Fraud Headlines

2015 Articles

March 

Is Fraud Running Rampant On Apple Pay?

Criminals in the U.S. have found a way to use Apple Pay to push fraud, and they are doing so in increasing numbers. (PYMNTS)

Data Breaches Fuel New Era Of Tax Fraud

The rash of massive data breaches across the United States is driving a new era of electronic tax fraud that has caught Congress’s attention and left consumers wondering if their tax information is safe. (The Hill)

Lawyer At Top Of Huge Fraud Pleads Guilty

A Long Island lawyer who led a huge scheme to defraud the Social Security Administration pleaded guilty, receiving a reduced sentence in return for promising to help federal investigators find other people cheating the disability insurance system. (New York Times)

SEC Files Fraud Charges Against Wings Network

Officials say scheme focused on Latino communities, took in $23.5 million. (Boston Globe)

February 

Hong Kong Warns Over Digital Currencies Amid Alleged Bitcoin Fraud

Hong Kong's central bank has warned people against investing in virtual currencies amid local media reports that a bitcoin exchange may have run off with $387 million in client funds. (Reuters)

Madoff Fraud Victims To Get $7.2B In Payout

Irving Picard, the court-appointed trustee in charge of returning funds to the Ponzi schemer’s ex-clients, distributed an additional $355.8 million in funds to nearly 1,100 accounts. (New York Post)

The Rising Tide Of Tax Filing Fraud

It's a crime that's become so pervasive that people ranging from U.S. Attorney General Eric Holder to prison inmates have fallen victim: Fraudulent tax filing. (CBS)

Hackers And Cybercrime: Financial Firms Increasingly Targeted For Fraud

As hackers apply new tactics and seek out increasingly lucrative targets, cyberattacks and web scams constitute a significant growing threat to financial firms. (International Business Times)

As Mobile Commerce Grows, M-Commerce Fraud Grows Even Faster

The number of retailers who offer customers a mobile commerce option has doubled in the past year — but m-commerce fraud is growing even faster, according to a new study from LexisNexis. (PYMNTS.com)

Fake Companies, Fake Workers: State Battling New Type Of Unemployment Fraud

The state Division of Employment Security says it is battling a new type of unemployment fraud, one that involves fake businesses, fake workers and false claims of unemployment. (WRAL)

Fraud, Organized Crime Costing Africa Billions Per Year: Study

Africa loses at least $50 billion a year to illicit practices like tax fraud, corruption and organized crime, a worrying situation that is hurting the continent’s economies, a UN-mandated study group warned Sunday. (Al Arabiya)

January 

Capital One Fraud Researchers May Also Have Done Some Fraud

Part of why people don't like insider trading is that it seems too easy. ... Say what you will about Bonan Huang and Nan Huang, but they (allegedly) worked hard for their hot tips. (Bloomberg View)

S.&.P. To Pay Nearly $80 Million To Settle Fraud Cases

Standard & Poor’s, the credit rating agency blamed for helping inflate the subprime mortgage bubble, has settled accusations that it orchestrated a similar fraud years after the bubble burst. (New York Times)

Aging Japanese Prove Rich Pickings For Investment Fraud

A growing number of retirees in Japan are falling victim to fraud, underscoring a downside of promoting personal investment in the world’s most aged nation. (Bloomberg)

UK Regulator Closes Fraud Investigation Into HP-Autonomy Deal

The United Kingdom’s Serious Fraud Office said it has closed its investigation into the circumstances surrounding Hewlett-Packard’s $11 billion acquisition of the British software firm Autonomy. (Re/Code)

Corporate Fraud In India Rose 45% Last Two Years: Study

Corporate frauds rose by over 45 per cent in India in the last two years and the lurking risk has been dissuading global companies from investing in India, said a study. (Economic Times)

'Astounding' Fraud: Ex Delta Worker Gets 10-Year Sentence

A Los Angeles man has been sentenced to 10 years in prison for defrauding Northwest and Delta Air Lines of more than $36 million over more than a decade. (USA Today)

University Of South Dakota Athletes Ran Tax-Fraud Scheme, Made $400,000

Six people involved in the complicated scheme were USD football players at the time, and another had once been on the track and field team and impeached as USD's student government president over allegations of misused funds. (Huffington Post)

Multimillion-Dollar Tax Fraud Scheme Used Info Stolen From Kids

Under this particular scheme, Abreu, who worked at the time as a fraud investigator with the New York City Human Resources Administration (yes, he was a fraud investigator allegedly committing fraud), sold identifying information of minors, including names, dates of birth, and Social Security numbers. That information was then used to file thousands of fraudulent tax returns, resulting in millions of dollars of losses. (Forbes)

Massive Fraud Link To Major Mortgage Broker

The Melbourne man at the centre of an alleged $110 million mortgage fraud holds a senior position in one of the country's largest mortgage brokerage networks, raising concerns that the true scale of the potential financial losses is yet to be known. (Sydney Morning Herald)

Convicted Of Biggest Fraud In Chicago History, Financier Fears Prison  

Investors lost more than a half-billion dollars when Bloom’s Sentinel Management Group collapsed in 2007, a collapse that presaged the worldwide credit crunch. (Chicago Sun Times)

Xoom Says Criminal Fraud Costs $30.8 Million, CFO Departs  

“The incident involved employee impersonation and fraudulent requests targeting the company’s finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts,” San Francisco-based Xoom said. (Bloomberg)

U.S. Credit Cards Tackle Fraud With Embedded Chips, But No PINs  

This year, there will be an important change in the way Americans use their credit cards. More banks will be issuing cards with small computer chips, a move they say will protect against credit card fraud. (NPR)

Feds Still Unraveling Extent Of Tax Fraud In Miami Dade College Student Accounts  

A tipster walked into the FBI’s South Florida office a few years ago to complain that young cyber criminals in the North Miami area were using something called a “key” in street lingo to steal people’s identities. (Miami Herald)

History's Greatest Fraud Yields One Of The Greatest Legal Slugfests Of Our Time  

The clock is ticking for the Madoff Five. In just a few minutes, it will be 2015—the year that the only employees of Bernard L. Madoff who have been convicted of crimes at trial will begin serving out their prison terms. (Forbes)

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