Articles about Fraud

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
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

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