Portale Randazzo, LLP’s Post

Identity fraud can happen to anyone anywhere. Be vigilant and ensure the people who handle your payroll are trained to question requests like this. OIGs have a responsibility to prevent fraud waste and abuse. To do so, it is our responsibility to educate the work force, warn of scams, and be vigilant in recognizing vulnerabilities.

🚨Supporting Police in the fight against fraud 🚨 During #FraudWeek, we're shining a spotlight on the growing issues of ticket fraud and romance fraud - two areas where raising awareness and leveraging advanced tools are more critical than ever. 🎫❤️ 🎫Ticket fraud alone led to £6.7 million in losses last year, highlighting the need for robust investigative solutions. Our recent article explores these findings and shows how Altia’s powerful investigation tools streamline case management and data analysis for police forces. By equipping officers with the right technology, we help make fraud investigations faster, more efficient, and more effective. Read the full article on ticket fraud: https://lnkd.in/eXcdxPPS   ❤️Additionally, romance fraud continues to be a significant concern, with fraudsters exploiting trust and emotions for financial gain. We recently published an article discussing how to avoid falling victim to romance fraud and how police forces can better handle these cases using Altia's investigative technology. Learn more about romance fraud and how to stay safe: https://lnkd.in/e_K9tK3k At Altia, we are committed to supporting law enforcement in tackling these crimes head-on, ensuring safer experiences for everyone. www.altiaintel.com

The UK Finance H1 2024 Fraud report, in association with Feedzai has been released today - 17th October. 🧠 The total amount of APP Fraud in H1, 2024 was £213.7m - which is 11% down for the same period in 2023. 🧠 Losses from Personal customers were 15% down on the same basis whilst for Non-Personal this trend was reversed with a 11% increase in losses. 🧠 The proportion of total losses relating to Non-Personal accounts has been increasing; H1, 2023 = 17.8%, H2, 2023 = 18.4%, H1, 2024. 🧠 Levels being reimbursed to customers have decreased from 63.9% (H1, 2023) to 59.3% (H1, 2024) --> a 7.1% drop 🧠 The proportion of losses which are from PSPs outside the Contingent Reimbursement Model has increased from 21.7% to 29.8% (37% increase). However reimbursement rates across both Code (68.7% --> 65.5%) and Non-Code (46.4% --> 44.6%) have decreased contributing to this overall decline. 🧠 The increase in Non Code PSP claims is an interesting shift, is this customers realising their protection position post October 7th and seeing if their PSP will reimburse?? 🧠 The enablers of the APP fraud data again shows the continuation of the theme of Online platforms (social media) being behind the APP Fraud scams, with 72% by volume originating in this space. The disconnect between the 72% by volume and 32% by value highlights that this enabler is strongly aligned to low value scam activity, most likely around Purchase Scams. 🧠 Over the post few weeks, there have been a number of public statements from Banks around the role of the tech companies with Dave Callington (Head of Fraud HSBC, UK), Charlie Nunn (CEO Lloyds Bank) and Woody Malout (Head of Financial Crime, Revolut) all observing on the challenges faced and the online platforms not doing enough to clamp down on the scams (article links in the comments). ❗ A note of caution, regarding to wider Fraud strategies - there has been significant focus on readiness for the new APP Fraud regulations. However, the data for H1, 2024 shows a interesting trend in unauthorised fraud in the card space, with a 19% H1, 2024 vs H1, 2023 increase in cases and a 7% increase on the same basis for losses. These positions are the highest level of losses since 2020 and the highest amount of cases since 2018. ❗ Fraudsters will find the weakest point of vulnerability and exploit that until it is blocked. So as we move into a mandatory reimbursement regulation for APP Fraud, fraudsters will target those PSPs who have vulnerabilities in their strategies as well as migrate their vector of attack if there is greater rewards available in other payment types. It is crucial to not take your eye off the ball of all parts of your fraud strategy. Form3 is hosting with UK Finance a webinar on 22nd October looking at how to ensure you build a best-in-class Fraud solution (link in the comments to register). #UKFinance #FraudReport #Scams #Feedzai #Form3 #APPFraud

The number of instances and volume of money being diverted away from unsuspecting parties through wire fraud schemes is staggering. Since it began in 2000, the FBI Internet Crime Complaint Center (FBI IC3) has recorded more than 8 million complaints, an average of 2,412 per day, and climbing. The most recent data from FBI IC3 includes 880,418 reported incidents in 2023, a 10% increase over 2022.¹ Cybercriminals are sophisticated and relentless in their efforts, and because of the amount of money involved in real estate transactions, fraudulent emails that appear to be from the real estate agent, attorney, or title insurance company, are a prime method for fraudsters. The safest way to wire money it to pick up the written wiring instructions from the recipient and hand deliver them to your bank. It is fail proof!

