This week we are reading about the growing trend of sythetic id theft, Chinese regulators veto of a global shipping pact, and cyber criminals targeting alternative payments in Brazil.
‘Synthetic’ ID Theft Emerging As Fastest-Growing Type Of Consumer Fraud-CBS
A California man faces prosecution for Synthetic ID in what prosecutors believe is the second type of this case in the country. Synthetic ID theft, combining real and fake indentifying information, has now surpassed traditional “true-name” fraud. The Federal Trade Commission estimates that such frauds now account for 85% of all identity fraud, and the trend appears to be growing. Read the full story >>
China Blocks European Shipping Pact, Sending Maersk Down-Business Week
Chinese regulators have blocked the proposed P3 vessel-pooling accord, citing potential threats to competition. Maersk, Mediterranean Shipping Co. and CMA CGM SA agreed last year to an operational pact that was projected to reduce costs on trans-Atlantic, trans-Pacifc and Asia-Europe routes. Read the full story >>
Cybercrime Scheme Uncovered in Brazil-New York Times
Soccer fans are not the only ones eyeing Brazil during the World Cup. Researchers have uncovered a scheme by organized cyber criminals to target $3.75 billion in transactions. Targeting Boletos, an alternative payment method popular in Brazil, the full scope of the theft is not yet know. However, some experts suggest the scheme could be the largest of its kind. Read the full story >>