How to protect your child from identity theft

Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year. More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs. T


Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year. More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs. T
How to protect your child from identity theft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, martin cabrera jr, katherine liola, founder, ceo of concentric private wealth
Keywords: news, cnbc, companies, report, adults, identity, information, theft, child, fraud, credit, security, javelin, protect, social, childs


How to protect your child from identity theft

Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year.

More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Two-thirds of those affected were age 7 or younger.

While adults make prime targets for their account balances, a child’s information, particularly their Social Security number, has even more value to scammers because it is a “clean slate” for opening new lines of credit before someone catches on, according to the Identity Theft Resource Center.

Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs.

While the Social Security Administration has recently started digitizing its systems, lenders more often check with credit reporting companies for a credit report instead of verifying Social Security numbers and ages with the government, said Kyle Marchini, a senior analyst at Javelin.

Unless you’ve applied for credit, you don’t have a report — which also means you don’t have any “hits” or “dings” to raise a red flag.

More from Invest in You:

Sometimes credit card with annual fees pay

There’s a hidden cost to your 401(k)

A simple step if you want to be rich someday

That opens the door for an identity thief to take over, open new accounts and run up large debts. The victim could be an adult before they discover that their credit history has been ruined.

To prevent that from happening, here are a few tips to keep your child’s identity safe:

Pay close attention to people with access to your child’s Social Security number. Javelin estimates that 6 in 10 child victims personally know the perpetrator, compared to 7% of adults. Family friends were the most common suspect, accounting for a third of cases.

This type of fraud is often a crime of opportunity so keep any sensitive personal and financial information out of sight, such as birth certificates and tax returns, and password protect your home electronic devices.

Keep close tabs on your child’s online activity. Parents should know what personal information their children are storing on electronic devices or with third parties, and teach them safe internet behaviors — including how to spot potential scams and phishing attempts.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, martin cabrera jr, katherine liola, founder, ceo of concentric private wealth
Keywords: news, cnbc, companies, report, adults, identity, information, theft, child, fraud, credit, security, javelin, protect, social, childs


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Here’s how criminals use stolen passport information

The theft of as many as 5 million passport numbers from the Marriott hotel chain last year continues to worry consumers concerned that criminals were using their information for fraud or even travel. Unlike credit card data or personal Social Security numbers, there are few mechanisms in place to alert consumers that their passport numbers have been stolen and possibly used for fraud. Getting a professionally forged passport on the darkweb can routinely cost around $1,000 to $2,000, and that inc


The theft of as many as 5 million passport numbers from the Marriott hotel chain last year continues to worry consumers concerned that criminals were using their information for fraud or even travel. Unlike credit card data or personal Social Security numbers, there are few mechanisms in place to alert consumers that their passport numbers have been stolen and possibly used for fraud. Getting a professionally forged passport on the darkweb can routinely cost around $1,000 to $2,000, and that inc
Here’s how criminals use stolen passport information Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: kate fazzini
Keywords: news, cnbc, companies, darkweb, entry, according, information, heres, criminals, theft, scans, numbers, stolen, cost, passport


Here's how criminals use stolen passport information

The theft of as many as 5 million passport numbers from the Marriott hotel chain last year continues to worry consumers concerned that criminals were using their information for fraud or even travel.

Unlike credit card data or personal Social Security numbers, there are few mechanisms in place to alert consumers that their passport numbers have been stolen and possibly used for fraud.

According to research from cybersecurity intelligence company Flashpoint, passport data sells in three formats on the darkweb, digital scans, templates for creating a finished passport and actual physical passports. These range in price from $5-$65 for scans, $29-$89 for templates and up to $5,000 for the finished product.

Modern entry procedures in most countries can catch forgeries and lower-priced “fake” passports have a limited use for other types of identity theft.

But some countries don’t scan passport barcodes or microchips, and that’s where even a low-cost phony passport can help a criminal gain entry, according to Brian Stack, vice president of engineering and darkweb surveillance at Experian.

Getting a professionally forged passport on the darkweb can routinely cost around $1,000 to $2,000, and that includes not just a victim’s stolen or leaked passport information, but other items that make the passport workable in many countries.

Lower-cost versions that can pass an “eyeball test” at less-sophisticated ports can cost hundreds of dollars on the darkweb, according to Stack. These lowbrow versions can also be used for other types of identity theft, like entry at a sporting event, business, government office or school.

