of service bug to hang victims

Tech support fraudsters have taught an old denial of service bug new tricks to add a convincing layer of authenticity to scams. The HTML5 bug allows sites to chew up a mountain of processor capacity, causing browsers to hang. Scammers deploy the few lines of code needed to trigger the bug, hang browsers and then display a …
Darren Pauli, 7 Nov 2016

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