Episode 340

Fraud News Roundup: Crypto Theft, Cash App, and IBO Scams

Published on: 23rd January, 2025

Fraudology is presented by Persona.

In this information-packed episode of the Fraudology Podcast, Karisse Hendrick tackles three major fraud stories making waves in the financial world. She starts by dissecting a $2.2 million cryptocurrency scam in New York that used fake job offers to dupe victims. Karisse explains how the scammers operated and how authorities were able to trace and freeze the stolen funds. Next, she examines the massive $255 million penalty levied against Cash App for inadequate fraud protections. Drawing on her extensive payments industry experience, Karisse offers valuable insights on the regulatory implications for peer-to-peer payment apps.

The episode concludes with an in-depth look at a $128 million merchant processing fraud scheme run by Daniel Liberty. Karisse breaks down how these "IBO scams" exploit victims and evade detection, offering nine red flags to watch out for. Throughout the episode, she provides expert commentary to help listeners understand the significance of these cases and emerging fraud trends.

Don't miss out - tune in now to stay informed about the latest developments in financial fraud!

Related Articles:

https://nypost.com/2025/01/09/us-news/text-scammers-blasting-out-bogus-job-offers-stole-2-2m-in-crypto-ny-ag-says-never-ending-nightmare/

https://frankonfraud.com/wp-content/uploads/2025/01/IBO-MERCHANT-FRAUD-SCHEME.pdf

https://www.nytimes.com/2025/01/16/business/cash-app-fraud-settlement.html?unlocked_article_code=1.qU4.rxhB.IYzsf-PZju-E&smid=url-share&utm_source=frankonfraud.beehiiv.com&utm_medium=newsletter&utm_campaign=the-invisible-threat-ibo-merchants-bypass-every-bank-control&_bhlid=3f01ee36614c67a351fee49665eae2e20ae7ebef

Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line.

Connect with her on LinkedIn

She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.

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About the Podcast

Fraudology Podcast with Karisse Hendrick
Join Fraud Fighter Karisse Hendrick twice a week for deep dive interviews and weekly fraud news.
If you work in online fraud prevention, chances are you've caught the "bug". The bug that makes you passionate about identifying & preventing cybercriminals from getting away with stealing from your company, or your client's companies. Most people who have made cyber-fraud their career have the perfect balance of analytical and social skills, a strong sense of justice and the curiosity that will drive you to go down every path of information until you "crack the case".

Just like sociology is the study of social behavior, and psychology is the study of human behavior, Fraudology is the science and study of fraud.

On the Fraudology podcast, long-time online fraud expert, Karisse Hendrick will dive into all areas of Fraudology from the perspective of a fraud-fighter. With guests ranging from former cybercriminals to fraud-fighters at Fortune 500 companies to law enforcement and others, you will no doubt be entertained, while learning a lot about fraud & other forms of abuse prevention!

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Karisse Hendrick