Intellicheck, OneID tout banks' unique position to cut fraud as digital ID enablers
Banks could play a significantly larger role in protecting consumers, businesses and payment systems from fraud, Intellicheck CEO Bryan Lewis and a new white paper from OneID both suggest. In the United States, a social security number and driver's license are often the only credentials used to validate a transaction, Lewis told PMYNTS in a recent interview. People committing fraud are well aware of the templates for different driver's licenses and ID documents, Lewis explains.
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'It was surprising.' Metro Detroit man caught up in real estate scam; here's how to protect yourself
Real estate scams are on the rise, according to Homeland Security Investigations. They say thanks to the internet, such scams can now be conducted without meeting anyone in person, making it hard to detect a fraudulent sale. HSI investigates such scams are under cybercrime. In the Detroit area alone in 2022, HSI recorded 20 cyber-related scams. In 2023, that number went up to 29.
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Ex-HGTV star and Los Gatos house flipper sentenced in real estate fraud case
A former HGTV star and house flipper from Los Gatos has been sentenced to four years in Santa Clara County Jail. On Tuesday, Charles "Todd" Hill, star of the show "Flip It to Win It," was ordered to pay close to $10 million for real estate and financial fraud. Prosecutor Oanh Tran said Hill's scams including a Ponzi scheme impacted 18 homes in the Silicon Valley.
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Freddie Mac inks new guidelines in anti-fraud push
Freddie Mac announced new guidelines aimed at weeding out fraud as the agency continues to investigate or ban deals with investors, title insurers and brokers. The updated rules will increase inspections at multifamily properties tied to Freddie Mac loans - a move to cut down on inflated rents reflected in the financials sent to lenders, months after price discrepancies pushed Fannie Mae to stop doing business with two title insurers.
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The Housing Shortage Is Hurting Almost Every Part of the Economy
In the first two decades of the 21st century, the U.S. built 5.5 million fewer homes than were needed, the National Association of Realtors estimated in a 2021 report. To further exasperate the issue, high interest mortgages are making homeowners reluctant to sell their homes and lose the low interest rates they got at the height of the pandemic.
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