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Fraud News

by Nour Abdul-Razzak, associate economist, Katy Jacob, business economist, and Richard D. Porter, vice president and senior policy advisor
Given the growing popularity of e-commerce and m-commerce over the past few years, remote payments have become commonplace. Unfortunately, remote payments fraud has grown in response. On September 26, 2011, the Federal Reserve Bank of Chicago and the Secure Remote Payment Council (SRPc) co-hosted a symposium to discuss strategies that help reduce such forms...

New solutions designed to protect consumer information by obstructing ATM data theft devices
Diebold's re-engineered ATM hardware and new service offering supports financial institutions' security efforts by moving the focus from theft detection to protection
NORTH CANTON, Ohio, Nov. 3, 2011 /PRNewswire via COMTEX/ -- While criminals once targeted financial institutions for their currency, today's advanced technologies have made consumer data a far more desirable payoff. In its continuous effort...

Credit and cash card fraud in Switzerland is rising sharply, according to a government report released today.
It found that the number of cases rose especially sharply in the first half of this year as 225 cash machines were fitted with card copying devices in the first four months of this year—that’s almost double the number of cases seen in the whole of last year.
But it is not only ATMs that are proving a playground for thieves, according to the Reporting and Analysis Centre for Information...

Though the economy may be struggling, a CreditCards.com/Bankrate.com survey of gift card issuers shows that the gift card industry continues to innovate, with digital gifting offerings breathing new life into an already strong segment of the retail market.
Gift cards remain one of the most popular gifts among consumers. In fact, the gift card market is growing at least as fast as the general consumer spending market, says Michael Hursta, vice president of payments transaction company First Data...

It's a measure of the brazenness and ubiquity of identity theft that a U.S. Senator has become the latest victim of credit card fraud. Thieves stole the credit card numbers belonging to Senator Daniel Inouye (D) of Hawaii, embedded them on the magnetic strip of a fake credit card, and went on a $12,000 Walmart shopping spree.
Might have wanted to check to see who owned the credit card you had stolen before going on a swipe frenzy...
The Atlanta Journal-Constitution reports that an ex-Walmart...

NEW ORLEANS -- A federal grand jury in New Orleans has indicted a 35-year-old California man with credit card fraud.
Jan Brewer was charged Friday with possessing counterfeit credit cards.
A criminal complaint says a private shipping company discovered a package placed in their custody for shipment from Inglewood, Calif., to the New Orleans area contained 25 counterfeit credit cards, two counterfeit California driver's licenses with the same person depicted on each but with different names and...

LUCY ADAMS CHIEF REPORTER
28 Oct 2011
GANGSTERS are using pre-paid cards as part of a new scam to launder money garnered from internet crime and credit card fraud.
Kenneth Murray, the head of forensic accounting at the Scottish Crime and Drug Enforcement Agency, yesterday warned that serious organised criminals are making use of modern technology to transfer dirty money.
Speaking at the eighth annual Scottish Financial Crime Group Conference, Mr Murray said that in the next five years pre-paid...

The Durango Police Department is warning residents about a large-scale debit- and credit-card fraud that occurred last month and earlier this month at Mama’s Boy Italian Ristorante.
All credit and debit cards used at the restaurant between early August and mid-October were sent to a computer hacker, said Joe Farmer, investigator with the Durango Police Department.
“All of these cards are at risk of being duplicated,” he said.
The computer system at the restaurant, 2659 Main Ave., was hacked in...
  1. FICO and Infoglide Software Collaborate to Strengthen Fraud Investigations
  2.  RFID Cards: A Greater Credit Card Fraud Risk?
  3. Appeals court says some claims may proceed in Hannaford data breach lawsuit
  4. Aussie Teen’s Money Laundering Scam Reaches $200,000

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