Cambria emphasized that many didn't see it as fraud but rather an opportunity for quick cash. Both Jordan and Cambria found it amusing how easily people justified it due to the viral nature of the posts. They also pointed out that social media plays a significant role in normalizing questionable activities, such as this glitch and other scams.
They also touched on how sophisticated account takeover (ATO) and synthetic identities contribute to modern fraud, with many fraudsters using fake or stolen identities to exploit the system.
Additionally, they briefly discussed the rise in small business lending fraud, attributing it to stolen legitimate business identities and economic pressures. Jordan shared insights on how people are applying for fake loans using stolen business information. They concluded by stressing the importance of early fraud detection and the need for more robust shared intelligence among businesses to prevent fraud. Visit Frank's website who we reference a lot today: www.frankonfraud.com
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