Happy New Year 2025

Tag: fraud

LARRY KUDLOW: Elon Musk and DOGE are finding fraud — everywhere

If you think there’s no waste, fraud, abuse, or corruption in the federal government — as many Democrats that want to stop Elon Musk and the Department of Government Efficiency keep telling us — think again.

After just a few weeks, the evidence is mounting and the numbers are growing larger.

Let me start with Mr. Musk’s Social Security database discovery, posted to his profile on X, that 20.7 million beneficiaries are allegedly over the age of 100 — including 3.9 million in the 130-to-139 age range. More than 3.5 million in the 140-to-149 range. And over 1.3 million in the 150-to-159 range.

Seriously, does anybody believe these people are still alive?

The former Director of the Social Security Administration tried desperately to keep DOGE out of Social Security. No wonder, if much of it is a scam.

Just how much?

Well, Robert Sterling — a Marine Corps veteran, former M&A specialist at Koch Industries, and current managing partner at EV Partners — calculates that roughly $522 billion, which is one third of all spending on Social Security each year, could potentially be fraudulent.

He arrives at his estimate by calculating that the U.S. Census says there are 101,000 living centenarians. The average monthly benefit is around $2,100, times twelve months, equals $522 billion — or one third of all Social Security spending. That’s incredible.

Now, the DOGE people will review all these numbers, but something is surely fraudulently remiss in the Social Security Administration.

Former House Speaker Newt Gingrich calls out corruption in government on ‘Kudlow.’

And there’s going to be a lot more.

A couple of billion dollars at the Department of Housing and Urban Development was “misplaced” and recovered by DOGE.

The Environmental Protection Agency’s administrator, Lee Zeldin, discovered a $20 billion slush fund at the agency that should not be spent.

The Wall Street Journal’s editorial page cited a Government Accountability Office report last spring that estimated the federal government could be losing between $233 billion and $521 billion annually to fraud.

The GAO earlier estimated between $100 and $135 billion of fraudulent pandemic unemployment benefits.

Even the IRS paused processing pandemic employee retention tax credits because they soared to more than $230 billion and counting from $55 billion initially.

Believe it or not, the Department of Health and Human Services last year estimated $85 billion in improper payments in Medicare and Medicaid — though, of course, they haven’t done anything about it.

Then-President-elect Donald Trump walks with Elon Musk before attending a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, Nov. 19, 2024 . (Brandon Bell/Pool via REUTERS TPX IMAGES OF THE DAY / Reuters)

And the DOGE team is just getting started. But you know that the growing pile of fraud and corruption is going to keep on growing.

There has not been a serious financial audit in a long time. Way back when, President Clinton and Vice President Gore tried it. Even President Obama talked about it.

But the key point is that, with Mr. Musk’s jet fuel driving the process, President Trump’s audit is going to be implemented.

And legal scholars are pointing out that the Musk team is made up of political appointees who, of course, are now federal employees — and must be permitted to do their job.

You can bet they will do just that. And that’s exactly what people voted for.

February 18, 2025
China carrying out customs fraud, trade expert says: ‘No doubt’

Daniel Pickard explains common misconceptions about how President Donald Trump is using tariffs and why we could see a crackdown on trade fraud.

China may be out of ways to evade U.S. trade laws as President Donald Trump’s tariffs and border crackdowns come into effect. International trade expert Daniel Pickard believes Trump’s return to the Oval Office could bring an end to shady Chinese trade practices.

“What we have seen repeatedly with a lot of the Chinese products is that they choose not to pass along that duty, but they actually absorb that cost and keep their price the same in the United States in attempts to continue to buy market share,” Pickard told Fox Business. “I think what we’re going to see is that the Chinese are going to continue to attempt to absorb those duties and export their way out of economic doldrums.”

Pickard says that while there is a lack of consensus about the rate at which China’s economy is slowing, there is an agreement among experts like himself that it is “considerably cooling,” and the CCP sees exports as a way out.

