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Check Fraud
Check Fraud Identity Theft is Rising
Robert Siciliano Identity Theft Expert As opening new lines of credit becomes more difficult, identity thieves are gravitating toward check fraud. Check fraud is a billion dollar problem. As predicted by the Identity Theft Resource Center, check fraud, which accounted for 12% of financial crimes in 2007, increased to 17% in 2008. According to the American Bankers Association Deposit Account Fraud Survey Report, $969 million were stolen via check…
5 Ways to Prevent Check Fraud Scams
Check fraud is a billion dollar problem. Check fraud victims include banks, businesses and consumers. Our current system for cashing checks is somewhat flawed. Checks can be cashed and merchandise can be purchased even when there is no money in the checking account. There are 5 main forms of check fraud to watch out for: Forged signatures are the easiest form of check fraud. These are legitimate checks with a forged signature. This can occur whe…
What is New Account Fraud?
As long as identity thieves continue to breach databases and steal Social Security numbers, new account fraud will plague the public. New account fraud refers to financial identity theft in which the victim’s personal identifying information and good credit standing are used to create new accounts, which are then used to obtain products and services. Stolen Social Security numbers are often used to commit new account fraud. Since the thief…
Identity Theft Can Lead to the Most Devastating Instances of Mortgage Fraud—Identity Theft Expert and Speaker on Personal Security
(BOSTON, Mass. – April 4, 2007 – IDTheftSecurity.com) The Federal Bureau of Investigation and the Mortgage Bankers Association (MBA) have recently added to their joint efforts against mortgage fraud. Robert Siciliano, a widely televised and quoted personal security and identity theft expert, encouraged their cooperation and pressed for more action. According to Siciliano, identity thieves can be behind the most devastating instances of mor…
Credit card fraud is Americans number one concern
Identity theft Expert Robert Siciliano A recent study conducted by the Unisys Corporation shows that identity theft as it pertains to credit card fraud is Americans’ number one concern. When people ask me, “How do I protect myself from credit card fraud?” I tell them, “Cancel the card, or never use it.” Because that’s the only way. Personal security (as it pertains to violence) and national security have always been a concern. However, thi…
Mortgage Fraud and Identity Theft: Like Chocolate and Peanut Butter
Robert Siciliano Identity Theft Expert You don’t need to own a house to become a victim of mortgage fraud. Heck , you don’t even need to be older than 3 to be a victim. As long as the thief has a Social Security number, they can apply for loans in your name. Lexis-Nexis Mortgage Asset Research Institute in Chicago show s that the incidence of fraud in 2009 increased 7 percentage points over 2008′s levels. In 2008, fraud reports ros…
Identity Theft Protection Expert and One You Security: Mortgage Fraud Crackdown Underscores the Susceptibility of Consumers' Financial Identities to Theft
(SARASOTA, Fla. – June 24, 2008 – One You Security) Law enforcement activities surrounding mortgage fraud across the U.S. have resulted in the arrest of thousands, according to reports. The utility of Social Security numbers as means to obtain credit fuels the pervasiveness of mortgage fraud, said Robert Siciliano, widely televised and quoted identity theft protection expert and chief security analyst for One You Security, LLC, a fir…
Identity Theft Scammers Targeting Online Classifieds
…This is an advance fee scam. Be smart. Don’t disclose your financial information, including account or Social Security numbers, for any reason. Scammers will say anything in order to get this information. Prevent check fraud. When sending checks in the mail, you want to prevent “check washing,” which occurs when they recipient alters the name of the payee and increases the dollar amount, draining your checking account. Something as simple…
Identity Theft: Synthetic Identity Fraud Outpaces Countermeasures Designed to Battle Identity Thieves—Identity Theft Expert and Speaker on Personal Security
(BOSTON, Mass. – June 22, 2007 – IDTheftSecurity.com) Crafty renditions on the basic crime of identity theft have proliferated to become widespread threats surprising the news media and catching industry and governments unprepared. According to Robert Siciliano, a widely televised and quoted personal security and identity theft expert, authorities ought to have anticipated synthetic identity fraud, the most common of these new types…
Credit Card Data Breaches Cost Big Bucks
