DIRS.INFO The most relevant business & tech news

☆ Robocallers are preying on the elderly with fake Medicare calls. It's a no-brainer to stop it, but nobody has.
▼ + stars: | 2023-02-06 | by ( Madison Hall | ) www.businessinsider.com time to read: +7 min

These honeypots comprise only a sliver of the total number of US phone numbers but provide valuable insights into how robocalling scams operate. Every day, the honeypot numbers get inundated with calls from scammers purporting to be from Medicare. Many of those calls spoof the services' "1-800-MEDICARE" (1-800-633-4227) hotline in the phone's caller ID. "Many seniors are targeted by scammers who want to steal their Medicare numbers to do things like rack up fake health care charges and commit identify theft," the representative said. With this in mind, it's unclear why the Centers for Medicare & Medicaid Services use the phone line for both outbound and inbound calls.

In 2021, banks reported nearly 250,000 cases of check fraud nationwide, according to the Financial Crimes Enforcement Network, a unit of the U.S. Treasury Department. By last year, that number exploded: nearly 460,000 check fraud cases were reported – an increase of 84%. "Check fraud, and perhaps fraud in general flourishes on Telegram mainly due to its unrestrictive nature," Noriega said. Even so, Q6 was able to find at least 30 channels on Telegram dedicated to providing the latest tips and techniques to commit bank fraud. "Telegram is unfortunately a source for all things check fraud," Noriega said.

☆ 'Phishing-as-a-service' kits are driving an uptick in theft: What you can learn from one business owner's story
▼ + stars: | 2023-02-06 | by ( Dawn Giel | ) www.cnbc.com time to read: +11 min

While Christmas shopping for his young daughter, he received a call from a person claiming to be from the Chase fraud department and asking to verify a suspicious transaction. Unfortunately, for victim of these schemes, the bank isn't always required to repay the stolen funds. CNBC has reviewed Mullenaux's cellular records, bank account information, as well as images of the text message and link he was sent. He immediately drove to his local Chase bank branch where he was told he had likely been the victim of fraud. Legally, banks do not have to reimburse stolen funds when a customer is tricked into sending money to a cybercriminal.

☆ UK plans to reimburse scam victims 'fundamentally flawed,' lawmakers say
▼ + stars: | 2023-02-06 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, Feb 6 (Reuters) - Proposals to reimburse hundreds of millions of pounds to scam victims in Britain are "fundamentally flawed" and are taking too long to come into force, lawmakers said in a report published on Monday. So-called "authorised push payment" scams have become Britain's largest type of payment fraud and cost customers 583 million pounds ($715 million) in 2021. Lawmakers on Britain's powerful Treasury Select Committee criticised the plans and said mandatory reimbursements should begin this year at the latest, and not as late as 2024. "Putting an industry body in charge of reimbursing scam victims is like asking a fox to guard the henhouse," said Harriett Baldwin, chair of the Treasury committee. The PSR said it would consider all feedback before publishing its final position in May this year, adding it regulated payment system operators including Pay.UK.

☆ Swiss prosecutors launch case over Credit Suisse dirty money data leak -reports
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Swiss federal prosecutors have launched criminal proceedings targeting the perpetrators of a 2022 leak of information on thousands of Credit Suisse (CSGN.S) accounts, Swiss media reported on Friday. The leak covered more than 18,000 accounts, including human rights abusers, fraudsters and businessmen subject to sanctions, thereby plunging Switzerland's biggest bank into a dirty money scandal. Prosecutors launched the case, for violation of banking secrecy laws and damage caused to Credit Suisse, after receiving a formal complaint, Swiss daily Tagesanzeiger reported. Asked whether Credit Suisse had submitted the complaint, a spokeswoman said the bank did not comment on ongoing proceedings. Spokespeople for federal prosecutors did not immediately respond to a request for confirmation that proceedings in the case were active.