U.S. President Donald Trump attends a bilateral meeting with China’s President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. (REUTERS/Kevin Lamarque/File Photo / Reuters)

USPS SUSPENDS INBOUND PACKAGES FROM CHINA, HONG KONG POSTS

However, the CCP’s gravy train could come to a grinding halt thanks to Trump’s policies and calls for “increased enforcement,” Pickard says.

On Feb. 1, President Trump signed an executive order implementing an additional 10% tariff on Chinese imports, something he spoke about throughout his 2024 campaign.

“Chinese officials have failed to take the actions necessary to stem the flow of precursor chemicals to known criminal cartels and shut down money laundering by transnational criminal organizations,” the White House wrote, citing the flow of fentanyl and other “contraband drugs” into the US as a reason for the heightened tariffs.

The White House went on to slam previous administrations that “failed to fully leverage America’s economic position as a tool to secure our borders.” President Trump sees tariffs as not only a way of boosting U.S. manufacturers and the economy, but also to curb the flow of illegal drugs and to protect U.S. intellectual property.

“In response to China’s intellectual property theft, forced technology transfer, and other unreasonable behavior, President Trump acted with conviction to impose tariffs on imports from China, using that leverage to reach a historic bilateral economic agreement,” the White House added.

President Trump discusses how he handled China while in office during his interview on ‘Mornings with Maria.’ (Wang Gang/VCG via Getty Images/ Fox Business / Fox News)

Pickard told Fox Business that instances of Chinese customs fraud and trade crimes are not “anecdotal or isolated.” He asserted that “everybody who is involved in this space is aware of at least dozens, if not more, stories of Chinese importers being involved in customs fraud.”

“There is no doubt that there is massive customs fraud going on,” Pickard told Fox Business, explaining that the fraud can take various forms. Chinese goods could be mislabeled as other products or may be shipped to other countries that will remove its “made in China” indication.

“What we’re seeing over and over again are essentially transshipment issues where China is shipping product to Thailand or Malaysia or sometimes Canada or Mexico, and then someone in that country is removing the ‘made in China’ indication, indicating that it’s now ‘made in Thailand,’ and shipping it into the United States, and therefore avoiding the duties,” Pickard said.

Trump says Xi Jinping, China’s president, knows where he stands when it comes to tariffs. (Ton Molina/Bloomberg via Getty Images / Getty Images)

CHINA RESPONDS WITH TARIFFS ON US GOODS AFTER TRUMP’S TARIFFS ON CHINESE IMPORTS TAKE EFFECT

In response to a Fox Business request for comment, Customs and Border Patrol said that its “Trade Enforcement Operational Approach demonstrates how CBP is using all of its authorities to combat trade fraud.” CBP also vowed to “use all methods at its disposal—including increased bonding, enhanced targeting and inspection of high-risk imports, and swift and thorough review of allegations to ensure a fair and competitive trade environment.”

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Rep. Ashley Hinson, R-Ia., introduced legislation in December 2024 to hold China accountable for tariff evasion. The bill would establish a task force to handle trade-related crimes and require the attorney general to submit an annual report on the Justice Department’s efforts to tackle such crimes.

“By strengthening the Trump’s DOJ’s ability to detect and prosecute international trade crimes, my bipartisan bill will ensure that Communist China and other perpetrators are criminally liable for illicit activity and that penalties are enforced,” Rep. Hinson said when introducing the legislation.

When speaking to Fox Business, Rep. Hinson emphasized the need for legislation to give the Justice Department the “tools” to protect Americans from Chinese threats and bolster the U.S. economy.

February 13, 2025
Trump suggests US may have less debt than thought because of fraud

Rep. Greg Murphy, R-N.C., discusses President Donald Trump critiquing FEMAs hurricane response to North Carolina, reconciliation negotiations and the presidents efforts to lower inflation through executive orders.

President Donald Trump said Sunday that the U.S. national debt could be smaller than thought because of fraud.

Speaking to reporters aboard Air Force One, Trump suggested that the administration and Elon Musk’s efficiency team found irregularities at the Treasury Department that could mean the U.S. government’s more than $36 trillion debt isn’t that high.

“We’re even looking at Treasuries,” Trump said. “There could be a problem – you’ve been reading about that, with Treasuries and that could be an interesting problem.”