On the high-end, darkweb researchers have seen much more sophisticated passport forgeries that can cost criminals upward of $3,000, with additional charges for special features, like diplomatic ties, according to Charles Henderson, head of IBM’s cybersecurity group X-Force Red, which conducts research on darkweb forums.

“Criminals need, at the country they are leaving or entering, at a bare minimum passport number, name, date of issue, date of expiry, and sometimes the scan bar at the bottom of the passport,” Henderson said. This information is much more prevalent in breaches of passport information that involve full scans of the passport than in other breaches, like Marriott’s, that have mostly just involved passport numbers and other manually entered data.

At modern ports of entry, scanners also look for other inconsistencies and can quickly flag them, including incorrect typeface or mismatched traveler information, Henderson said.

Finding out if someone is using a forged or fraudulent passport in your name is harder, however. People may be accustomed to alerts when their credit card is stolen, but “it’s not like you have an audit trail of places you travel, all your comings and goings, and there isn’t a way necessarily to quickly alert you to this type of fraud,” he said.

The State Department has previously stated that breaches of passport information don’t often translate into a forged passport, telling Fast Company that new passports have lots of security features to defend against counterfeiting and emphasizing that people can’t travel on a passport number alone.

Getting a new passport can help consumers who suspect they are victims of passport identity theft, but they will also have to foot the cost of the updated document, according to the State Department.

WATCH: Marriott breach was four years in the making


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: kate fazzini
Keywords: news, cnbc, companies, darkweb, entry, according, information, heres, criminals, theft, scans, numbers, stolen, cost, passport


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Texas jury teaches Huawei a ‘hard lesson,’ says US chip start-up cleared of trade secret theft

Huawei was “taught a hard lesson” after a federal jury in Texas ruled against the Chinese tech giant in a trade secrets case, Alan Armstrong, co-founder and CEO of U.S. chip designer CNEX Labs, told CNBC on Tuesday. Yiren Huang, who started CNEX with Armstrong, worked at Huawei immediately before launching the new company. In 2017, Huawei sued the California start-up, accusing Huang of breaching an employment contract and misappropriating trade secrets. Last Wednesday, jurors found that, while H


Huawei was “taught a hard lesson” after a federal jury in Texas ruled against the Chinese tech giant in a trade secrets case, Alan Armstrong, co-founder and CEO of U.S. chip designer CNEX Labs, told CNBC on Tuesday. Yiren Huang, who started CNEX with Armstrong, worked at Huawei immediately before launching the new company. In 2017, Huawei sued the California start-up, accusing Huang of breaching an employment contract and misappropriating trade secrets. Last Wednesday, jurors found that, while H
Texas jury teaches Huawei a ‘hard lesson,’ says US chip start-up cleared of trade secret theft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: jesse pound, kate fazzini
Keywords: news, cnbc, companies, theft, texas, startup, secret, chinese, jury, think, hard, trump, lesson, cnex, huawei, secrets, armstrong, huang, teaches, trade


Texas jury teaches Huawei a 'hard lesson,' says US chip start-up cleared of trade secret theft

Huawei was “taught a hard lesson” after a federal jury in Texas ruled against the Chinese tech giant in a trade secrets case, Alan Armstrong, co-founder and CEO of U.S. chip designer CNEX Labs, told CNBC on Tuesday.

Yiren Huang, who started CNEX with Armstrong, worked at Huawei immediately before launching the new company. In 2017, Huawei sued the California start-up, accusing Huang of breaching an employment contract and misappropriating trade secrets. CNEX countersued, claiming Huawei had attempted to steal its technology.

Last Wednesday, jurors found that, while Huang had violated his employment agreement, it was Huawei that tried to steal trade secrets. The jury did not award damages to either party.

“I think Huawei was taught a hard lesson by the good people of Texas, and I think we were an easy fight to pick,” Armstrong said in a “Squawk Alley” interview. “Even though we’re small, we fought a hard fight. And we won. That’ll send a pretty strong message to Huawei.”

CNEX launched in 2013 and possesses a memory-control technology, which Huawei sued for the rights to. CNEX is backed by Dell and Microsoft.

