Fraud isn't always a solitary activity. Organized fraudsters often operate in teams, considering return on investment, hiring help, and investing in technology to scale their operations. In our latest blog, "How Organized Fraudsters Run Their Operations Like a Business (And How Fraud Fighters Can Use That Against Them)," we delve into the world of organized fraud, exploring how these criminals maximize profits through tactics like promo abuse, and the innovative anti-fraud measures that can help protect your platform's integrity and ROI. Read the blog post to gain key Insights on: 💡Promo Abuse at Scale: Fraudsters exploit promotional campaigns by creating multiple accounts to claim discounts repeatedly, then resell these benefits at a profit. 💡Investment vs. ROI: The low cost of entry for fraudsters makes promo abuse an attractive venture, but effective fraud prevention measures can disrupt their ROI. 💡Fraud Farms: Large-scale operations where multiple fraudsters work together, controlling hundreds or thousands of accounts to maximize their illicit profits. It also provides intel on how to build your fraud prevention strategies with enhanced user verification and passive signals. Read the full blog post here to stay ahead in the battle against organized fraud: https://lnkd.in/dXRDtpse.
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Watch out! Fraudsters have discovered a new way to slip past your defenses 😲 A new type of fraud we're calling "Inception Fraud," has surfaced. This sneaky scheme uses a legit pay stub from a company, even though the person isn't really employed there. As a result, the pay stub does not get flagged as fraudulent by traditional screening techniques, because it's a verifiable company and paystub. In reality, they are not employed by the company and do not receive a salary from them. This type of fraud can easily slip through the cracks during the application process if not thoroughly vetted. Property managers need to be vigilant to prevent Inception Fraud from slipping through the cracks during the application process. So what can be done about it, and how can property managers better protect themselves? Read our latest blog to find out ⬇️
The Hidden Threat: Inception Fraud and Its Impact on the Multifamily Industry - Snappt
snappt.com
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A.I. for Multifamily Property & Asset Mgmt and Prop-Tech Veteran. Innovation Council Member | Fraud Educator | National Speaker | Investor
New forms of fraud are affecting our industry daily. Who in your organization is the champion empowered to be a fraud fighter? Create a new role as needed. Vendors like Snappt are working to educate us and help protect your assets. Stop fraud now! Be diligent! #fraudawareness #fraudfighter
Watch out! Fraudsters have discovered a new way to slip past your defenses 😲 A new type of fraud we're calling "Inception Fraud," has surfaced. This sneaky scheme uses a legit pay stub from a company, even though the person isn't really employed there. As a result, the pay stub does not get flagged as fraudulent by traditional screening techniques, because it's a verifiable company and paystub. In reality, they are not employed by the company and do not receive a salary from them. This type of fraud can easily slip through the cracks during the application process if not thoroughly vetted. Property managers need to be vigilant to prevent Inception Fraud from slipping through the cracks during the application process. So what can be done about it, and how can property managers better protect themselves? Read our latest blog to find out ⬇️
The Hidden Threat: Inception Fraud and Its Impact on the Multifamily Industry - Snappt
snappt.com
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Hey #multifamily , We've uncovered a new type of renter fraud, and it's the most crafty and malicious to date. This type of fraud will beat EVERY income verification system and all other fraud detection solutions currently out in the market. (except Snappt, of course) Check out below how we uncovered this type of fraud, and how you can be best protected #frauddetection #fraudprevention #apartments #fakepaystubs
Watch out! Fraudsters have discovered a new way to slip past your defenses 😲 A new type of fraud we're calling "Inception Fraud," has surfaced. This sneaky scheme uses a legit pay stub from a company, even though the person isn't really employed there. As a result, the pay stub does not get flagged as fraudulent by traditional screening techniques, because it's a verifiable company and paystub. In reality, they are not employed by the company and do not receive a salary from them. This type of fraud can easily slip through the cracks during the application process if not thoroughly vetted. Property managers need to be vigilant to prevent Inception Fraud from slipping through the cracks during the application process. So what can be done about it, and how can property managers better protect themselves? Read our latest blog to find out ⬇️
The Hidden Threat: Inception Fraud and Its Impact on the Multifamily Industry - Snappt
snappt.com
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Fraud is on the rise, have you heard about "Inception Fraud"? Make sure you have a partner that has a proactive motion in fighting income and identiy fraud! #fraudprevention #frauddetection #fraudprotection #fraudawareness #fraudsquad #multifamily
Watch out! Fraudsters have discovered a new way to slip past your defenses 😲 A new type of fraud we're calling "Inception Fraud," has surfaced. This sneaky scheme uses a legit pay stub from a company, even though the person isn't really employed there. As a result, the pay stub does not get flagged as fraudulent by traditional screening techniques, because it's a verifiable company and paystub. In reality, they are not employed by the company and do not receive a salary from them. This type of fraud can easily slip through the cracks during the application process if not thoroughly vetted. Property managers need to be vigilant to prevent Inception Fraud from slipping through the cracks during the application process. So what can be done about it, and how can property managers better protect themselves? Read our latest blog to find out ⬇️
The Hidden Threat: Inception Fraud and Its Impact on the Multifamily Industry - Snappt
snappt.com
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1,228,900 new phone numbers have been added to our PRISM fraud intelligence database over the last two weeks. This is a higher amount than usual, continuing a trend where the rate of throughput keeps accelerating. Fraudsters appear to be working their way around anti-fraud controls by cycling through the phone numbers they use more rapidly than ever. It is often said that fighting fraud is a game of 'cat and mouse', where the vigilant fraud manager has to keep reacting to every move made by the agile fraudster. The chase now needs to be executed at a greater pace than ever before. You can stay ahead of the fraudster's movements with PRISM fraud intelligence. PRISM is the original and the most comprehensive global resource for fraud managers who want to know which phone numbers will be used for fraud, before they have been used for fraud. Our intelligence agents scour hundreds of confidential sources on a regular basis and are constantly searching for new ones as they play their own game of cat and mouse with the businesses that enable crime. Every other provider of fraud intelligence lists numbers used for frauds that have already been attempted. PRISM allows you to prevent frauds before they occur.