“It could be that a lot of those things don’t count. In other words, that some of that stuff that we’re finding is very fraudulent, therefore maybe we have less debt than we thought,” he added.

PRESIDENT TRUMP FACES KEY FISCAL DEADLINES AS SECOND TERM BEGINS

President Donald Trump said his administration is looking at fraud in Treasuries. (Alex Scott/Bloomberg via Getty Images / Getty Images)

It wasn’t clear from Trump’s comments whether he was referring to debt service or other government payments that are handled by the Treasury Department.

FOX Business reached out to the Treasury Department for clarification.

“It is virtually impossible that President Trump’s comments refer to the debt held by the public, including foreign holders,” said Maria Vassalou, head of the Pictet Research Institute. “This is the reason the market is not reacting and any reaction would be based on misunderstandings or misinformation.”

She added that about one-fifth of the gross U.S. federal debt is held in government accounts that are mostly related to trust funds for Social Security and Medicare, adding that Trump’s comments “most likely refer to that portion of U.S. debt.”

US ECONOMY ADDED 143K JOBS IN JANUARY, UNEMPLOYMENT RATE TICKS LOWER

President Donald Trump tasked Elon Musk with leading the Department of Government Efficiency (DOGE). (Photo by Brandon Bell/Getty Images / Getty Images)

“(Markets) do care and should care, absolutely, given the $35 odd trillion in public debt,” said Martin Whetton, head of financial markets strategy at Westpac in Sydney. “In short, until it is clarified it is meaningless.”

Given the lack of certainty over what Trump intended to say, financial markets have focused on the economy and the Federal Reserve’s path for interest rate cuts later this year.

The Labor Department on Friday reported the U.S. economy added 143,000 jobs in January, below the 170,000 jobs expected by LSEG economists.

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The market’s expectations around the Fed’s plan for interest rate cuts were little changed by the news, with the probability of the Fed leaving rates unchanged at its March meeting rising to more than 91% from 86% a week ago, according to the CME FedWatch tool.

Reuters contributed to this report.

February 10, 2025
Elon Musk alleges $50B in fraud at Treasury after judge blocks DOGE audit

U.S. Treasury Secretary Scott Bessent unpacks the power tariffs have in world negotiations on ‘Kudlow.’

Elon Musk responded to a federal judge’s order temporarily blocking the Department of Government Efficiency’s (DOGE) access to sensitive Treasury Department data with a blitz of X posts alleging shocking levels of potential fraud.

The preliminary injunction issued Saturday by U.S. District Judge Paul Engelmayer backed 19 Democratic state attorneys general who claimed that giving DOGE “full access” to the Treasury’s payment systems violates the law.

Engelmayer scheduled a Feb. 20 hearing, until which time DOGE will have diminished access to Treasury data that includes Americans’ Social Security, Medicare, veterans benefits and tax refund information.

PALANTIR CEO TOUTS ELON MUSK’S DOGE, ABILITY TO HOLD ‘SACRED COW OF THE DEEP STATE’ ACCOUNTABLE

But Musk said DOGE had already found major problems with the way the Treasury Department was paying America’s bills before Engelmayer’s injunction.

“[Friday], I was told that there are currently over $100B/year of entitlements payments to individuals with no SSN or even a temporary ID number. If accurate, this is extremely suspicious,” Musk wrote hours after the ruling.

“When I asked if anyone at Treasury had a rough guess for what percentage of that number is unequivocal and obvious fraud, the consensus in the room was about half, so $50B/year or $1B/week!! This is utterly insane and must be addressed immediately.”

SpaceX and Tesla founder Elon Musk speaks during an America PAC town hall Oct. 26, 2024, in Lancaster, Pa. (Samuel Corum/Getty Images / Getty Images)

The X, Tesla and SpaceX owner and Trump confidante also implied that previous Treasury officials blocked their employees from investigating waste.

“Nobody in Treasury management cared enough before,” Musk wrote. “I do want to credit the working level people in Treasury who have wanted to do this for many years, but have been stopped by prior management.”

One of the goals agreed upon by DOGE and the Treasury Department, Musk said, is to “require that all outgoing government payments have a payment categorization code, which is necessary in order to pass financial audits.”

