Fraud news and archive

CaaStle founder charged over alleged 300 million dollar fraud scheme

Christine Hunsicker, the founder of bankrupt rental platform CaaStle, has been criminally charged over a 300 million dollar fraud case. Hunsicker has been accused of “defrauding investors of hundreds of millions of dollars through document forgery, fabricated audits, and material misrepresentations about her company’s financial condition”, US...

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Retail|Exclusive

Returns fraud is costing UK retailers 1.3 billion pounds a year: Here’s how to fight back in 2025

Returns fraud isn’t new. But for UK retailers in 2025, it has reached a level of urgency that can no longer be ignored. In a recent Loop survey, nearly two-thirds (64 percent) of UK-based brands said rising returns fraud was the trend having the biggest financial impact on their business. From wardrobing (wearing and returning) to serial...

Retail

Retail fraud on the rise amid broader surge in financial crime

Fraud incidents surged to an estimated 3.9 million cases in England and Wales in the year ending September 2024, marking a 19 percent increase compared with the previous year, according to the Crime Survey for England and Wales (CSEW). This sharp rise brings incident levels back in line with those observed in March 2020, before the pandemic...

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Business

Fashion Police: Types of fraud the US False Claims Act can target in the fashion industry

What does whistleblower law have to do with fashion? Despite the glitz and glamor, the fashion industry ultimately deals in merchandise and must face unsexy topics like supply chain issues, warehousing, shipping, and customs. This article will give a brief overview of the history of US government enforcement against fashion brands for evading...

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Retail

Online retailers see sharp rise in retail fraud

The fashion and retail industry has seen a surge in account takeover fraud, as cases filed to the UK's National Fraud Database (NFD) jumped by 142 percent in the first half of 2024, according to data from Cifas, the UK's leading fraud prevention service. The increase poses a significant challenge for online retailers, particularly in the fashion...

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Retail

Retail fraud surges in UK, costing businesses millions

A rise in retail fraud has hit UK businesses hard in the first half of 2024, according to a recent report by payments specialist Dojo. The company's analysis of data from the National Fraud Intelligence Bureau (NFIB) reveals a staggering 545 percent increase in reported cases compared to the same period in 2023. The financial impact has been...

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Fashion

60,000 pairs of sneakers to be sold from 85 million dollar re-sale scheme

Online sneaker store Zadeh Kicks was once the go-to platform for sneaker resale, specialised in limited edition and hard-to-get styles. But for years owner Michael Malekzadeh was running an apparent Ponzi scheme, and last year recorded over 84,500 pre-orders valued at 100,000,000 dollars. Many customers are yet to receive their orders or be...

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Retail

Online payment fraud to cost retailers 25bn dollars by 2024

A new study from Juniper Research finds e-commerce merchant losses to online payment fraud will exceed 25 billion dollars in 2024, up from 17bn dollars in 2020. The report, called Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2020-2024, shows the popularity of online shopping and why payments pose a compelling...

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Retail

Fraud attacks on fashion e-commerce increased 47 percent in 2018

As online retail grows, so does online fraud. Criminals are getting more and more sophisticated, requiring e-commerce companies to stay up to date about their techniques. “Fraudsters have access to more private information than ever before, and as online criminal networks expand, the access to phishing kits or ‘crime-as-a-service’ opportunities...