WASHINGTON — Vice President JD Vance gathered Trump administration bigwigs Friday for his first anti-fraud task force meeting — saying the team would reverse a more relaxed approach to verification of social services benefits.
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“A lot of the anti-fraud protections that existed in our government for a very long time were actually turned off by the Biden administration,” said Vance, who chairs the task force, in brief introductory remarks before the meeting was closed to the press for further discussion.
“We think fraud has been a problem for a long time. It became a massive, massive problem under the Biden administration. First of all, we’re going…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.