“This is frequently left blank, making audits almost impossible,” he added.

Musk also stressed that all Treasury payments “must also include a rationale for the payment in the comment field, which is currently left blank.”

ELON MUSK’S DOGE MAKES ANOTHER HIRING PUSH

The U.S. Treasury Building in Washington, D.C. (Kent Nishimura/Los Angeles Times via Getty Images / Getty Images)

“Importantly, we are not yet applying ANY judgment to this rationale, but simply requiring that SOME attempt be made to explain the payment more than NOTHING!” Musk wrote. “The DO-NOT-PAY list of entities known to be fraudulent or people who are dead or are probable fronts for terrorist organizations or do not match Congressional appropriations must actually be implemented and not ignored.

“Also, it can currently take up to a year to get on this list, which is far too long. This list should be updated at least weekly, if not daily,” the entrepreneur added. “The above super obvious and necessary changes are being implemented by existing, long-time career government employees, not anyone from @DOGE.”

Elon Musk on Capitol Hill Dec. 5, 2024, in Washington, D.C. (Anna Moneymaker/Getty Images / Getty Images)

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Musk added that it was “ridiculous that these changes didn’t exist already” and revealed he was recently told of massive waste in entitlement payments, to the tune of $1 billion per week.

“Everything at Treasury was geared towards complain[t] minimization,” he added. “People who receive money don’t complain, but people who don’t receive money (especially fraudsters) complain very loudly, so the fraud was allowed to continue.”

February 9, 2025
Lawmakers demand Bondi’s DOJ investigate Biden’s post-Election Day dismissal of green energy fraud lawsuit

EXCLUSIVE: Republican lawmakers are calling on the Trump administration to investigate President Biden’s dismissal of a lawsuit claiming millions in fraud from a green energy project the day after the 2024 election.

In 2011, President Barack Obama’s Treasury Department granted Tonopah Solar Energy, LLC hundreds of millions of dollars for the construction of a green energy solar plant, the Crescent Dunes Solar Energy Project, in Nevada.

However, the energy group was eventually sued by CMB Export, LLC for alleged fraud involving approximately $275 million of taxpayer dollars in a qui tam lawsuit, which is a case on behalf of the government claiming fraud against federal programs. The case was being investigated by the Department of Justice (DOJ), until the Biden administration filed a motion to dismiss the lawsuit on Nov. 6, 2024 – the day after the presidential election.

In a letter to Attorney General Pam Bondi, obtained first by Fox News Digital, Republican Reps. Lance Gooden, R-Texas, and Carol Miller, R-W.Va., are sounding the alarm over the previous administration’s decision to halt the potential recovery of taxpayer funds.

JUSTICE DEPARTMENT FIRES MORE THAN A DOZEN KEY OFFICIALS ON FORMER SPECIAL COUNSEL JACK SMITH’S TEAM

Rep. Lance Gooden participates in the House Judiciary Committee organizing meeting in the Rayburn House Office Building. (Bill Clark)

“Despite investing three and a half years in investigating this case, it is deeply troubling that the DOJ reversed its position shortly after the presidential election, claiming the dismissal was in public interest and citing undue burdens on federal agencies,” the letter reads. “This decision is perplexing, given that the government stands to lose nothing by allowing CMB Export, LLC, to proceed with the case.”

The letter asks that Bondi investigate the Biden administration’s rationale for dismissal, potential conflicts of interest, timeline of events, and accountability regarding the possible misuse of taxpayer funds.

AG NOMINEE PAM BONDI SEEN AS STEADYING FORCE TO STEER DOJ IN TRUMP’S SECOND TERM

“The American people soundly rejected the Biden administration’s radical Green New Deal agenda and fraudulent coverups when they voted for President Trump,” Miller told Fox News Digital. “Our understanding is the Crescent Dunes project was an energy proposal that cost American taxpayers hundreds of millions of dollars, produced less energy than promised, and posed safety concerns for individuals working on the project. With President Trump back in the White House, transparency is now the standard for the federal government.”

