Federal Program May Be Operating in Violation of the Law

Sources: Nation's disabled work program mired in corruption, fraud


The nation's premier federal program that provides work for people who are severely disabled is mired in widespread corruption, financial fraud and violations of the law, numerous sources tell CNN. And instead of helping the severely disabled find work, the taxpayer-funded agency is at times allowing jobs to be taken away from the disabled, the sources say.

Read full article.

A Silent Takeover

Major flaw in Android phones would let hackers in with just a text


Android is the most popular mobile operating system on Earth: About 80 percent of smartphones run on it. And, according to mobile security experts at the firm Zimperium, there's a gaping hole in the software — one that would let hackers break into someone's phone and take over, just by knowing the phone's number.

Read full article. 

Maintaining Balance Between Innovation and Security

How mobile payments shift the security and fraud paradigm


When payments executives talk the current state of the payments ecosystem, there’s always one topic that can’t be avoided: security and fraud.

Mobile payment fraud. Mobile deposit fraud. Online fraud. Card fraud. Check fraud. No matter what form of payments we’re talking, there’s always going to be that big awkward elephant in the room that no one really wants to talk about but every executive and business owner fears.

Read full article. 

The Irony and The Disappointment

Lifelock once again failed at its one job: protecting data


Customers who hired the infamous ID theft-protection firm Lifelock to monitor their identities after their data was stolen in a breach were in for a surprise. It turns out Lifelock failed to properly secure their data.

Read full article.


An Old School 'Pump and Dump' Scheme That Led to the JPMorgan Hack

FBI, Israel securities fraud arrests tied to JPMorgan hack


Law enforcement authorities arrested four people in Israel and Florida and revealed a complex securities fraud scheme tied to the computer hacks of JPMorgan Chase & Co. and other financial institutions.
Officials said a fifth person remains at large.

Read full article. 

A Rogue Employee and a Trip to Bizarro World

A tiny bank’s surreal trip through a fraud prosecution

The New York Times

In the heart of New York’s Chinatown, a mortgage closing at the Abacus Federal Savings Bank was just about complete. All had gone smoothly: identifications verified, documents signed, checks exchanged. Only one set of papers still required signatures.

Eight mortgage loans had been scheduled for closing that day in mid-December 2009, and Vera Sung — a director at Abacus Bank and a daughter of Thomas Sung, its immigrant founder — was on hand. She was happy to be there. After all, while many larger institutions had pulled back from residential lending after the financial crisis, Abacus was keeping its loan spigot open. But as the paperwork was being completed, Ms. Sung noticed something odd. 

Read full article. 

Additional Measures May Help to Deter Tax Fraud

Feds issue targeted order to check cashing businesses in effort to stop tax fraud


Tax fraud linked to identity theft is costing taxpayers plenty. Even as the Internal Revenue Service (IRS) scrambles to try and contain it, the headlines were filled with stories earlier this year about taxpayer information which was stolen and used to file bogus tax returns claiming millions in fake income tax refunds. 

Now, the feds are saying enough. 

Read full article.