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- Employee Sells Login For $3K, Banks Lose $150 Million đ¸
Employee Sells Login For $3K, Banks Lose $150 Million đ¸
Frank McKenna
July 08, 2025
Hello All đ
I hope you had a great 4th of July. San Diego was bustling and busier than ever with perfect beach weather. đď¸
Now back to work. Letâs catch up on the latest fraud news!
Fraud News Roundup đď¸
Unsealed Records Reveal - Banker from Bank of America, Renat Abramov, has been linked to the massive 14.6 billion healthcare fraud for opening accounts for 6 medical supply companies. He abruptly left BofA booking a one way ticket to Russia and was arrested at JFK. Read More
Mastercardâs Block and Reissue AI - The company is utilizing Generative AI to predict when a compromised account will be used, allowing the issuer to block and reissue the card. Read More
Bank Teller Scam - A Bank Teller for First Federal Savings forged customersâ names on slips and stole over $76K in cash. Read More
New Bank Rule In Singapore - allows them to take control of a victimâs bank account and refuse withdrawals to stop them from being scammed. Police can also block a victimâs ATM and payments if they refuse to believe they are being scammed. Read More
Texas National Bank - After a massive spike in check fraud, they established a dedicated fraud department and effectively eliminated check fraud through a series of straightforward steps. Read More
Confirmation of Payee - Australian banks have invested $100 million in rolling out Confirmation of Payee, which they launched last week, anticipating that it will significantly reduce scams in the country. Read More
Slashed - And just like that, the CFPBâs budget was cut in half last week. Read More
Up your nose with a rubber hose - A sports legend faked cancer, and took a picture of an iPhone charger up his nose, lying in a hospital bed, to scam money from people. It worked! Read More
Good Looking Models Watch Out - Pig Butchering operators are fooling models into Myanmar and kidnapping them to become the faces of their romance scams. Another one was rescued last week. Read More
The 4-Job Scammer - A man named Soham Parekh from India is going viral for holding as many as four jobs simultaneously and earning up to $200,000 each. He aces interviews but sucks after he gets hired because he canât finish any work on time. Read More
Airlines Are Targeted - The FBI warned that airlines would be attacked, and they were right, as Qantas reports a massive 6 million customer breach last week. Whose next? Read More
Something Strange Happened - Over 80,000 Bitcoin dormant since 2011 suddenly moved across eight wallets. The coins are worth over $1 billion, and experts are speculating whether this might be a massive fraud in the making. Read More
SSA Employee Fraud - Christina Daniels at the SSA was fired after it was discovered that she was rerouting SSI benefits from numerous individuals to her own Green Dot and Cash App accounts. Read More
US Cracks Back At North Korean Infiltrators - The US took action across 16 states to crack back at what they say is a global infiltration of North Korean tech workers stealing data, trade secrets and money. Read More
The Man Who Didnât Exist - There is a deepening mystery surrounding a man named âJulian Crossâ who vanished with a sticky note left on his computer in his empty apartment after he stole $47 million in cryptocurrency. Read More
Dramatic Scene - Witness the moment when Thai police raid a scam center operating out of a residential house. The house is filled with cubicles that have scam scripts taped to the walls. Watch it
$150 Million Bank Heist After Employee Sells His Login Credentials for $3000
A former electrician who became a software engineer at 42 was approached by fraudsters at a bar and sold his login credentials for just $3,000.
Those credentials gave the scammers access to just about every major bank in Brazil, and they drained close to $150 million in just a few hours. The employee worked for C&M software, a fintech that connects smaller banks to Brazils Central Bank Systems.
Internal fraud poses a significant threat to banks.
Actimize - International Wire Fraud Explodes, Zelle Fraud Drops To Meager 3.9 Basis Points
NICE Actimize just released its 2025 Fraud Insights Report with some interesting findings!
International Wire fraud is surging at banks, up a whopping 59% in 2024, with a fraud rate of close to 24 basis points. New Payees account for close to 90% of the fraud risk banks take on those wires, by the way.
Another interesting finding is that Zelle fraud is tiny in comparison, accounting for only 3.9 basis points.
The report is good, highly recommend âď¸!
Bank Employee Used iPhone to Photograph Customer Data, Steal $327,000
A bank employee, Damani Brown's ten-day crime spree shows how insider threats can quickly turn employee access into major financial losses.
Brown worked as a customer service representative at a bank in Rochester when he began his fraud on July 27, 2024. He would look up customer accounts on his work terminal, then use his iPhone 14 Pro to take pictures of the screens showing bank account numbers, social security numbers, and other personal details.
How Pakistani Fraudsters Used Deepfake AI To Pull Off A $700 Million Fraud
AI is transforming the way fraudsters target insurance companies in the claims process.
The latest example emerges out of Pakistan, where a fraud ring stole Americansâ identities, then created deepfake recordings of those people âconsentingâ to be billed for knee braces, COVID-19 test kits, and genetic testing services.
The fraud ring worked with American-based Pakistanis to pull off the scheme and raid the US medical program of over $700 million.
Dude Stole $1.2 Million And Built New Home From His Jail Cell
Jarred Murray, a Florida inmate, smuggled phones into jail, ran a sophisticated identity theft and contractor fraud scheme against Loweâs, and built a home all while imprisoned.
This dude is industrious!
Wells Fargo Fraud Scheme Caught On Ring Cam
Victims are coming forward with a new hyper-realistic version of the fraud department scam.
First, victims receive calls from Wells Fargoâs fraud department reporting fraud on their accounts, and then a rep from Wells Fargo shows up to their house to cut up their old credit.
This guy lost $ 20,000 in less than 30 minutes, and it was all caught on his Ring camera.
Watch itđď¸
Banks Get Round Of Zelle Scam Letters After Chase Blocks Transactions
Think lawmakers have given up trying to hold banks accountable for Zelle fraud? Think again. Another round of letters was sent to all banks last week.
It appears that they might be going after social mediaâs role in scams after Chase started blocking high-risk transactions that start there. They also cite the fact that bank reimbursement rates for fraud victims dropped sharply from 62% in 2019 to just 38% in 2023, and they have questions.
Chase got this letter, while all the other banks got this one.
Want To See How Deep Research Rank Orders Identity Fraud Companies?
Google Gemini's latest 2.5 Pro produces some of the most comprehensive deep research I have ever seen from an AI model. On a whim, I asked it to research that top âIdentity Fraudâ companies in the US.
It produced a surprisingly comprehensive 59-page research report. I didnât agree with everything it came up with. Additionally, although it cites sources, I cannot vouch for everything it claims.
Want to see who it picked as the top company?
DoorDash Refund Fraudster Sparks Uproar Online
A DoorDash refund fraudster has a plateful of controversy on her hands after she shared how she gets free food by merely claiming that she never received her order each time.
âIs it just me? Or is DoorDash just nice?â, she says on her viral TikTok videos.
DoorDash drivers were furious. And they have a right to be. Refund fraud has become a multi-billion-dollar problem after the pandemic, when people learned how to manipulate retailers friendly refund policies
Donât forget to sign up for the Check Fraud Webinar this week, there are some interesting new tech that has become available that donât want to miss! You can sign up here.
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