☆ Cyprus poll draws record 14 candidates, unlikely to produce clear winner
▼ + stars: | 2023-02-02 | by ( Michele Kambas | ) www.reuters.com time to read: +2 min

Among a record 14 candidates, the race for the top job comes down to three hopefuls who were close aides of incumbent right-wing President Nicos Anastasiades, but are now bitter rivals. Diplomat Andreas Mavroyiannis, the third candidate backed by opposition left-wing AKEL, was the government's chief negotiator in reunification talks with Turkish Cypriots. Opinion polls say Christodoulides, 49, will sail through to the second round, leaving Neophytou and Mavroyiannis battling it out for second place on Feb. 12. Christodoulides is supported by roughly a third of DISY voters and has backing from centrist parties which are hardliners in reunification talks. Under his watch, Cyprus gave passports to thousands of rich foreigners in a system critics said was fundamentally flawed.

☆ Roomster must face lawsuit by U.S. FTC, six states over fake reviews
▼ + stars: | 2023-02-01 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 1 (Reuters) - A U.S. judge on Wednesday ordered the roommate matching service Roomster to face a lawsuit by the Federal Trade Commission and six states claiming it used fake listings and reviews to take millions of dollars from people struggling to find affordable housing. In seeking a dismissal, the defendants said they had ceased the alleged improper conduct in 2018, that the FTC lacked power to sue, and the user reviews were not deceptive under state laws. The lawsuit sought civil penalties and an injunction against violations of federal and state unfair trade laws. In October, the FTC sought public comment on whether to adopt a rule to combat deceptive or unfair endorsement practices, such as by using fake reviews, suppressing negative reviews and paying for positive reviews. The case is FTC et al v Roomster Corp et al, U.S. District Court, Southern District of New York, No.

☆ Trump hired Natalee Holloway's suspected killer's lawyer to defend him in E. Jean Carroll defamation case
▼ + stars: | 2023-01-31 | by ( Ashley Collman | ) www.businessinsider.com time to read: +3 min

Trump hired one of the most famous criminal defense attorneys to represent him against E. Jean Carroll. Carroll has accused Trump of sexual battery and defamation. Tacopina told the Post that he has no issues defending accused criminals. I like the high stakes," Tacopina told the Times. Van der Sloot was never tried for Natalee Holloway's murder, but remains the primary suspect in the unsolved case.

☆ U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans
▼ + stars: | 2023-01-30 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 30 (Reuters) - The U.S. government likely awarded about $5.4 billion in COVID-19 aid to people with questionable Social Security numbers, a federal watchdog said in a report released on Monday. The watchdog, the Pandemic Response Accountability Committee (PRAC), said it "identified 69,323 questionable Social Security Numbers (SSNs) used to obtain $5.4 billion from the Small Business Administration's (SBA) COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program and Paycheck Protection Program (PPP)." In May 2021, Attorney General Merrick Garland launched a COVID-19 Fraud Enforcement Task Force. In September, the inspector general for the U.S. Labor Department said fraudsters likely stole $45.6 billion from the United States' unemployment insurance program during the coronavirus outbreak by applying tactics like using Social Security numbers of deceased individuals. Reporting by Kanishka Singh in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ How to figure out the best time to file your tax return: Don't 'race to the finish line,' say tax pros
▼ + stars: | 2023-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

ozgurcankayaAs tax season begins, you may be eager to file your tax return for a faster refund and to check the annual task off of your list. Most tax forms arrive by late January to mid-February, but others may be later. Avoid tax identity theft by 'filing ahead of fraudsters'That said, there's no reason to wait once you have all your necessary forms. Tax-related identity theft happens when someone uses your Social Security number to file a return and claim a fraudulent refund. You may find out through a rejected tax return or IRS letter, among other warning signs, according to the IRS.

☆ U.S. unemployment system still plagued by delays 3 years after pandemic-era downturn
▼ + stars: | 2023-01-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

Patrick T. Fallon | Afp | Getty ImagesThese days the U.S. unemployment system is somewhat of an anomaly. At the pandemic-era nadir, just 52% got a "timely" first payment of unemployment insurance, for example. Unemployment claims spiked as businesses closed amid stay-at-home orders to contain the virus' spread. States get funding based on their administrative workload, like the volume of claims states are paying. That's especially true for one CARES Act program, Pandemic Unemployment Assistance.

If you've been debating whether to file your taxes early this year, tax experts say there are now several reasons that might be a good idea. "It’s safe to assume your Social Security number is in the hands of someone you don’t want to have it," Long said. If you are exposed to identity theft-related tax fraud, the process to file your real return could be onerous, she said. There are other reasons filing early could prove beneficial, especially if you're owed a refund. For many people who expect larger refunds, she said, filing early will help pay for, or help you plan for, expenses for the rest of the year.