Meanwhile, Huawei has been a focus of the ongoing U.S.-China trade war, with the Trump administration in May effectively banning U.S. companies from doing business with the Chinese telecom company, citing national security reasons. President Donald Trump agreed to soften the U.S. stance toward Huawei at Saturday’s meeting with Chinese President Xi Jinping at the G-20 summit in Japan.

Armstrong declined to say whether he viewed Huawei as a national security threat, but he did say the issue of stealing intellectual property is a Huawei problem, not a China one.

“There’s great Chinese companies that we would love to do business with that act with integrity,” Armstrong said. “Huawei is a specific case, there may be others, but I don’t think this is a country issue.”

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: jesse pound, kate fazzini
Keywords: news, cnbc, companies, theft, texas, startup, secret, chinese, jury, think, hard, trump, lesson, cnex, huawei, secrets, armstrong, huang, teaches, trade


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Michael Avenatti charged with ripping off porn star Stormy Daniels, trying to extort Nike in new indictments

Adult-film actress Stephanie Clifford, also known as Stormy Daniels speaks US Federal Court with her lawyer Michael Avenatti (R) on April 16, 2018, in Lower Manhattan, New York. While the Nike-related indictment was expected because it mirrors allegations in a criminal complaint executed against Avenatti in March, the claims related to Daniels were brand new. Prosecutors claim that Avenatti ripped off Daniels by taking payments for her book sales and paying her just half of what she was owed. “M


Adult-film actress Stephanie Clifford, also known as Stormy Daniels speaks US Federal Court with her lawyer Michael Avenatti (R) on April 16, 2018, in Lower Manhattan, New York. While the Nike-related indictment was expected because it mirrors allegations in a criminal complaint executed against Avenatti in March, the claims related to Daniels were brand new. Prosecutors claim that Avenatti ripped off Daniels by taking payments for her book sales and paying her just half of what she was owed. “M
Michael Avenatti charged with ripping off porn star Stormy Daniels, trying to extort Nike in new indictments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: dan mangan
Keywords: news, cnbc, companies, ripping, star, wire, porn, indictments, client, lawyer, alleged, trying, nike, michael, theft, trump, avenatti, book, stormy, daniels, extort


Michael Avenatti charged with ripping off porn star Stormy Daniels, trying to extort Nike in new indictments

Adult-film actress Stephanie Clifford, also known as Stormy Daniels speaks US Federal Court with her lawyer Michael Avenatti (R) on April 16, 2018, in Lower Manhattan, New York.

Controversial lawyer Michael Avenatti was indicted Wednesday in separate cases charging him with stealing about $300,000 from his former porn star client Stormy Daniels, and with trying to extort athletic shoe giant Nike out of tens of millions of dollars by threatening to go public with claims the company was facilitating payments to the families of high school basketball stars.

While the Nike-related indictment was expected because it mirrors allegations in a criminal complaint executed against Avenatti in March, the claims related to Daniels were brand new.

Avenatti, who last year was mulling a run for the White House, is now charged in three separate federal indictments, including one pending in California related to alleged theft of client funds and other crimes, and faces the possibility of many years in prison if convicted.

According to one of the new indictments in New York, Avenatti allegedly forged Daniels’ signature on a document that gave wire fund transfer information to her literary agent, which helped direct the money paid out for the book sales to a bank account controlled by Avenatt.

The lawyer had become widely known and notorious last year for his representation of Daniels, who was paid $140,000 on the eve of the 2016 presidential election by President Donald Trump’s then-personal lawyer Michael Cohen to keep her quiet about her alleged sexual tryst with Trump a decade earlier. Trump denies having sex with her.

Prosecutors claim that Avenatti ripped off Daniels by taking payments for her book sales and paying her just half of what she was owed.

The indictment, which charges him with wire fraud and aggravated identity theft, accuses him of spending some of the money he allegedly swindled from Daniels on a lease payment for his Ferrari, travel expenses, dry cleaning and $56,000 in payroll at his law firm.

“Michael Avenatti abused and violated the core duty of an attorney – the duty to his client,” said Manhattan U.S. Attorney Geoffrey S. Berman.

“As alleged, he used his position of trust to steal an advance on the client’s book deal. As alleged, he blatantly lied to and stole from his client to maintain his extravagant lifestyle, including to pay for, among other things, a monthly car payment on a Ferrari. Far from zealously representing his client, Avenatti, as alleged, instead engaged in outright deception and theft, victimizing rather than advocating for his client.”