Pam Bondi, is sworn in before the Senate Judiciary Committee for her confirmation hearing at the Capitol, Jan. 15, 2025. (Ben Curtis/AP Photo)

Biden’s DOJ claimed the dismissal was “commensurate with the public interest,” and that litigation obligations would impose “an undue burden” on the government, two claims that are being called into question in the new letter.

The letter asks if there is any evidence that the timing of the motion was politically influenced, coming right after the election loss, and if the DOJ’s decision to dismiss a case that seeks to recover taxpayer dollars conflicts with its responsibility to uphold accountability in cases of alleged fraud against the government.

“The allegations in this case represent not just potential financial fraud but a breach of public trust,” the Republican lawmakers wrote. “The Crescent Dunes project, like other failed ‘green energy’ initiatives, has already cost taxpayers hundreds of millions of dollars, and the dismissal of this case raised serious concerns about the previous administration’s commitment to protecting public funds and prosecuting fraud.”

Attorney General Merrick Garland at the Department of Justice on May 2, 2023, in Washington, D.C. (Anna Moneymaker/Getty Images)

The lawmakers asked that the DOJ conduct an internal investigation into the case, and upon reevaluation, consider allowing CMB Export, LLC, to continue its charge against the solar company.

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“The American people deserve accountability and transparency in how their tax dollars are used, especially in cases involving allegations of fraud on such a significant scale,” the letter reads.

Aubrie Spady is a Writer for Fox News Digital.

February 7, 2025
Valentine’s Day Fraud: Cyber Police Warns Against Romance Scams, Launches ‘Romance Scam Prevention Week’ Online Campaign To Protect People

Ranchi, February 7: As Valentine’s Week starts with promises of love, roses, and heartfelt commitments, cybercriminals are also gearing up to exploit emotions for financial fraud. Amidst the celebration of romance, authorities are stepping up efforts to protect people from falling victim to “romance scams.” To counter these digital deceptions, the Indian Cyber Crime Coordination Centre (I4C), under the Union Home Ministry, has launched a special awareness campaign on social media, running parallel to Valentine’s Week.

Using the hashtag #RomanceScamPreventionWeek, officials are spreading crucial information to help people identify and avoid online scams disguised as love. The Jharkhand Police has also joined the initiative, posting alerts on its official social media handles. One of the campaign’s eye-catching posters, shared on the I4C X handle, poses a thought-provoking question: “What will you do if your online sweetheart asks you for money? Ayushman Bharat Digital Mission: Over 73.90 Crore ABHA IDs Created Under ABDM To Boost Health Services, Says Health Ministry.

The post further warns: “This romance season, don’t get duped in the name of love! Join Cyber Dost in Romance Scam Prevention Week and learn how to outsmart scammers.” Authorities are urging people to stay vigilant and report fraud immediately by calling 1930 or lodging a complaint at cybercrime.gov.in. A cyber police officer in Ranchi highlighted a recent case where a woman fell prey to a romance scam. She met a man through a matrimonial site, exchanged numbers, and began building a connection. PhonePe Group Exits Account Aggregator Business, Plans To Partner With Other AAs To Drive Financial Inclusion in India.

The man planned a visit to Ranchi, but just before their meeting, he claimed he was detained at Delhi airport and needed urgent financial help. Believing his story, she transferred Rs 7 lakh — only to realise later that his profile had vanished without a trace. With online romance on the rise, the cyber police’s message is clear — Trust your heart, but verify with your mind. Don’t let emotions cloud your judgment — because in the digital world, not every love story is real.

(The above story first appeared on LatestLY on Feb 07, 2025 05:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

February 7, 2025
Ex-USAID official speaks out over alleged waste, fraud inside agency

Former Trump administration State Department and USAID official Catharine O’Neill Gillihan argues that it was ‘difficult’ to do her job with ‘out of control’ spending and programs.

One former State Department and U.S. Agency for International Development (USAID) official is speaking out over the waste and fraud she allegedly saw, which ultimately made it difficult to do their jobs.

“We would try to keep USAID in line with the Secretary of State because, technically, the USAID responds to the Secretary of State, and it was very difficult. There was no traceability, no accountability, and it was really hard for us to do our jobs,” Catharine O’Neill Gillihan said on “Varney & Co.” Wednesday.