While there are many different kinds of fraud, there are 3 primary classifications: 1st Party Fraud refers to any fraud committed against a financial institution or merchant by one of its own customers. Second party fraud, or money mules, is where a person allows another to use their identity or personal information to perform fraud. Businesses may find second party fraud difficult to detect and challenge since the identity of the person that is used to carry out fraud has largely allowed it to take place. 3rd Party Fraud refers to any fraud committed against a financial institution or merchant by an unrelated or unknown third-party, and has a multitude of classifications.

Check fraud is a serious issue that can impact both individuals and businesses. Protect yourself with these strategies: - Keep your checks in a secure location - Never sign blank checks - Monitor your bank accounts regularly - Use electronic payment methods - Be cautious with personal information - Shred sensitive documents - Consider identity theft protection services. Stay safe from check fraud! #checkfraud #protectyourself https://lnkd.in/gj-6xHuU

With check fraud cases on the rise, especially in Washington County, fraud prevention is more crucial than ever. Last week, Jackson Police Department Headquarters #FraudPreventionFriday post sheds light on how fraudsters intercept, alter, or recreate checks to steal victims’ information and funds. At ScanWriter, we know firsthand the impact of financial fraud and are dedicated to supporting federal and state investigators who work tirelessly to protect the public. Here are some quick tips from JPD to help everyone stay vigilant: ✅ Mail carefully: Send outgoing mail during the day, hand-deliver checks when possible, and avoid exterior drop boxes overnight. ✅ Secure your mailbox: A locking mailbox can deter thieves and provide an extra layer of protection. ✅ Stay on top of bank transactions: Monitor accounts daily for unusual activity. Early detection can prevent major losses. ✅ Businesses—consider Positive Pay: For business owners, bank services like Positive Pay offer additional fraud protection and peace of mind. Check fraud is a complex and growing problem, impacting both individuals and businesses. At ScanWriter, we’re here to help investigators efficiently analyze financial records, uncover patterns, and stop fraud in its tracks. 💼🔍 Thank you, JPD, for raising awareness! Let’s all do our part to share these tips and prevent fraud in our communities. #FraudPreventionFriday #CheckFraud #FinancialSecurity #FraudAwareness #ScanWriter #InvestigativeTools

🚨 How stolen mail turned into a $120K check fraud scheme. From 2009 to 2014, John Michaels, also known as “Lowkey,” orchestrated a check forgery operation targeting victims' mailboxes. Michaels and his team stole checks, altered them by erasing the original payees' names with chemicals, and rewrote the checks to funnel money into accounts controlled by co-conspirators. Michaels and his group would “wash” the stolen checks, deposit them in local banks, and withdraw the cash. Over five years, they cashed more than 60 counterfeit checks, amassing over $120,000 💰. By intercepting and modifying checks from mailboxes, Michaels exploited unsuspecting individuals and banks, who unknowingly processed the fraudulent checks 🏦. A coordinated investigation by the U.S. Postal Inspection Service and local law enforcement led to Michaels’s arrest 🚔. Michaels pled guilty to bank fraud and identity theft. He was sentenced to 61 months in federal prison, five years of supervised release, and ordered to pay nearly $58,000 in restitution. 🔍 Red Flag Mania is dedicated to raising awareness about fraud through real stories (names and details changed to protect privacy). #CheckFraud #MailTheft #FinancialCrimes #IdentityTheft #BankSecurity #FraudPrevention #FinancialSafety #RedFlagMania

I'm frequently asked what to do when someone experiences identity theft. Whether it's unauthorized credit card charges, a fraudulent tax return filed in your name, or criminals applying for loans under your name, this article provides the basic first steps you should take. In some cases, you will want to also file a police report, especially if the identity theft appears to be very broad (such as applying for loans or opening up bank and/credit accounts in your name). So if this happens to you, DON'T PANIC! But don't delay either. Take these steps right away to minimize the impact of the identity theft.

It's Scam Safe Week on the BBC, fraud is a huge problem for businesses too - the Police and Authorities prioritise consumer fraud over businesses affected by fraud - the solution for businesses is to build resilience and protect themselves from fraud risks, PROFiT can help, contact us on this link to obtain a free guide to making your website more resilient: https://lnkd.in/e9da5-6C.profit.uk.com%2Fcontact-us%2F&utm_campaign=aga&utm_source=agsadl1%2Csh%2Fx%2Fgs%2Fm2%2F4 https://lnkd.in/e9da5-6C.ukfinance.org.uk%2Fnews-and-insight%2Fpress-release%2Fover-ps570-million-stolen-fraudsters-in-first-half-2024%23main-content&utm_campaign=aga&utm_source=agsadl1%2Csh%2Fx%2Fgs%2Fm2%2F4