…y or agency holding their personal data, including credit and debit card or checking account information. What is very interesting is of those notified (which is required by law in most states), 11.5% were victims of identity fraud compared with only 2.4% who weren’t notified. I’ll say this again and then explain what I think this means. They say a consumer who has been notified that his credit or debit card number was compromised is five times m…
College Students At Risk For Identity Theft
…l Security numbers online 50% of students shred sensitive data 9% of students share online passwords with friends 1 in 10 have allowed strangers into their apartments Only 11% use a secure pen (which can prevent check washing fraud) when write checks College students have always been easy marks because their credit is ripe for the taking. Students’ Social Security numbers have traditionally been openly displayed on student badges, testing…
Credit Card Fraud Really Isn’t Identity Theft
With the holiday shopping season and after holiday season sales over, it’s time to review our credit card statements and make sure that everything that is on there was something you purchased. With most of us using our card a lot more during this time, there’s more chance of fraud or identity theft. When most of us think of identity theft and being a victim of identity theft, we are really referring to credit card fraud. This form of credit card…
Auction Fraud is the Third Most Common Internet Complaint
The Internet Crime Complaint Center fielded 303,809 reports of cybercrime in 2010. Of those cybercrime reports, auction fraud was the third most common complaint. Auction fraud refers to fraudulent transactions on online auctions. Either a product advertised for sale is misrepresented, or purchases are never delivered at all. The IC3’s annual report explains, “Historically, auction fraud has been the leading complaint reported by victims, with a…
Clients Alert Banks to Fraud
In a perfect world there would be no sickness, nothing would ever break, everyone would get along, yummy food wouldn’t make you fat, and there’d be no crime. However, there are forces over which you and I have no control and we have to struggle simply to maintain balance. In a perfect world, a bank wouldn’t need you or me to help detect fraud. According to a survey of banks and credit unions, 23% learn of fraud through their own auditing process…
Credit/Debit Card Identity Theft Concerns Trump Terrorism
Robert Siciliano Identity Theft Expert A recent Unisys study found that, in the midst of the global financial crisis, American’s primary fear is credit and debit card fraud. 68% of those surveyed are extremely or very concerned about the security of their credit or debit card data, and 66% are extremely or very concerned about identity theft. Compare that to 58% who are extremely or very concerned about terrorism and war, and 41% who fear…
1 in 4 Report Being a Victim of Card Fraud
The 2012 Global Card Fraud Survey by ACI Worldwide represents the insights and opinions of more than 5200 card holders from 17 countries and focuses exclusively on the impact to the card holder and their state of mind. Residents of Mexico and the United States reported the highest rate of card fraud experience. Some of the survey’s other key findings include: Financial Institutions are running the risk of losing customers due to fraud, either d…
Canadian Charged in Ticket Scams – Auction Sites Need to Step Up Fraud Prevention Techniques
…, which reduced suspicions. He told victims they would get a shipping confirmation number once the money was received, but of course, this was entirely bogus. At the top of every post, Craigslist reminds you, “Avoid scams and fraud by dealing locally!” But they may not consider that scammers can deal locally, too. My suggestion is to always meet the seller with cash in hand, or simply buy tickets directly from the venue or venue’s website. Craigs…
Identity Theft on the Rise…Again
According to a report released by Javelin Strategy and Research and another by the FTC, the incidence of identity fraud increased in 2012 for the second consecutive year, affecting 5.26 percent of U.S. adults. This increase was driven by dramatic jumps in the two most severe fraud types, new account fraud (NAF) and account takeover fraud (ATF). Key findings from the FTC’s report: Over one million complaints were fraud-related. Consumers reporte…
23% of Online Fraud is “Friendly”
Friendly fraud occurs when a customer makes an online purchase with a credit card and then, once the merchandise has arrived, calls the credit card company, claims never to have received the item, and requests a chargeback. The merchant has no way of proving the legitimacy of this card-not-present transaction, and is forced to refund the customer’s money. According to a new study released by LexisNexis Risk Solutions, retailers lost more than $1…