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Efficient Services Escrow Group Lays off Entire Staff after $1.5m Fraud

Efficient Company LogoIt has surfaced that Efficient Services Escrow Group, based in Irvine California had $1.5 million drained from its bank accounts with First Foundation Bank. The fraud went unnoticed and has lead to the firm having to layoff its entire staff. Three wire transfers were initiated to between December 2012 and January 2013 to accounts in Russia and China, however these remained unnoticed until late February. This is an extreme example the devastating effects of Account Takeover Fraud. It is unclear

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Dmitriy Smilianets Pleads Not Guilty in 160 Million Stolen Credit Cards Case

credit cards in walletNew Jersey – On Monday 12 August, Dmitriy Smilianets entered a plea of “not-guilty” in the case of “the largest data breach schemes ever uncovered in the United States” Smilianets has been held in custody in the Netherlands for over a year before he was extradited. His attorney told Reuters that he would challenge the charges and was looking into “possible irregularities” in the circumstances of his arrest. This points towards the possibility that the 29-year-old will seek to challenge

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What is Card Not Present Fraud, a form of Credit Card Fraud?

online payment optionsCard Not Present fraud is any transaction; online, by telephone and mail order, where the card and cardholder are not present and easily verified. This is a well known but hard to detect fraud. Online buying is part of everyday life - credit card companies can no longer simply look at spending habits alone. Face to face transactions are quickly giving way to the seemingly anonymous online, the online retailer is likely based out of the state, province or country,

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LulzSec’s Raynaldo Rivera Sentenced for Sony Data Breach

Sony Pictures LogoOn 08 August 2013 the attorney spokesman for the city of Los Angeles, Thom Mrozek confirmed that Raynaldo Rivera, a LulzSec Member, has been sentenced to 366 days in prison, 13 months of house arrest and 1,000 hours of community service in addition to $605,663 in restitution for his role in leaking the details in over 1,000,000 records of personal information from Sony Pictures. Prosecutors say "Rivera was a member of LulzSec, a hacking group committed to causing anarchy in

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