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Old-School Credit Card Scams Persist, Causing Over $1 Billion in Annual Losses in the U.S.

Old-School Credit Card Scams Persist, Causing Over $1 Billion in Annual Losses in the U.S.

Despite advancements in digital security, traditional credit card scams, including mail fraud and skimming, continue to be prevalent and costly in the United States. Criminals are employing tactics such as mailing fake replacement credit cards that direct victims to fraudulent websites via QR codes or URLs to steal personal information. These sham cards often appear legitimate, sometimes even bearing the victim's name, to build trust. Additionally, credit card skimming, particularly targeting magnetic stripe cards, remains a significant issue. The FBI has noted a rise in EBT card skimming since 2021. The U.S. Attorney’s Office for the Northern District of Alabama recently indicted two Romanian nationals for alleged credit card skimming, specifically targeting government SNAP food assistance benefits distributed on antiquated magnetic stripe-only debit cards, known as Electronic Benefit Transfer (EBT) cards. US Attorney Phillip W. Williams Jr. stated that skimmer fraud is rampant, leading to over $1 billion...
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Senate Passes Blackburn-Backed Bill to Combat Dating App Financial Fraud

Senate Passes Blackburn-Backed Bill to Combat Dating App Financial Fraud

The U.S. Senate has unanimously passed the Romance Scam Prevention Act (H.R. 2481), a bipartisan bill supported by Senator Marsha Blackburn, R-Tenn. This legislation mandates that online dating services notify users if an account they interacted with is banned due to suspected financial fraud. The House of Representatives previously passed the measure in June 2025, and it now awaits President Trump's signature to become law. Senator Blackburn co-introduced companion legislation in the Senate with Senator John Hickenlooper, D-Colo., while Representative David Valadao, R-Calif., introduced the House version. If enacted, the law would take effect one year after its signing. The Federal Trade Commission (FTC) would be responsible for enforcing the law, with state attorneys general also authorized to pursue civil actions.
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IRS Unveils New Tax-Filing App Amidst Cybersecurity Concerns, Fox Business Host Stuart Varney Questions Security

IRS Unveils New Tax-Filing App Amidst Cybersecurity Concerns, Fox Business Host Stuart Varney Questions Security

The Internal Revenue Service (IRS) has launched a new tax-filing app, replacing its predecessor, IRS2Go, which debuted in 2011. The new app is designed to function more like a banking application, allowing taxpayers to conduct business directly within the app without being redirected to a browser. It enables users to check refund statuses and make payments from mobile devices. Both the new and old versions of the IRS app utilize ID.me, a digital wallet technology also used by other state and federal money transfer services. While the IRS claims the new app is '100% secure' and tracks anonymized identifiers and usage data, concerns have been raised regarding data privacy and potential vulnerabilities to artificial intelligence-fueled online scams. Fox Business host Stuart Varney questioned IRS Chief Executive Officer Frank Bisignano about these security concerns, particularly regarding AI systems that can exploit app vulnerabilities.
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House Financial Services Committee Advances CFPB Reform, State Lending Rate Parity, and Payment Scam Bills

House Financial Services Committee Advances CFPB Reform, State Lending Rate Parity, and Payment Scam Bills

On September 16, the House Financial Services Committee held a markup session, advancing eight out of nine bills to the full House. Key among these was the American Lending Fairness Act of 2026 (H.R. 7866), which passed 31-18. This bill aims to repeal Section 525 of DIDMCA and amend the FDI Act and the Federal Credit Union Act, ensuring that any state opt-out from DIDMCA federal interest-rate preemption applies only to loans made by that state’s own chartered institutions, not out-of-state entities. The committee also advanced the Consumer Financial Protection Accountability and Reform Act of 2026 (H.R. 10184) by a 28-21 vote. This bill seeks to subject the CFPB to the congressional appropriations process, revise the definition of 'abusive' under the Bureau’s UDAAP authority, and restrict the Bureau from interpreting its UDAAP authority to encompass discriminatory practices. Additionally, the Civil Investigative Demand Reform Act of 2025 (H.R. 1653) passed 29-20, imposing a six-year limitations period on t...
USA TodayUSA Today
That free gas postcard in your mailbox could be a scam

That free gas postcard in your mailbox could be a scam

A free gas postcard may look legitimate, but experts warn it could be a scam designed to steal your money and information.
TrendlineTrendline
Deepfake Technology Exploited in $25.6 Million Fraud Against Arup Hong Kong