O’Neill Gillihan worked at the State Department for three years before transferring to being a USAID official under President Donald Trump’s first administration. Currently, the USAID finds itself in the crosshairs of Trump and Department of Government Efficiency (DOGE) chair Elon Musk, as they work to shut down the agency.

Musk, the world’s richest man now in charge of Trump’s Department of Government Efficiency (DOGE), made headlines over the weekend after he targeted the international aid agency and his team seized classified information on Saturday despite lacking the security clearance to do so, the Associated Press reported.

BILL GATES WEIGHS IN ON NEW TRUMP ADMINISTRATION, ELON MUSK’S ROLE

By Sunday, the USAID website went dark and on Monday employees were barred entry into its headquarters, while thousands of others had their work instantly put on hold.

A former USAID official is speaking out about the spending waste and fraud she experienced while working there, on “Varney & Co.” (FOXBusiness)

USAID has become increasingly the target of heated U.S. politics, with Republicans arguing it is wasteful, promotes liberal agendas and should be enfolded into the State Department.

“The list goes on and on and on,” O’Neill Gillihan said of the spending waste. “I think I read recently that they were funding a ‘Sesame Street’ program in Peru. I mean, these programs have gotten so out of control.”

White House Press Secretary Karoline Leavitt breaks down President Donald Trump’s ‘day one’ goal as president during an appearance on ‘Varney & Co.’

“USAID was created in 1961 by President Kennedy under executive order,” she further explained. “And his idea for the agency would be housed under this Department of State. So President Trump and Secretary of State Marco Rubio are totally within their right to bring USAID back under the Department of State. It’s within its original mandate.”

The U.S. far outspends its international peers when it comes to foreign aid, spending some $68 billion in 2023 – $40 billion of which was budgeted for USAID, the BBC reported.

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Secretary of State Marco Rubio told reporters in El Salvador that he is now acting director of the U.S. Agency for International Development (USAID).

“If you’re a CEO of a large company and you have a department that’s out there spending money that’s not in alignment with your mission, not matching up with your bottom line, the natural inclination is to bring that department into review and perhaps cut it,” O’Neill Gillihan pointed out.

“So Donald Trump, as the CEO of the United States of America, has deputized Elon Musk, who I see as the de facto controller of America, is reviewing every penny that’s going out the door… Article II of the Constitution gives the president that right, as [it’s] called the vesting clause, to review the powers of this government and to make sure that all of the spending is aligned with our interests.”

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FOX Business’ Caitlin McFall contributed to this report.

February 6, 2025
DOGE targets Medicare agency, looking for fraud

Elon Musk’s Department of Government Efficiency (DOGE) is working with the Centers for Medicare and Medicaid Services (CMS) and has gained access to payment and contracting systems in search for potential fraud, the Wall Street Journal reported Wednesday.

Trump’s DOGE has already gutted USAID, but Musk argued on X that Medicare and Medicaid are where the “big money fraud” is happening.

CMS oversees Medicare, the health coverage program for older and disabled Americans, and Medicaid, for lower-income enrollees, which provides insurance for over 140 million U.S. citizens.

The CMS regularly deals with improper payments that represent fraud or abuse but might also be due to a state, contractor, or provider missing an administrative step.

RUBIO PAUSES FOREIGN AID FROM STATE DEPARTMENT AND USAID TO ENSURE IT PUTS ‘AMERICA FIRST’

WSJ reported, citing one of the people familiar with DOGE’s work at CMS, that Musk’s allies have not been given access to databases that include identifiable personal health information of Medicare or Medicaid enrollees.

The new campaign comes just days after DOGE targeted USAID, leading to the firing of 50 top officials and the organization being folded into the State Department.

AFTER RAUCOUS FIRST WEEK IN OFFICE, DONALD TRUMP TO KEEP HIS FOOT ON THE GAS

Signs were also removed from USAID’s headquarters in the Ronald Reagan Building in Washington, D.C., and the DOGE team took over the computer systems, sources said. USAID is responsible for distributing civilian foreign aid and development assistance to countries around the globe.

