- Scams gaining access to bank accounts up 50% in 2023
- Losses totaled $484 million
- Banks must give 12 hour cooling off period when there is a login from a new device
- Notify account holders of suspicious activity
- Allow consumers to block access to their accounts
- New regs on text messages as well
India being hit by wave of calls impersonating police or banks, telling people they may be arrested, and demanding money; referred to there as a “digital arrest”
Can the FTC’s new Click to cancel rule survive legal challenges? The FTC’s new rule making it easier to cancel online subscriptions is very popular, and many applaud it. But there have already been many legal actions filed against the Rule. This rulemaking began in the Trump administration. Congress many years ago imposed significant procedural steps that the FTC had comply with before adopting an industry-wide rule. The FTC seems to have violated those in an effort to get the rule adopted before election day. The potential problems are highlighted in the dissent by Commissioner Holyoak. There are ideas here that could get support bipartisan and could really help consumers. But in its haste the FTC may have left itself vulnerable to challenges.
Fraud Studies: Here are links to the studies I’ve written for the Better Business Bureau: puppy fraud, romance fraud; BEC fraud, sweepstakes/lottery fraud, tech support fraud, romance fraud money mules, crooked movers, government imposters, online vehicle sale scams, rental fraud, gift cards, free trial offer frauds, job scams, online shopping fraud, fake check fraud and crypto scams
Fraud News Around the world
Ireland: Bank worker (Nigerian?) gets three years prison for laundering money for Black Axe crime gang
Australia warns of emails telling people that they have hacked your computer and have private photos or videos and ask for money or threaten to share that; have old passwords or other information from data breaches they use to convince you of supposed hack
Why it might make sense to shift from passwords to passkeys
California: Man (Indian?) gets 30 days in jail for tech support fraud; went to victim’s home to collect gold
Seattle: Couple (Chinese?) indicted for scheme where they bought iPads at Target and then returned counterfeit iPads for refunds
West Virginia: Man pleads guilty to stealing gift cards, altering and returning them so money went to him when they were purchased
Singapore: Four arrested for acting as money mules on behalf of scammers
The emotional toll of being scammed
US and Nigeria announce liason unit to fight crypto and illicit finance
Ten countries with the most internet scams: India, Pakistan, Venezuela, Romania; Philippines, Nigeria, Brazil, South Africa, Morocco, and China
India: Police arrest 12 in digital arrest scam; caller claimed to be with CBI and told victim she needed to transfer money to them
Nigeria: 34 internet scammers get jail time
Delaware: Owner of depository for gold and other precious metals convicted of stealing client funds; got at least $58 million
US indicts Russian for operating infostealer program; Dutch police infiltrate criminal systems
Southern Illinois: Police arrest two from China who went to victim’s home to pick up $50,000 after victim got an email supposedly from Paypal saying they would be charged; FTC imposter called back and told victim that they needed to move money into a “safe” account
Canada: One of 14 charged with grandparent frauds pleads guilty
Atlanta: Man arrested for scam using fraudulent debit cards to steal $800,000 from Home Depot
Humor
- Clothing recyclers concerned about drop boxes that are actually run by criminals
- Police arrest two for stealing 1000 rolls of toilet paper (Isn't Covid over?)
- Quebec police arrest Zamboni driver for DUI after low speed crash
- FTC settles with Lyft over deceptive earnings claims for drivers; to pay $2.1 million penalty
- CFPB is sending $191 million in refunds to victims of Tempoe, which handled financing for sales at Sears and Kmart through leases
- FTC case against online business opportunity fraud leads court to close down enterprise; $12 million lost
- FTC sends $1 million in refunds to customers of Rhinelander Auto over junk fees
- Georgia: Woman gets 12 years prison for theft of unemployment benefits; $30 million involved
- Chicago: Man indicted for PPP fraud and other tax crimes
- Miami: Jury convicts two former deputy sheriff’s of PPP fraud
- California: Two women indicted for PPP fraud; got $3.5 million
- Maryland: Woman gets 65 months prison for PPP fraud; got $3 million
- West Virginia: Business owner gets one year home confinement for EIDL fraud; to pay $902,000
- Cambodian journalist who was jailed after reporting on scam compounds is released on bail
- Thailand cuts illegal internet cables running into Laos and that were being used by scam compounds
- Spain: BEC gang busted, two arrested, scam got €500,000
- BEC scam emails change from using deceptive links to employing attachments
- Washington, DC: Man from Singapore charged with theft of 4100 bitcoin worth $274 million; got it from tech support scam attack
- Court of Appeals in the US rejects lawsuit claiming that home owners insurance covers losses over crypto scam
- Austria: Five get prison for crypto investment fraud; claimed sizable returns; took in $21 million; 4000 investors taken