Fraudology Podcast with Karisse Hendrick

Fraud News Roundup: Scams, Application Fraud, and Credit Manipulation

7 snips
Jun 10, 2025
The podcast dives into alarming statistics revealing that 96% of Americans face scam attempts weekly. It discusses the surge in application fraud, driven by digital document forgery, and urges financial institutions to adopt better detection methods. Social media scams are on the rise, affecting 60% of adults, showcasing increasingly sophisticated tactics including AI. A tech company faces sanctions for enabling cryptocurrency fraud, highlighting the risks for businesses associated with scams. The conversation emphasizes the need for stronger fraud prevention measures across the board.
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INSIGHT

Scam Targeting is Near Universal

  • 96% of Americans are targeted by scam emails, phone calls, texts, or social media every week.
  • Scammers now use AI to craft more convincing and harder-to-spot scams across multiple channels.
INSIGHT

Digital Banking Fraud Soars

  • Application fraud in digital banking has surged 244% globally, fueled by stolen data from breaches.
  • Fraudsters use sophisticated ID theft and forge documents exploiting gaps in credit and KYC processes.
ADVICE

Strengthen Fraud Detection Measures

  • Deploy acquisition fraud detection platforms with machine learning and link analysis.
  • Strengthen KYC processes to identify application fraud and reduce credit losses.
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