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Cybercrime is flourishing

It is very clear from the figures released by the various fraud prevention agencies that there is a dramatic increase in cybercrime and real-time fraud. Should the losses continue to persist at the current growth rate, the financial services industry is in for torrid times! Ultimately, it is the attitudes around fraud that need to […]

Long-haul specialist blames credit card fraud for collapse

A London-based operator specialising in holidays to the Middle East and Indian Ocean has ceased trading. A message on Elegant Travels’ website blamed credit card fraud for its collapse. The company, based in Barnet, also traded under the names Airchoice, Glen Carriers Travel and Travel Sri Lanka. It owned the websites elegantdubai.co.uk, elegantmaldives.co.uk, eleganttravels.co.uk, glencarrierstravel.co.uk, […]

Russian Cybercriminal Gets Prison For StubHub Scam

Law360, New York (July 6, 2016, 9:17 PM ET) — A Russian national accused of masterminding an international cybercrime scheme on Wednesday was sentenced to four to 12 years in prison for ripping off personal data from users of online ticket marketplace StubHub, which was used to resell tickets to sporting events, Broadway shows and […]

Identity fraud up by 57% as thieves ‘hunt’ on social media

The number of victims of identity theft rose by 57% last year, figures from fraud prevention service Cifas suggest. The data, taken from 261 companies in the UK, suggests fraudsters are increasingly getting people’s personal information from social media sites. Cifas said Facebook, Twitter and LinkedIn had become a “hunting ground” for identity thieves. It […]

Fraud victims outside London have ‘little chance’ of police help

Fraud victims outside London whose cases are reported to the police have “little chance of any kind of investigation”, an an authoritative study has found. In a damning assessment the Fraud Advisory Panel said yesterday that Britain’s anti-fraud and cyber-crime measures were “under resourced” and suffered from “widespread ignorance of threats and [an] uncoordinated approach”. […]

Identity fraud up by 57%

The number of victims of identity theft rose by 57% last year, figures from fraud prevention service Cifas suggest. The data, taken from 261 companies in the UK, suggests fraudsters are increasingly getting people’s personal information from social media sites. Cifas said Facebook, Twitter and LinkedIn had become a “hunting ground” for identity thieves. It […]

Global Action Against Airline Fraud Detains 140

An international law enforcement operation targeting airline fraudsters has resulted in the detention and investigation of 140 individuals found in possession of tickets bought using stolen or fake credit card details. The two-day operation conducted June 15-16 was organized globally through coordination centers at Europol in The Hague, INTERPOL Singapore and Ameripol in Bogota, with […]

Buying into fraud

The cost of fraud is far higher than previous estimates, and procurement accounts for most of this. With cuts to internal audit and procurement teams focused on savings, local authorities need all the help they can get. David Cameron’s hosting of the world’s first anti-corruption summit in May certainly sent out a message that fraud […]

£500 device can hack hundreds of contactless cards

A device that allows criminals to clone contactless bank cards in bulk is up for sale on the so-called dark web. The Contactless Infusion X5 can steal information from nearby cards, including the card number and the card holder’s name and address. This information can then be loaded onto blank cards to create clones that […]

£2.75m Boiler Room Scam

The alleged investment fraud tactic known as ‘boiler room’ has continued operating for over a year. The U.K. Financial Conduct Authority has charged a group of five individuals with investment fraud. The allegations against Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker (previously known as Ryan Sell) and Jeannine Lewis come under a thorough investigation […]

Apple iCloud phishing scams

Apple iCloud users have been warned to be on their guard against phishing attacks targeting the UK that seek to gain account information, including credit card data. Security company FireEye uncovered evidence of the attacks after noticing that 86 domains were set up in the first quarter of 2016 to host pages that pose as […]