Deepfake Technology Exploited in $25.6 Million Fraud Against Arup Hong Kong

Deepfake Technology Exploited in $25.6 Million Fraud Against Arup Hong Kong
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Biometric Technology Faces Scrutiny Amidst Growing Adoption and Privacy Concerns

Biometric Technology Faces Scrutiny Amidst Growing Adoption and Privacy Concerns

Biometric technology, which uses unique physical or behavioral traits like fingerprints, facial features, iris patterns, and voice, is increasingly being adopted across various sectors for identity verification. This technology offers enhanced security and convenience compared to traditional passwords or physical keys. Multi-modal biometrics, combining several types of biometric data, are emerging as a significant advancement. However, this widespread adoption is accompanied by mounting scrutiny regarding its implementation and potential risks. Concerns include the inability to reset compromised biometric data, the potential for spoofing, and significant data privacy issues. The technology is being integrated into diverse applications, from retail payments and digital identity systems to cybersecurity authentication and Know Your Customer (KYC) processes. Despite its benefits, the ethical implications, potential for bias in algorithms, and challenges in securing sensitive biometric data are becoming centra...
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Former Trump Associate Guo Sentenced to 30 Years for $1.3 Billion Fraud Scheme

Former Trump Associate Guo Sentenced to 30 Years for $1.3 Billion Fraud Scheme

Guo, a former business associate of Steve Bannon, has been sentenced to 30 years in prison after being convicted on nine of 12 counts, including racketeering conspiracy, wire fraud, securities fraud, and money laundering. He was charged in 2023 with defrauding investors of over $1.3 billion through various media and crypto scams. Guo, also known as Ho Wan Kwok and Miles Kwok, is currently held at a low-security prison in Danbury, Connecticut, and maintains his innocence, having appealed his conviction and sentence in July. His Fifth Avenue co-op in the Sherry-Netherland, which he purchased for $67.5 million in 2015, is now in contract for $12 million, representing a potential $55.5 million loss. This unit is being sold by a bankruptcy trustee to help pay off approximately $374 million in debts Guo listed when he filed for bankruptcy in 2022.
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Virginia State Bar Warns Public of Phone Scams Impersonating Lawyers; FTC Provides Reporting Channels

Virginia State Bar Warns Public of Phone Scams Impersonating Lawyers; FTC Provides Reporting Channels

The Virginia State Bar has issued a warning to the public about a sophisticated phone scam where criminals are impersonating legitimate lawyers and law firms. These scammers use Caller ID spoofing technology to make their calls appear to originate from actual law offices. They often falsely claim that individuals owe a debt and demand immediate payment, frequently threatening arrest or other legal action. The Virginia State Bar advises both the public and legal professionals to be cautious. For those who believe they have been targeted, the Federal Trade Commission (FTC) offers federal reporting channels, including an online form and a hotline at 1-877-382-4357, in addition to state-level reporting options through the Virginia Office of the Attorney General.
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Senate Passes Romance Scam Prevention Act Requiring Dating Websites to Notify Users of Fraud

Senate Passes Romance Scam Prevention Act Requiring Dating Websites to Notify Users of Fraud

The U.S. Senate has unanimously passed the Romance Scam Prevention Act (H.R. 2481), a bill introduced by Representative David Valadao (R-Calif.). This legislation mandates that dating websites must inform users when an account they have interacted with has been banned due to fraudulent activity. The notification must explicitly state that the banned account may have been using a false identity or attempting to defraud other users. The House of Representatives previously passed this bill in June. The Federal Trade Commission and state attorneys general will be responsible for enforcing the proposed law. This legislative action follows an analysis by the Financial Crimes Enforcement Network (FinCEN) which identified approximately $12.7 billion in suspected digital asset investment scam activity, including romance scams, over a two-year period starting in 2023.
USA TodayUSA Today
He conned Travis Kelce, athletes and others out of millions. Who is Sid Jawahar?

He conned Travis Kelce, athletes and others out of millions. Who is Sid Jawahar?

Before Siddharth Jawahar was sentenced to prison this month and ordered to pay back $31 million to victims, he ran a Ponzi scheme for almost a decade.
TheStreetTheStreet
Dave Ramsey warns Americans on 401(k) plans

Dave Ramsey warns Americans on 401(k) plans

The bestselling personal finance author cautions people saving for retirement on a preferred 401(k) method — and he offers a lucrative alternative.