Elon Musk, the chair of DOGE, has been leading an investigation into USAID’s spending practices as the agency comes to a standstill. (Getty Images)

Musk referred to the organization as a “viper’s nest.” The agency managed approximately $40 billion in appropriations last year, according to the Congressional Research Service.

TRUMP ADMINISTRATION NEEDS MORE PLANES TO CARRY OUT DEPORTATIONS: REPORT

The actions came after Secretary of State Marco Rubio, acting on Trump’s executive order, paused all U.S. foreign assistance funded by or through the State Department and USAID.

Employees and supporters gather to protest outside of USAID headquarters on Feb. 3, 2025, in Washington, D.C. (Kevin Dietsch/Getty Images)

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The 90-day pause has halted thousands of U.S.-funded humanitarian, development and security programs worldwide and forced aid organizations to lay off hundreds of employees because they can’t make payroll.

Fox News Digital’s Greg Wehner, Chris Pandolfo, the Associated Press and Reuters contributed to this report.

Anders Hagstrom is a reporter with Fox News Digital covering national politics and major breaking news events. Send tips to [email protected], or on Twitter: @Hagstrom_Anders.

February 5, 2025
Don’t let this credit card fraud nightmare happen to you

Credit card fraud has been on the rise in recent years.

The Federal Trade Commission’s most recent database indicates that 416,582 cases of credit card fraud were reported in 2024, making it one of the most common forms of identity theft. You know you’ve been a victim of this fraud when you notice unauthorized transactions on your credit card bill.

These transactions are usually below $100 to avoid detection. However, sometimes they can exceed $1,000. One such incident happened with Martin from Martinsville, Virginia, when he was randomly charged $1,095 in Hong Kong.

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“Hello, I recently received a fraud alert from my credit card company that said that there was a $1,095 charge on my credit card in Hong Kong. I use my iPad and Safari browser to buy online. Can you please explain how this could happen? By the way, my credit card company canceled my credit card and will send me a new Mastercard in the mail, and I’m not responsible for the charges on my credit card. What can I do in the future to prevent this from happening again?”

I’m sorry to hear about the fraudulent charge on your credit card, Martin. It’s good that your credit card company is handling it and that you’re not responsible for the charges. For future reference, I’ll be discussing how this could have happened and how to stay safe.

A woman using her credit card to shop online   (Kurt “CyberGuy” Knutsson)

How credit card fraud happens

Credit card fraud can happen in several ways, often without you even realizing it. One common method is when fraudsters get hold of your card information through data breaches at online stores or banks, which means your details get leaked without your knowledge.

Another sneaky tactic is phishing, where scammers trick you into giving away your card info by posing as legitimate companies via emails or fake websites.

There’s also the risk of “card skimming,” where devices at ATMs or gas stations secretly capture your card details when you swipe it. In some cases, fraudsters might also exploit weak security on public Wi-Fi networks or compromised apps to access your information while you’re shopping online.

A man using his credit card to shop on his phone   (Kurt “CyberGuy” Knutsson)

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Credit card fraud is way too common

A report from Security.org reveals that 52 million Americans experienced credit card fraud in 2023, a figure even higher than the one reported by the FTC. With four out of five American adults owning at least one credit card, the report found that three in five cardholders have faced unauthorized charges — an estimated 128 million victims. Even more concerning, 75% of these victims reported having their credit card information stolen more than once.

The typical unauthorized transaction is around $100, which adds up to approximately $5 billion in criminal purchases each year. Interestingly, most unauthorized transactions involve credit cards that weren’t physically lost or stolen, highlighting the growing risks of online fraud and data breaches.

A woman using her credit card to pay   (Kurt “CyberGuy” Knutsson)

THE BEST BALANCE TRANSFER CREDIT CARDS 2025

The need for identity theft protection

Data breaches are one of the main ways credit card fraud happens. Hackers often get unauthorized access to sensitive information stored by businesses or institutions. When a retailer, financial institution or online store experiences a data breach, the hackers usually go after the payment systems where customer credit card details are kept.

