The Federal Trade Commission (FTC) said two operators of an alleged eCommerce business opportunity scam have agreed to settle the charges. Trevor Duffy Young and Wessam Baiz, along with companies associated with Baiz, will turn over profits they made from the alleged scam, will be...
They’re smart, they’re sophisticated and they’re on social media. A recently released report sheds light on the increasingly sophisticated tactics employed by financial scammers, revealing a disturbing trend of these criminals adopting strategies akin to legitimate businesses to target and defraud individuals. The study, titled...
Young adults are reportedly vulnerable to phishing scams, despite being widely considered as “digital natives” who know how to avoid them. So said the lead author of two studies of Instagram users between 16 and 29, when interviewed by The Wall Street Journal (WSJ) for...
Fraud schemes, from invoice padding to fictitious vendors, thrive in environments where human oversight is the primary line of defense. Fraudsters are keen on capitalizing on procedural gaps and cognitive overload. Even the most diligent employees can struggle to spot well-concealed irregularities when reviewing thousands...
Federal officials say a Department of Government Efficiency (DOGE) staffer breached Treasury data-sharing policies. Marko Elez violated the Treasury Department’s rules when he transmitted a spreadsheet containing personal data to others in the Trump administration, Bloomberg News reported Friday (March 14), citing a court filing....
New York State Attorney General Letitia James announced a new bill designed to strengthen the state’s consumer protection law, saying the bill is needed at a time when the federal government is rolling back similar protections. The Fostering Affordability and Integrity through Reasonable Business Practices Act, or...
Fraud is an adversarial game, and today’s fraudsters are exhibiting a level of organization that mirrors legitimate businesses. They follow schedules, deploy sophisticated technology, and coordinate attacks to exploit security loopholes. Take, for example, a network botnet discovered in February and made up of an...
New Federal Trade Commission (FTC) data shows consumers reporting more than $12.5 billion in fraud losses last year. That number marks a 25% increase over 2023, the FTC said Monday (March 10). However, the number isn’t driven by an uptick in fraud reports, which remained...
Socure has introduced a new tool designed to combat repeat first-party fraud. The new Identity Manipulation Risk Score, which is now embedded within Sigma First-Party Fraud, uses artificial intelligence (AI) and real-time data from Socure’s fraud intelligence network to help organizations detect bad actors at account...