☆ Big banks take aim at Apple Pay, PayPal with their own electronic wallet plans
▼ + stars: | 2023-01-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —America’s largest banks announced plans Tuesday for an electronic wallet that will take aim at Apple Pay and PayPal. The banks are working with Early Warning Services, the company that runs their Zelle electronic payment service. The new electronic wallet, which will operate separately from Zelle, would allow people to make purchases online. The digital wallet is an attempt to regain banks’ control of purchases currently being made using Apple Pay and similar services. While it responded to Warren that it was changing its liability policies and refunds for customers, Warren responded in December that she had little faith about the changes.

☆ The Fyre Festival fraudster is launching his latest thing, and it looks like a party on an island
▼ + stars: | 2023-01-20 | by ( Jake Traylor | Jake Traylor Is An Associate Producer For Msnbc. | ) www.nbcnews.com time to read: +8 min

He’s using different words, but he’s selling the same thing,” said Shiyuan Deng, a former product designer at Fyre Media, the company behind Fyre Festival. Deng resigned from Fyre Media shortly before it collapsed. Another former Fyre Media employee who asked to withhold their name out of concerns of retaliation also said PYRT reminded them of Fyre Festival. “The similarities are there around the vague mysterious promotion,’’ said the former employee of Fyre Media. McFarland said he believes PYRT will look considerably different from Fyre Festival.

☆ Feds arrest Russian man accused of on his crypto exchange
▼ + stars: | 2023-01-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: 1 min

CNN —US authorities arrested a Russian cryptocurrency executive who allegedly exchanged hundreds of millions of dollars with drug traffickers and cybercriminals. Anatoly Legkodymov, 40 years old, was arrested in Miami on Tuesday night, the Justice Department said Wednesday. The US Treasury Department has labeled his cryptocurrency exchange, Bitzlato Limited, a “primary money laundering concern,” a move designed to cripple the exchange and cut off its financing. His arrest marks the latest effort by President Joe Biden’s administration to crack down on digital currencies that US officials say have for too long been a safe haven for fraudsters and drug dealers.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the secret $40 billion food fraud market worksThe food in your kitchen cabinets may not be what it seems. Fraudsters motivated by economic gain secretly infiltrate the global food market through a variety of means, including counterfeits, dilutions, substitution and mislabeling, according to the Global Food Safety Initiative. This not only adds to your food bill, but can put your health and safety at risk. Some estimates say food fraud affects at least 1% of the global trade at a cost as high as $40 billion a year.

It's that simple," Larry Olmsted, author of "Real Food/Fake Food," told CNBC. Some estimates say food fraud affects at least 1% of the global food industry at a cost as high as $40 billion a year, according to the Food and Drug Administration. "We might not know the overall impact of food fraud because so much of what fraudsters do is hidden from us and has been for centuries." Between 2012 and 2021, the most common type food fraud was lying about an animal's origin and dilution or substitution, both ranking at 16% of recorded incidents by food-safety monitor Food Chain ID. The Food Fraud Prevention Think Tank suggests five questions a consumer can ask themselves to reduce their vulnerability to product fraud.

☆ Here's what's next for the tech sector in 2023
▼ + stars: | 2023-01-03 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

I'm your host, Jordan Parker Erb, and I've got some news: Today is my last edition of 10 Things in Tech. Below, we're taking a look ahead at the new year, and discussing what's next for the tech sector. Wall Street analysts explain why they think tech is headed for a huge rebound in 2023. Tech companies saw a challenging 2022, but analysts at Wedbush say the industry will grow in the coming year, with nowhere to go but up. The past 12 months have been volatile for the ad industry — and it foreshadows even more change in 2023.

☆ After a record-breaking 2021, European investors and founders are ready to take it slow
▼ + stars: | 2022-12-29 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

Our Big Tech team was constantly chasing the biggest stories, from alleged executive misconduct at Microsoft to injuries in Amazon warehouses. After a record-breaking 2021, European startups raised $16 billion in the third quarter — a 44% annual drop. The solo founder joined YC in January 2022, and has since raised millions from investors like Alexis Ohanian. The risk of debilitating muscle and joint injuries at Amazon warehouses is off the charts, workplace regulators have said. Amazon workers shared why they planned to vote against unionizing.