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: dan mangan
Keywords: news, cnbc, companies, ripping, star, wire, porn, indictments, client, lawyer, alleged, trying, nike, michael, theft, trump, avenatti, book, stormy, daniels, extort


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

We asked the Democrats running for president how they would negotiate with China on trade. Here’s what they said

China has not been forthright in even admitting that intellectual property theft and technology transfer occurs. On the intellectual property theft, we know that much of the IP theft is state-backed. We should address cybersecurity and intellectual property theft issues directly with China and use the WTO to negotiate trade disputes and establish clear enforcement mechanisms. As we press China on trade and intellectual property theft, we need to demonstrate our resolve in ways that actually help


China has not been forthright in even admitting that intellectual property theft and technology transfer occurs. On the intellectual property theft, we know that much of the IP theft is state-backed. We should address cybersecurity and intellectual property theft issues directly with China and use the WTO to negotiate trade disputes and establish clear enforcement mechanisms. As we press China on trade and intellectual property theft, we need to demonstrate our resolve in ways that actually help
We asked the Democrats running for president how they would negotiate with China on trade. Here’s what they said Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: tucker higgins
Keywords: news, cnbc, companies, practices, property, running, negotiate, democrats, wto, trade, american, president, asked, theft, rights, heres, intellectual, china, chinas


We asked the Democrats running for president how they would negotiate with China on trade. Here's what they said

China’s President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Nicolas Asfouri | AFP | Getty Images

With trade negotiations between the U.S. and China stalled and an escalating trade war threatening global markets, President Donald Trump has said that the Chinese are “DREAMING” that he will be defeated by a Democrat in 2020. But Democrats have not said much about their own plans for negotiating with the Chinese. To learn more, CNBC asked the 21 top Democrats running for president about their views. We asked them what they believe is working under Trump — and what they would change. We also asked whether human rights issues in China, where the U.S. has said more than a million Muslims are held in concentration camps, should be part of any trade deal. Lastly, we asked about what they would do about China’s efforts to tighten its military grip on the South China Sea, where more than $3 trillion of trade passes annually. Below, unedited, are our questions and the answers we received from the seven Democrats who responded. Those Democrats are Sen. Bernie Sanders, I-Vt., Rep. Eric Swalwell, D-Calif., Rep. Tim Ryan, D-Ohio, former Maryland Rep. John Delaney, Rep. Seth Moulton, D-Mass., Miramar, Florida, Mayor Wayne Messam and spiritual coach Marianne Williamson. Two other Democrats provided partial responses. A spokesperson for Sen. Michael Bennet, D-Colo., provided an excerpt from the senator’s platform that is included as a response to the first question. An aide to Texas Rep. Beto O’Rourke wrote in a statement: “Holding China accountable should not come at the expense of American workers. That is why we must not settle for any deal that does not respect intellectual property, level the playing field in the Chinese market, nor end unfair trade practices. We must advance progress based on shared interests and core democratic values.” Joe Biden, the Democratic front runner, did not respond to CNBC’s survey as of publication time but has dismissed China’s economic competitiveness while on the campaign trail, earning some criticism from his fellow contenders. “China is going to eat our lunch? Come on, man,” Biden told a crowd in Iowa earlier this month. He described himself as a “fair trader” and said he has been “arguing for a long time that we should treat other countries the way in which they treat us, which is, particularly as it relates to China: If they want to trade here, they’re going to be under the same rules.” CNBC provided the questions to each campaign on May 6. What do you think is the best approach to addressing China’s practices with regard to intellectual property theft, technology transfer, industrial subsidies and other matters in which the two countries are at odds. Is it through multinational organizations like the World Trade Organization and the United Nations? Will you take any action unilaterally? If so, what action? Sanders: It is in the interests of the United States to work to strengthen institutions like the WTO and the UN rather than trying to go it alone. American concerns about China’s technology practices are shared in Europe and across the Asia-Pacific. We can place far more pressure on China to change its policies if we work together with the broader international community and the other developed economies. International institutions also offer China a template for reforming its own internal intellectual property and industrial practices. Swalwell: I’m a member of the House Permanent Select Committee on Intelligence, as well as of the Judiciary Subcommittee on Courts, Intellectual Property, and the Internet, so I’ve seen first-hand the economic espionage that China commits and the adverse impact it has on American businesses. China has not been forthright in even admitting that intellectual property theft and technology transfer occurs. Nor is China transparent on its industrial subsidies. Curbing China’s dishonest practices must be a part of any negotiation; as president, I would hold China accountable. On the intellectual property theft, we know that much of the IP theft is state-backed. In order to combat this we must take a multi-pronged approach — both defensive and offensive. We must have a strong enforcement mechanism with which to hold China accountable for their actions and continue to impose penalties when theft occurs. China has made promises to institute reforms of their policies governing IP rights, technology transfers and cyber-theft of trade secrets in the past but we know these are not being imposed. Read more: Eric Swalwell of California joins 2020 presidential race The legal and diplomatic approaches have not been completely effective, it is critical that we implement other actions such as developing early warning systems, particularly when it comes to the stealing of defense technology. This can be done through private-public partnerships. We must also be ready to take counter action when a theft is detected. It is vital that we continue to have a multinational approach to addressing these issues. We can’t go it alone; we must involve allies — and other victims of China’s practices — such as Japan, South Korea, Australia and New Zealand.