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Payouts fraud is an expensive problem that's only getting bigger. Scammers fill out surveys with garbage data to get survey rewards, refer fake identities to get referral incentives, and use a bunch of fake email addresses to get paid as part of class action settlements. Today, Tremendous launched a fraud prevention feature to help put an end to it. Our tool combines AI, custom rules, and a review process to stop fraudsters before you lose money. And it actually works. In the three months since we pushed the feature live to our small pool of beta testers, it's stopped $100K+ in fraudulent transactions. We're the only incentives and rewards platform that has fraud prevention built-in. And it's free.
Introducing Fraud Prevention | Tremendous
tremendous.com
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Will AI-powered fraud have an impact in 2024? BAI's contributing writer, Katie Kuehner-Hebert, states in her article on fraud prevention "When it comes to fraud, what’s old is new again—sprinkled with a growing variety of fresh new scams, particularly as AI becomes more mainstream." RSM US Director and Financial Services Industry Senior Analyst, Brandon Koeser, stated check alterations and phishing attempts saw a meaningful increase in 2023, as fraudsters took advantage of generative AI to create more “convincing and compelling” text messages and emails. Anna Kooi, Wipfli National Financial Services Leader, adds “Automation advancements have made it easier for criminals to hack accounts and remain undetected.” Regrettably, perpetrators have little difficulty mimicking voices, meaning deceptive practices such as fabricating false IDs and mimicking individuals through video or audio to deceive biometric systems will persist. As the landscape of fraud evolves and diversifies, maintaining a robust fraud defense strategy is essential.
Fraud trends spilling into early 2024
bai.org
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Day by day, fraudsters are becoming more sophisticated in their attempts to illegitimately call apartments in your portfolio home. Together, they devise new schemes and sell their illegal services on Reddit, Twitter, Instagram, and TikTok. Through Snappt's R&D department, whose dedication is to continued innovation of our fraud detection, we have uncovered and patched a new type of fraud we call "Inception Fraud." Effectively, fraud rings have committed tax and wire fraud to create illegitimate companies inside legitimate payroll companies. This means they are able to create fake documents from real payroll companies AND show what looks like real income on bank statements. If you're interested in this new development in the ever-changing world of fraud and what Snappt does to protect your assets, click on the link below!
Watch out! Fraudsters have discovered a new way to slip past your defenses 😲 A new type of fraud we're calling "Inception Fraud," has surfaced. This sneaky scheme uses a legit pay stub from a company, even though the person isn't really employed there. As a result, the pay stub does not get flagged as fraudulent by traditional screening techniques, because it's a verifiable company and paystub. In reality, they are not employed by the company and do not receive a salary from them. This type of fraud can easily slip through the cracks during the application process if not thoroughly vetted. Property managers need to be vigilant to prevent Inception Fraud from slipping through the cracks during the application process. So what can be done about it, and how can property managers better protect themselves? Read our latest blog to find out ⬇️
The Hidden Threat: Inception Fraud and Its Impact on the Multifamily Industry - Snappt
snappt.com
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Nearly 90% of businesses saw up to 9% of revenue lost due to fraud: A new survey by Veriff has shown that fraud attempts have increased this year, contributing to financial repercussions. Almost 90% of respondents report that their organization saw as much at 9% of revenue lost as a result of fraud. This suggests that companies making $100 million per year could potentially lose $9 million annually from fraud. Key findings from the survey include: - Nearly 87% report a rise in online fraud as of April 2024. Only 1.19% reported no fraud attempts in a month. - More than 86% state that customers expect effective fraud prevention capabilities. - 79% of CEOs are deploying AI and ML in fraud prevention; meanwhile, almost 78% of United States decision-makers report an increase in the use of AI in fraud attempts. According to two-thirds of decision-makers in the U.S., more could be done to protect their organizations from online fraud.
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Great and important information for all MFH. This type of fraud can get past most fraud solutions. Learn how we can protect you from this! #snappt #fraudsolutions
Watch out! Fraudsters have discovered a new way to slip past your defenses 😲 A new type of fraud we're calling "Inception Fraud," has surfaced. This sneaky scheme uses a legit pay stub from a company, even though the person isn't really employed there. As a result, the pay stub does not get flagged as fraudulent by traditional screening techniques, because it's a verifiable company and paystub. In reality, they are not employed by the company and do not receive a salary from them. This type of fraud can easily slip through the cracks during the application process if not thoroughly vetted. Property managers need to be vigilant to prevent Inception Fraud from slipping through the cracks during the application process. So what can be done about it, and how can property managers better protect themselves? Read our latest blog to find out ⬇️
The Hidden Threat: Inception Fraud and Its Impact on the Multifamily Industry - Snappt
snappt.com