If these systems aren’t properly secured, hackers can grab things like credit card numbers, expiration dates and sometimes even security codes. Once they have that info, they can either use it themselves or sell it to others.

But it’s not just credit card information at risk. Data breaches can also expose personal details like names, email addresses and phone numbers. Scammers can then use this stolen info to launch phishing attacks, pretending to be trusted companies and tricking you into giving away more sensitive information.

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This is why identity theft monitoring is so important. Identity theft companies can monitor personal information like your Social Security number, phone number and email address and alert you if it is being sold on the dark web or being used to open an account. They can also assist you in freezing your bank and credit card accounts to prevent further unauthorized use by criminals.

One of the best parts of some identity theft protection services is that they have identity theft insurance of up to $1 million to cover losses and legal fees and a white glove fraud resolution team where a U.S.-based case manager helps you recover any losses. See my tips and best picks on how to protect yourself from identity theft.

Illustration of a credit card crook   (Kurt “CyberGuy” Knutsson)

HOW TO FIGHT BACK AGAINST DEBIT CARD HACKERS WHO ARE AFTER YOUR MONEY

10 ways to protect yourself from credit card fraud

1. Notify your credit card issuer immediately: If you notice fraudulent charges on your credit card, start by calling the number on the back of your credit card. From there, you should get more detailed information on what to do next.

2. Monitor your statements regularly: One of the best ways to catch credit card fraud early is to keep an eye on your statements. Review your transactions regularly to spot any unfamiliar charges. The sooner you notice something suspicious, the quicker you can report it to your credit card company and prevent further damage.

3. Regularly check your credit report: In addition to monitoring your credit card statements, periodically review your credit report to catch any unauthorized accounts opened in your name.

4. Use strong, unique passwords: Always use strong, unique passwords for your online accounts, especially those that store payment details. Avoid using easily guessable information, and consider using a password manager to store and generate secure passwords. This reduces the chances of fraudsters accessing your accounts.

5. Use credit card alerts: Set up transaction alerts with your credit card company. This way, you’ll receive a notification via email or text for every transaction made with your card. If you receive an alert for a purchase you didn’t make, you can take immediate action to report it and prevent further charges.

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6. Be Cautious with public Wi-Fi: Avoid making purchases or entering sensitive information when connected to public Wi-Fi networks because they’re often not secure. If you need to make an online purchase while on the go, consider using a VPN (Virtual Private Network) to encrypt your connection and keep your credit card details safe from hackers. For the best VPN software, see my expert review of the best VPNs for browsing the web privately on your Windows, Mac, Android and iOS devices

7. Don’t store credit card info on browsers and websites: Storing your credit card information on browsers or websites can make it convenient, but it also exposes you to a higher risk of fraud. If your browser or the website’s security gets compromised, hackers could gain access to your saved card details. To stay safe, avoid saving your credit card information and manually enter it each time you make a purchase. If a site offers to save your details for future use, think twice before accepting. It’s better to take the extra step to enter your information each time, ensuring your data stays secure.

8. Use EMV chip technology: When making in-person purchases, always use the chip reader instead of swiping your card. Chip technology provides an extra layer of security against fraud.

9. Be wary of phishing attempts and have strong antivirus software: Be cautious of unsolicited emails, texts or phone calls asking for your credit card information. Legitimate companies typically don’t request sensitive information through these channels. The best way to safeguard yourself from malicious links that install malware, potentially accessing your private information, is to have antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best 2025 antivirus protection winners for your Windows, Mac, Android and iOS devices.

10. Keep your card in sight: When using your card in restaurants or stores, try to keep it within view. This reduces the risk of someone copying your card details.

HOW TO REMOVE YOUR PRIVATE DATA FROM THE INTERNET

Kurt’s key takeaway

It’s clear that credit card fraud is more prevalent than ever, affecting millions of Americans each year. The good news is that there are effective steps to protect yourself from becoming a victim. By staying vigilant and employing best practices — like monitoring your statements and using strong passwords — you can significantly reduce your risk. Remember, awareness and proactive measures are your best defenses against credit card fraud.

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Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s free CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.

January 26, 2025