While the U.S. does not have to go through the World Trade Organization and can invoke Section 301 if they are to impose tariffs against China (even though it still has to file a simultaneous complaint with the WTO), the WTO can still be a useful partner. In fact, the WTO has an obligation to enforce the rules they have set up, otherwise it is left to the United States to impose punishment. We should hold the WTO to its obligation. It is also important that U.S. companies acknowledge when theft is occurring by China. In the past, companies have not wanted to impinge on their business with China so they’ve turned a blind eye. I would ensure that reporting this theft it is a win-win for American companies through fair trade practices. Lastly, government departments must coordinate with each other and with U.S. companies. The departments of Commerce and the Treasury, the U.S. Trade Representative and the U.S. State Department must all be aligned to tackle the problem of IP property theft in coordination with the private sector. I would continue to make sure the Justice Department brings criminal cases against the companies that violate trade agreements and steal our trade secrets and intellectual property. I would boost our Trade Representative’s investigation of China’s activities by adding more staff and funding. Ryan: When it comes to China stealing intellectual property from the United States, there is no doubt that multinational organizations need to play a part in holding them accountable. These actions are a serious national security and economic risk for the United States. At the same time, I think our government must take further action when it comes to creating safeguards against China’s actions. That is why I have cosponsored legislation the Fair Trade with China Enforcement Act, which would hold China accountable and create necessary regulations when it comes to trade with China, including prohibiting the sale of national security sensitive technology and intellectual property to China. Read more: Ohio Rep. Tim Ryan — who once tried to take down Nancy Pelosi — is running for president Delaney: China has acted like pirates, stealing intellectual property, building illegal islands, and not playing by the rules. I will build a broad coalition of U.S. allies and have a unified front against China (this will involve working with multinational organizations but also doing a lot more), I will unify our business community against these practices by preventing them from depositing intellectual property funded by taxpayers into joint ventures with China, and I will re-enter the TPP to compete with China. We can hold China accountable and have a productive relationship with them. Read more: What being a successful businessman taught Rep. John Delaney about politics Moulton: These options aren’t mutually exclusive. We should address cybersecurity and intellectual property theft issues directly with China and use the WTO to negotiate trade disputes and establish clear enforcement mechanisms. Protecting our international property is a national security issue, and we need to build a cyberwall to protect against Chinese and Russian attacks. We should start by strengthening the Cyber Threat Intelligence Integration Center created under President Obama and improve the information-sharing between the private sector and government on cyber threats. As we press China on trade and intellectual property theft, we need to demonstrate our resolve in ways that actually help American workers. Donald Trump has shown he knows nothing about trade. An initial analysis of the net effect of the tariffs is that they are costing the United States economy $1.4 billion a month, and the cost of the tariffs is being passed on to U.S. farmers, companies, and consumers. Read more: Seth Moulton is the latest Democrat running for president. Here are his biggest policy priorities, from green jobs to a public option The United States led the 15 years of negotiations that enabled China to join the WTO and we should reap the benefits of that successful diplomatic effort. Our negotiators secured unprecedented changes to China’s economic and trade policies as conditions for membership, including requiring a dramatic opening of China’s telecom, banking, and insurance sectors, along with the lowering of tariffs on key agricultural products to almost zero. The point is: WTO leverage works. China’s membership in the WTO has been a huge boon to the United States, with U.S. exports to China increasing by 500 percent and agricultural exports increasing by 1000 percent since China joined the organization. Going forward, the WTO should absolutely be involved in establishing trust in trade negotiations and in providing the mechanisms for the enforcement of trade agreements. Bennet: Instead of slapping tariffs on our allies and perpetrating a trade war, Michael believes we need to do the hard work of building coalitions to counter Chinese predatory economic practices, like intellectual property theft and economic espionage, that harm American workers, businesses, farmers, and ranchers. In order to compete with and counter an increasingly authoritarian China, Michael believes we must reinvest in our alliances, champion democratic values like the rule of law and human rights, and sharpen our efforts to combat technology threats that undermine U.S. economic and national security.

