Frank on Fraud

Hello, I'm Frank McKenna, the Co-Founder and Chief Fraud Strategist at PointPredictive, an AI firm dedicated to tackling application fraud in the lending sector. This blog is my personal space, where I share my thoughts and insights; the views expressed here are solely my own and do not represent PointPredictive. I am passionate about supporting fraud managers and data scientists in their efforts to combat fraud globally, just as they do every day. Throughout my career, I've collaborated with over 200 banks, lenders, and financial institutions, assisting them in addressing fraud challenges that affect their clients.

National, Trade/B2B

English

Blog

Outlet metrics

Domain Authority

Ranking

Global

#1515335

United States

#658405

Finance/Finance

#5988

Traffic sources

Monthly visitors

Articles

Frauds New Frontier: Retailers Battle With Tariff Dodging

6 days ago | frankonfraud.com | Frank McKenna

Americans are being recruited by Chinese merchants to serve as front operations for overseas businesses trying to avoid steep import tariffs. That, and a host of other tariff-dodging schemes are rapidly emerging in the merchant world, according to fraud expert Karisse Hendrick. She uncovered the trend after conversations with dozens of retail executives grappling with the aftermath of the recent 125% tariffs on Chinese goods.
The Aftermath: The Chase Glitchers Six Months Later

1 week ago | frankonfraud.com | Frank McKenna

Ah the Glitches. Remember them? It seems like it was yesterday but it’s been over six months since the Chase “glitch” swept through social media like wildfire, drawing hundreds of people to ATMs across New York City. To many peoples surprise, it wasn’t a glitch, it was just good old fashioned check kiting and Chase wasn’t going to sit idly by.
Fannie Mae Fires 200 Employees For Alleged Fraud

1 week ago | frankonfraud.com | Frank McKenna

More than 200 Fannie Mae employees have been fired after an internal investigation detected a widespread charity fraud scheme involving their matching donation program. The fired employees allegedly exploited the agencies matching gift program by accepting kickbacks for their donations. According to reports, the employees made donations to a non profit TANA, which Fannie Mae would match, and then TANA would return their donation.
Man Generates AI Lawyer To Defend Him In Court

1 week ago | frankonfraud.com | Frank McKenna

Who said old people can’t get creative with AI? A 74 year old man was scolded by a judge for secretly creating an AI Generated Lawyer to fight for him in court. In what certainly will go down in the Internet Hall of Fame this video is both shocking and hilarious all at the same time. Perhaps most shocking is that the judges were entirely unaware the lawyer was AI generated.
New SSN Death Master File Will Complicate Fraud Checks

1 week ago | frankonfraud.com | Frank McKenna

Greg Pearre never expected to be escorted out of his office by security guards. But that’s exactly what happened after the senior Social Security Administration exec objected to the plan to place thousands of living immigrants social security numbers on the Death Master File (DMF). The file which contains 94 million records of deceased people has been a core database to detect and prevent synthetic identity fraud at banks and finance companies.
Fraud Fight Club: Together We Will Never Be Defeated

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.
HSBC Business Customer Got Deepfaked, Sent Wire

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.
Forget ChatGPT. Adobe's AI Tool Is Scammers Favorite

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.
AI Company Promises To Eliminate Fraud Analyst Forever

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.
Alarming Flash SMS Scheme Targets Banks Customers

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.