☆ Amazon's plastic packaging was reportedly found thousands of miles away at illegal dump sites in India
▼ + stars: | 2022-12-27 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

Amazon delivery packages from North America were found in illegal dump sites and mills in India. Plastic waste ends up in dump sites that emit vile odors and can pollute the air, Bloomberg reports. Amazon delivery packaging was also found mixed in with materials processed at sugar cane and paper mills in Muzaffarnagar, according to Bloomberg. Bloomberg's findings come three years after the Indian government lifted its ban on importing plastic waste due to the country's waste shortage, the India Times reported. The spokesperson also referred Insider to Amazon Second Chance, a guide for customers to understand how to recycle their Amazon packaging.

☆ Sam Bankman-Fried's bail was set at a whopping $250 million — but that's still much less than some monster bonds. Here are some of the biggest.
▼ + stars: | 2022-12-23 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Sam Bankman-Fried's $250 million bail is one of the largest ever posted. But one friend of Donald Trump has also posted that amount, with others set in the billions. Many were reduced on appeal, like a Texas murderer's $4 billion that was set by a grumpy official. But SBF's massive bail pales in comparison with the $3 billion set for Robert Durst in 2003, or a Texas murderer's $4 billion. They were later reduced on appeal, but Trump associate, Tom Barrack, has also posted $250 million for bail.

A virtual credit card consists of a new set of numbers tied to that original credit card that you can enter whenever you're asked for your credit card information when making a purchase. Not all credit card providers offer this, but if you log into your credit card account, you might see an option to enroll and create virtual credit cards. To use these digital wallets, you have to first enter your regular credit card number (or perhaps a virtual card that you generated via your credit card issuer). "They're getting a tokenized credit card number, which is basically a virtual credit card number. Managing employee credit cards: Rather than sending all employees physical credit cards for work expenses, you could provide virtual credit cards for both convenience and control.

☆ Annoying CAPTCHA is still big for Google and e-commerce in bot battle, and likely to stay that way
▼ + stars: | 2022-12-17 | by ( Barbara Collins | ) www.cnbc.com time to read: +3 min

These are called CAPTCHAs – an acronym standing for "Completely Automated Public Turing test to tell Computers and Humans Apart." Except some cybersecurity experts say in addition to the problem of human user annoyance, there's a problem with the underlying approach to cybersecurity. How machines are becoming more like humansAs a standalone cybersecurity tool, CAPTCHAs can be unreliable because of their partially behavioral-based approach. Bots can be programmed to call out to the human solving farm overseas that decipher the CAPTCHA, all in the timespan of a few seconds. In today's world, CAPTCHAs used without any additional layers of cybersecurity protection are typically not enough for most enterprises, said Sandy Carielli, a principal analyst for Forrester.

☆ Elizabeth Warren unveils bipartisan bill to crack down on crypto money laundering
▼ + stars: | 2022-12-14 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry. Due to time constraints, the Warren-Marshall crypto legislation has little chance of getting through this Congress. The new bill, called the Digital Asset Anti-Money Laundering Act, would attack money laundering by attempting to bring the digital asset ecosystem into compliance with the existing system of anti-money laundering in the worldwide financial system. The Treasury Department warned earlier this year that ransomware hackers, drug traffickers and fraudsters are using digital assets to launder illicit proceeds. - Cracking down on digital asset ATMs by making sure operators and administrators submit and update the physical addresses of their kiosks.

☆ Harvard-educated deception expert: 4 red flags can show when people like Sam Bankman-Fried are lying
▼ + stars: | 2022-12-13 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

The answer is the latter, says Pamela Meyer , a Harvard-educated deception expert who is a certified fraud examiner and the author of the 2010 book "Liespotting: Proven Techniques to Detect Deception." Now, with Sam Bankman-Fried arrested on Monday by Bahamian authorities, the world is wondering if the FTX founder will follow in Holmes' footsteps as the next disgraced startup founder to end up behind bars . Such tactics should have been "a red flag, for sure, that he was deflecting a deep dive into the details" of FTX, Meyer says. You let them talk and talk and talk." This appears to be Bankman-Fried's current mode, Meyer says.

Search resuls for: "Fraudsters"

25 mentions found