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Tag - Fraud
Police in Oregon have intercepted deliveries in an organized crime ring involving iPhones, one valued at an estimated $750,000. An investigation into fraudulent gift cards started earlier this month led to the seizure of the iPhone collection, which if left interrupted, would have ended up being shipped to Hong Kong and distributed to buyers and sellers on the black market.
Over 5,000 fraudulent apps currently available for iOS and Android are displaying ads users cannot see, but which are causing problems, using up cellular data, and costing advertisers around $850 million per year, says online fraud research company Forensiq in a new report. The ads are not visible on screen, yet the volume of them contributes to an overal slowing down of iPhone or Android devices while stealing data from often-limited cellular data plans.
In the wake of erroneous reports in the mainstream media that Apple Pay was in some fashion vulnerable, compared to our more accurate analysis of the issue, they at least got one point right -- many banks had light security on Apple Pay card account establishment. Over the course of the week, and in light of the negative publicity, this appears to be changing. Reports are coming in that some of the more vulnerable banks are tightening up Apple Pay account establishment, with multiple identification steps required, where there may have previously only been one, poorly-secured, method of adding credit cards.
The security built into Apple Pay is so resistant to tampering, reports the UK newpaper The Guardian, that criminals are focusing more than ever on traditional bank weaknesses surrounding common fraud and identity theft techniques, exploiting the lax identity requirements some banks employ for users who are adding credit cards to Passbook, which stores the data so that Apple Pay can later utilize it. So far, the fraud has racked up millions of dollars from stolen credit cards added to Apple Pay.
Intuit, the company behind TurboTax, announced today that it has temporarily stopped the processing of state tax returns, in light of an increasing concerns over fraudulent filings. As of February 5, TurboTax has paused state filings, and Intuit hopes to resume transmitting state filings today. The company is working with state governments to clear up the mystery of the fraudulently-filed returns and allow filing to resume.
After years of corporate fraud carried out by high-level executives in its parent company Moneual, there was concern that computer cooler manufacturer Zalman Tech could go under. However, it appears that the company will undergo several changes in order to live on, as indicated by statement released from the company today.
For PC enthusiasts, Zalman Tech Co. is a household name for cooling components, but it now looks like the name could fade into obscurity. The South Korean company filed for bankruptcy protection in the Seoul Central District Court on November 3, after it was discovered that top-level executives in its parent company Moneual engaged in corporate fraud.
Former bosses at Olympus have avoided going to prison over the $1.7 billion accounting fraud scandal. Tsuyoshi Kikukawa, a previous chairman at the camera company, and auditing officer Hideo Yamada received three year sentences that are suspended for five years, while executive vice president Hisashi Mori was handed sentence for two and a half years, suspended for three.
A 29-year-old New York man and his girlfriend will serve up to 12 years in prison for creating and running a credit-card fraud ring that resulting in the illicit purchase of more than a million dollars in Apple merchandise, victimizing Apple retail stores from coast to coast. The "S3" group, which eventually grew to include 27 people, created fake credit cards based on stolen card numbers, then bought Apple gear and resold them.
Olympus ex-CEO Olympus Michael Woodford has agreed to a settlement with his former employer. An employment tribunal due to run in London this week would have seen Woodford asking for 10 years pay as compensation for being fired from the camera maker, after he emerged as a whistle blower on $1.7 billion in fraudulent accounting practices over a 20-year period. According to Reuters, the undisclosed settlement is expected to be less than the $60 million originally believed to be requested.