Hey There Kids 👋 

Brace yourself for another week in frauds and scams. I am always here to fill your inbox with the latest crazy news I see. 🗞️ 

This week is no exception!

• Billionaire's Death Sentence- In a stunning verdict, Vietnam sentences billionaire Truong My Lan to death for orchestrating a staggering $44 billion bank fraud.

• Sisense Breach Bombshell—A Sisense password breach exposed over 2,000 companies’ data, and CISA warned of a potential supply chain cyberattack catastrophe. Hackers reportedly stole several terabytes worth of data.

• BMO BillPay Scam Suit - More than 140 customers are filing a class action against the bank for failing to reimburse them after fraudsters infiltrated their bill pay accounts and drained their bank accounts.

• Ferrari Mechanic Meltdown - Donnie Callaway, the go-to vintage Ferrari mechanic and Jay Leno favorite, has been charged with fraud and theft, sending shockwaves through the luxury car market.

• Facebook AI Malware Scam - 1.2 Million Facebook users fell for an ad scam that pushed fake AI services like MidJourney and ChatGPT, tricking excited users into downloading password-stealing malware.

• Hong Kong Crackdown - In an operation called “Attack Plan,” police arrested over 1,121 people involved with a scam operation, many were recruited to open stooge bank accounts to launder money stolen from victims.

Bombshell Report - Toxic Bro Culture, Drug Use, Rape and Fraud Permeate Company

Fuzzy Panda has released an explosive report accusing Global Life of running a massive fraud.

Former employees and whistleblowers have come forward, painting a picture of a toxic company culture that encouraged a get-rich mentality that encouraged fraud. Salespeople called themselves the new “Wolves of Wallstreet” and flaunted their riches and engaged in rampant drug use, rape and even resorted to using date rape drugs on female colleagues.

According to the report, fraud has reached the top, beginning when CEO Steve Greer took charge in 2017. Aggressive sales tactics began, and salespeople began writing policies under dead people’s identities and even created synthetic identities to write policies.

But that isn’t all; sales agents also engaged in a wide array of deceptive tactics, including forging customer signatures, creating fake bank accounts to fund bogus policies, and even cheating on medical tests to underwrite smokers at non-smoker rates. Shockingly, these fraudulent activities were reportedly widespread among AIL's top-selling agencies, accounting for over $200 million in annual premiums.

As the Department of Justice launches an investigation and Warren Buffett dumps his stock, the company is facing some serious headwinds.

Click to Read

Fraud Fighter Tigran Gambaryan Charged With Fraud By Nigerian Government

Unbelievably, one of the most staunch fighters of crypto fraud in the US has been charged with tax evasion and fraud by the Nigerian Government. A court ordered Tigran Gambaryan, head of financial compliance at Binance, to be jailed as the fall guy for a dispute with the company.

The arrest of Gambaryan, a former FBI agent who willingly came to Nigeria as a representative of the company, is sending shockwaves through the fraud-fighting community.

“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in an emailed statement, calling for his release. “These charges against him are meritless. It’s outrageous that he would be remanded in a prison such as Kuje Correctional Facility.”

Click to Read

Google Sues Pig Butchering App Creators

Google is taking on Pig Butchering operatives.

In a stunning legal action, tech giant Google has filed a lawsuit against two Chinese nationals, accusing them of orchestrating a massive international online fraud scheme that duped over 100,000 victims.

The alleged masterminds behind the scam, Yunfeng Sun and Hongnam Cheung, created a network of fraudulent mobile apps allegedly used in Pig Butchering schemes.

As the case unfolds, it promises to shed light on the underbelly of how fraudulent apps designed to look like crypto investment platforms are used to scam customers.

Read the indictment

T-Mobile Employees Across US Getting Text-Recruited To Swap Sims

The Mobile Report published an alert that sim-swapping fraudsters may have obtained T-Mobiles employee directory (either through a breach or some other method) and are texting employees to recruit them as “Inny’s”. They are offering $300 for each illegal sim swap they do.

T-Mobile has always had an insider fraud problem, but this takes it to a whole new level!

Click to Read

Russians Teaming Up With Young US-based Hackers For Ransom attacks

Thousands of young English-speaking hackers collaborate with Russian criminals to hack big companies - supercharging ransomware attacks.

Allison Nixon, the chief research officer at Unit 221b, says Scattered Spider is just one of many illicit hacking groups—all part of a sprawling collection of online criminals calling themselves "the Community "or "the Com."

Ransomware attacks are only going to worsen as this group increases in size.

Watch This Demo That Shows Fraudsters Sneaky Way To Steal Your Passcode

Ever wonder how fraudsters use that sneaky technique to have you mistakingly forward your calls to them?

Check this out! 👇️ 

$900,000 In Covid Fraud and Cement Instead Of Ashes

Dead men tell no fraud tales. A Colorado couple running a funeral home has been indicted for taking $900,000 in pandemic loans and spending lavishly on personal expenses, such as cosmetic surgery, jewelry, and vacations.

Meanwhile, the funeral home they ran languished. For example, they gave families concrete instead of cremated ashes, buried the wrong bodies, and left 190 corpses to decay in their facility.

Click to Read

Catastrophe Averted LastPass CEO AI Deepfake Was Not Successful

LastPass narrowly escaped a CEO AI Deepfake that targeted one of their employees.

The employee received the audio clone of CEO Karim Toubba on a What’s App message. Because the message was sent on WhatsApp he was suspicious, he blocked it and sent it to the security department who determined it was a realistic deepfake of their CEO.

Fakeai.io Brings Deepfake To The Masses With A Couple of Clicks

I have been following this website for a while. They even have their own Telegram Group with thousands of followers. The website allows users to create deepfakes of their favorite celebreties in a few clicks using their Telegram Bot and Web App.

Realistic deepfakes are being used to run big phishing campaigns on social media as well as spreading disinformation. You can create deepfakes with Joe Rogan, Donald Trump, Elon Musk and others.

“AI” Messages Are Spiking On Telegram Fraud Channels

Have fraudsters locked on AI to perpetrate their schemes? It appears that maybe they have if Telegram chatter is any clue.

Fraud pattern hunters at Point Predictive analyzed 5 million fraud communications across 15 of the most popular fraud channels and saw a significant spike over the last 30 days.

Many of those messages are related to KYC and bypass attempts!

The Biggest Auto Fraud Ever - $6 Billion In Fake Van Loans Against GM

Did you ever hear about the biggest dealer fraud ever? It was perpetrated by John Mcnamara in the early 1990s, and he pulled off a sophisticated $6 billion scam.

Over the course of eight years, McNamara obtained billions of dollars in loans from GM for fake vans that he created out of thin air. Mcnamara claimed that GM knew all about his scheme and they ignored it. He eventually only did five years for the biggest auto fraud in history.

Click to Read

Thanks for checking out FrankonFraud again this week. Remember if you have any tips, trends of devious tricks you are seeing online, give me a shout out 📣 so I can spread the word.

Stay vigilant and fight fraud

FrankonFraud