In 2019, payment card fraud losses reached nearly $28 billion worldwide. The United States alone is responsible for more than a third of the total global loss making America the most card fraud-prone country in the world. The economic cost of credit card fraud goes far beyond the cost of illegally purchased merchandise; businesses often spend millions to protect themselves from fraud, buying software and hiring security experts to monitor transactions. Experts say there aren’t enough regulations to help protect the U.S. economy, especially small businesses from card fraud.
Tag Archives: Fraud
Crime: Delivery Scams Imitating Amazon, UPS, FedEX & DHL On The Rise
As online shopping sees its biggest holiday season ever, hackers are sending fake delivery notices impersonating Amazon, UPS and FedEx, with scams up 72% from last year and 440% from October to November. Clicking a fake shipping notification link can launch ransomware or launch a counterfeit branded site to trick users into entering credit card and personal information to “reroute” a package that never existed.
Crime: “Social Security Administration Scams” Are #1 Fraud Reported To FTC
From an FTC online release:
The Social Security Administration (SSA) scam is the number one scam reported to the FTC right now.
As soon as a caller threatens you, or demands you pay them with a gift card or by wiring money. It’s a scam. Even if the caller ID tells you otherwise.
If you get a call from someone claiming to be from the Social Security Administration, hang up the phone and remember:
- Your Social Security number is not about to be suspended.
- The real Social Security Administration will never call to threaten your benefits.
- The real SSA will never tell you to wire money, send cash, or put money on a gift card.
To read more: https://www.consumer.ftc.gov/blog/2019/12/getting-bombarded-scam-calls-youre-not-alone?utm_source=govdelivery
Perils Of Retirement Investing: Victims Of Ponzi Schemes Often Wait For Up To A Decade To Receive Any Repayments
“After investment frauds break open, how much and how fast investors will get repaid depends in large part on the arsenal of professionals—usually lawyers or accountants—called in as trustees to pick through the wreckage.”
If the investment sounds to good to be true, it almost certainly is. Katy Stech Ferek of the Wall Street Journal writes a comprehensive article on the tedious and expensive work of law firms, accountants and investigators in tracking down and facilitating the repayment of funds to victims of Ponzi schemes. Click on the link below to read more in the WSJ:
Boomers Daily 