Articles about fraud

This is no yolk. Newegg scrambles against rotten shell company claims

Updated Online electronics souk Newegg has been accused of taking part in a financial scam that duped banks in South Korea out of billions of dollars. This according to a complaint filed in the US District Court for Los Angeles by Industrial Bank of Korea, Nonghyup Bank, Keb Hana Bank, and Kookmin Bank. The lawsuit, filed late last …
Shaun Nichols, 23 Oct 2017
HMRC photo, Gov.uk

Watchdog slams HMRC, Amazon over 'dismal' response to UK biz hurt by online VAT fraud

HMRC, Amazon and eBay have not done enough to crack down on overseas sellers evading VAT in the UK, a “dismal” failure that has hit British businesses hard, the House of Commons' Public Accounts Committee said today. The select committee's report, Tackling online VAT fraud and error, warned that online sellers who do not …
Kat Hall, 18 Oct 2017
Bear

To Russia, with love: Greek court now says Bitcoin fraud suspect could be tried at home

A judicial appeals court in Thessaloniki, Greece, has backed Moscow's extradition request for Russian citizen and suspected Bitcoin launderer Alexander Vinnik, The Greek Observer reports. Last week a Thessaloniki court ruled he should be extradited to the US, a decision he is challenging at Greece's supreme court. Vinnik was …
Andrew Silver, 11 Oct 2017
SAnDIsk_Z400s

SanDisk man tipped off his family to Fusion-io fusion, bagged $220k in share snatch – says SEC

An ex-SanDisk manager and his family have been accused in the US of insider trading after profiting from the biz's acquisition of Fusion-io. America's financial watchdog the SEC alleged [PDF] that, while working for SanDisk, Anand Jayapalan tipped off three members of his family to the deal to make a quick profit on Fusion-io …
Shaun Nichols, 1 Oct 2017
man in suit clutches briefcase full of cash. Photo by Shutterstock

IT fraudster facing four years' bird time for $10k blackmail

An IT contractor who sabotaged a client's website and demanded $10,000 to restore it was this week convicted of wire fraud and sentenced to four years behind bars. Tavis Tso, 40, from Arizona, was also ordered by US District Judge David Campbell to pay $9,145 in restitution to the unnamed victim of his crime. Tso had …
Kat Hall, 20 Sep 2017

US watchdog alert: Don't fall victim to crapto crypto-coin cons, people

America's financial regulator has warned investors to steer clear of shady alt-coin investment schemes. The SEC says that, following a rash of suspended initial coin offerings, people should take a closer look at the money-raising campaigns before parting with their money. Initial coin offerings are like business IPOs: when a …
Shaun Nichols, 29 Aug 2017
Phone thief, photo via Shutterstock

IT worker used access privs to steal £1m from Scottish city council

A former council IT worker in Scotland has been jailed for five years after abusing his system access privileges to help himself to more than £1m of public money. Mark Conway, 52, of Latch Road, Brechin, around 25 miles northeast of Dundee, was jailed today by the High Court in Glasgow after pleading guilty to defrauding …
Gareth Corfield, 24 Aug 2017
Hacker

Identity fraud in the UK at 'epidemic' levels as cases rise 5% – report

There were almost 90,000 cases of identify fraud recorded in the first six months of 2017 – 5 per cent higher than the first half of last year, according to data released today. Fraud prevention firm Cifas, which released the figures, said identity fraud was rising at record levels and now accounts for more than half of all …
Rebecca Hill, 23 Aug 2017
brain

Smyte might brighten fraud plight: How machine-learning can be used to thwart crooks

Analysis Carousell, a mobile-friendly classified ads market, has to deal with fraud. Like other e-commerce sites, it has to deal with miscreants who use software scripts to register masses of new accounts. It also has to handle attempts to trick sellers into refunding overpayments on bad checks. Fraudsters will buy an item for $1,000 …
Thomas Claburn, 17 Aug 2017
Hacker

UK households hit by 1.8m computer misuse offences in a year

The number of incidents of computer misuse in England and Wales reached 1.8 million in the year up to March 2015, according to official crime statistics released today. The Office for National Statistics data, based on a household survey of around 17,000 people, reveal 1.19 million cases of computer viruses. There were a …
Rebecca Hill, 20 Jul 2017
Bitcoin

See you in 2023 – Bitcoin exchange Coin.mx bigwig gets 66 months in the slammer

A kingpin of the ill-fated Coin.mx Bitcoin exchange was today handed a 66-month prison sentence for conspiracy, fraud, and money laundering. Anthony Murgio, 33, of Florida, US, will spend up to the next five and a half years behind bars for his role at Coin.mx, a haven for hackers looking to launder their profits. The stretch …
Shaun Nichols, 27 Jun 2017
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

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