Frank McKenna

2 weeks ago | frankonfraud.com | Frank McKenna

It was sixth grade. I was nominated to the schools Spelling Bee even though I was arguably one of the worst spellers in my class. And surprisingly, I was the only boy against nine girls. I guess it was no surprise that the boys in class rooted me on, collectively sighing every time I got a word right and then clapping and cheering to keep motivating me on. One by one, everyone dropped off and I was the last person standing. Somehow, against all the odds I won the spelling bee that day. I was shocked.

2 weeks ago | frankonfraud.com | Frank McKenna

A multinational corporation’s finance director in Singapore just escaped losing US$670,000 after he fell victim to scammer that used a deepfake Zoom call from the CFO to convince him to send a massive wire transfer. The fraud was reported in an article in the Strait Times. The elaborate fraud would have went through had the scammers not gotten too greedy and tried to get an additional $1.4 million from him which tripped off red flags.

2 weeks ago | frankonfraud.com | Frank McKenna

Social Media lit up this week as ChatGPT launched a new image creation tool that flawlessly created fake receipts and manipulated photos to inflict fake damage on cars. But did you know, these AI tools have been used by scammers for at least the last 18 months. Allianz UK reported a 300% increase in AI-related insurance fraud last year, driven by criminals using off the shelf tools like Adobe Photoshop.

3 weeks ago | frankonfraud.com | Frank McKenna

A bold (and some even say arrogant) announcement from newly launched AI company, Fraudinator.com, claims their solution will eliminate fraud analysts forever, and they go on to say that most existing fraud solutions will obsolete within the next 18 months thanks to them. It’s their AI that will eliminate both. Their patented Quantum AI solution uses a novel approach called “Thrice Enabled Fraud Detection” where each potential fraud transaction triggers three redundant alerts.

3 weeks ago | frankonfraud.com | Frank McKenna

Johns phone beeped and vibrated and an urgent message popped up on his screen. “We’ve found unusual activity on your account, Contact the bank immediately at 1-888-724-3524”The message looked like one of those urgent disaster alerts that appear during emergencies, however it was nothing more than an impersonation scam using Flash SMS – a trend that banks are reporting is happening with increasing frequency.