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The Lavish Lifestyles Of Living Rich on Fraud

Author

Frank McKenna
February 27, 2023

Hello from FrankonFraud,

This week is the week of Lavish Fraud Living, and the story about this LA Attorney takes the casino cake.

And another internal fraud case emerged, and I fear that this is a growing trend.

More employees of banks and telcos are being targeted to assist fraudsters in account takeover schemes.

Whether that is selling data, or helping sim swappers, this is a trend that we need to be aware of because it’s only growing, and it seems like Telegram has created a booming secondary market for Insider services.

Wells Fraud Claims Specialist Accused Of Internal Fraud

It’s hard to imagine someone in the fraud department would commit fraud, but that is exactly what a Fraud Claims Specialist at Wells Fargo is accused of.

In between helping customers process fraud claims, she is accused of stealing customer information and giving to an outside fraudster that would take over those customers’ accounts.

Wells Fraud Claims Specialist Accused Of Internal Fraud

Every week a new internal fraud case is reported. It certainly seems like a growing trend. This week, however, we have a twist - one of our very own is being accused of participating in an account takeover scheme to defraud bank customers. This week, Chimere Shanta Mitchell, a Fraud and Claim

Lawyer Lived Lavish In Las Vegas On $10M In Liar Loans

Have you noticed that the word “Lavish” is always used when describing someone’s behavior right before being charged with fraud?

I have. It makes for a great catchy headline, because who doesn’t love the lavish lifestyle, right?

This week a lawyer from Los Angeles is accused of living very lavishly in Vegas on stolen money.

Sara King made 97 different loans between January 2022 and October 2022, from a lending service that she started. However, the money, which was supposed to go to borrowers, never happened because all the loans were completely fabricated with ghost borrowers an fake collateral.

Instead, she checked into the Wynn Casino in Vegas and wasted over $10 million in funds partying and gambling.

Lawyer Lived Lavish In Las Vegas On $10M In Liar Loans

A Los Angeles lawyer, Sara King, is being sued for allegedly blowing through $10.2 million in company funds which were tied to fake loans she fabricated.

AI Voice Was Used By Man To Break Into His Own Bank Account

Voice verification is supposed to be a convenient and secure way to log into your bank account over the phone. While that may be true for a lot of people, those with a lot of recordings of their voice online now have something else to worry about: hackers using AI-generated voices to break into their accounts.

If you want to read the story of the reporter that cloned his own voice and broke into his bank account with it.

Here’s How We Broke Into a Bank Account Using an AI-Voice

In this week’s CYBER, Joseph Cox discusses how he created a clone of his voice and used it to bypass his bank’s security checks.

I Cloned My Own Voice On Resemble.Ai, It’s Robotic But Could Fool Someone

A few weeks ago, I cloned my own voice on Resemble.AI, and in about 10 minutes, I was able to send this voice message to my good friend and fraud compadre Mary Ann Miller asking her to send a gift card to my other fraud fighter friend - Karisse Hendrick.

You can tell its a bit robotic, but it is pretty close, and this AI will only improve. Have a listen; what do you think?

8 Risk Factors That Can Help Predict Who Is More Likely To Be A Victim of Identity Theft

What is your risk profile? We all have one and we all have the potential to be victims of identity theft.

But statistically, some of us are probably more likely to be, and some of those may be out of our control

8 Risk Factors That Can Predict Identity Theft

I enjoy working on different types of fraud models with data scientists. Analyzing data and patterns and then building models that can detect things like fraud.

Download a Copy Of My Zombie Debt Reassignment Presentation

Have you heard of Zombie Debt Reassignment? Many people are interested in learning more about this new scheme which involves purchasing charged-off debt and assigning it to synthetic identities, so I created this presentation.

By the way, Zombie Debt Reassignment is 100% legal, which is a little scary.

They Stopped A $35,000 Fraud Attempt Against Their Company And Got A Rockem Sockem Robot

This funny and sad Reddit Post caught my eye this week.

Reddit commenters speculated that someone got the gift as a secret Santa Gift last year, and they could not wait to get rid of it.

What do you think? Should the company have been a little more generous to this fraud fighter for helping them save all that cash?

Do Y’all know Bradley Haacke, “Mr. Onion” Of The Fraud Fighting World?

He’s a banker by day, a satirical fraud blogger by night.

His name is Brad Haacke (pronounced Hockey). He tells me he got into the business after following his father, Stanley “Bud” Haacke’s footsteps. His dad is a private investigator that focuses on Insurance fraud.

This mild-mannered guy wears many hats and apparently never sleeps. He is busy fighting fraud day and night.

How To Spice Up Your Fraud-Fighting Meetings

Spice up your fraud-fighting meetings to escape the mundane and avoid Fraud Fighting Meeting Fatigue (FFMF).

Thanks for reading the blog and my weekly newsletter.

Got any interesting fraud stories or interesting people in fraud I should be aware of? Let me know; I always love to learn more about what is going on out there.

Have a wonderful, positive fraud-fighting week!