Messam: The strained trade relations between the U.S. and China is a complex issue that should be confronted with a measured and sober disposition. The combined approach of multinational organizations and unilateral action should be leveraged to protect intellectual property, technology assets, and trade secrets. Before engaging trade wars that could have detrimental impacts to American businesses and our economy, we must seek to solve our trade differences diplomatically. Where multinational organization negotiations don’t work, I would seek specific and direct trade remedies not limited to: • tariffs • blockade on imports of stolen intellectual property Read more: Little-known Florida mayor becomes the latest Democrat vying to take on Trump in 2020 Williamson: The United States Intellectual Property is some of the most valued in the world. According to the USTR, by stealing our intellectual property, China costs American businesses between $225 billion and $600 billion annually. We must use all tools at our disposal to ensure China respects intellectual property law. This will include working with and leveraging the power of the international community to make certain that China engages in fair trade. The U.S. government must also enlist the help and cooperation from American businesses to help solve this problem. Increased internal controls, more robust screening and standardized best practices will make it more difficult for Chinese agents to operate. Many opportunities are a matter of simple theft. More diligence will help curb crimes of opportunity. Lastly, a firm no nonsense stance against China on every front will be necessary to send a clear message that these practices won’t be tolerated. Should a trade deal with China address human rights issues? If not, will your administration address human rights in China and, if so, how? Sanders: Yes. Labor protections are very weak in China, and the rights of workers are an essential component of human rights. The Trump administration has proven itself indifferent to labor rights, and apparently would prefer that American workers are reduced to the position of Chinese workers, rather than that labor everywhere enjoy basic protections and strong standard of living. The Trump administration has also done nothing to pressure China over its abhorrent treatment of the Uighur and Tibetan peoples. Future trade negotiations should, for example, target American corporations that contribute surveillance technologies that enable China’s authoritarian practices. Swalwell: Yes, a trade deal must have a component to address human rights activity. We must be a model for the world and call out countries such as China that violate human rights. Ryan: Yes. As the United States negotiates any future trade deal with China, we must address the human rights violations. The actions we have seen from the Chinese government when it comes to the inhumane treatment of the ethnic minorities is inexcusable. And no future trade agreement can ignore these violations. Delaney: Human rights are a priority to the Delaney Administration.


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: tucker higgins
Keywords: news, cnbc, companies, practices, property, running, negotiate, democrats, wto, trade, american, president, asked, theft, rights, heres, intellectual, china, chinas


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

How to avoid invoice theft: scam that cost Google, Facebook $123m

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered


According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered
How to avoid invoice theft: scam that cost Google, Facebook $123m Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


How to avoid invoice theft: scam that cost Google, Facebook $123m

Most cyber attacks cause reputational or competitive harm. A company might see client details, customer social security numbers or secret business plans exposed on the internet. That can be painful, but usually doesn’t cause immediate financial harm.

Invoice fraud results in an immediate financial loss. And it’s on the rise.

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018.

In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. The criminal may carefully monitor the usual interactions and payment processes between the business and the other party. Then, the criminal sends a convincing invoice or asks for a wire transfer for services rendered. Often, the business’s accounting office doesn’t realize it’s fraud and releases the funds.

That was the case with one owner of a small accounting firm in Brooklyn, New York, who wished to remain anonymous. In 2016 and 2017, an administrative assistant received several emails from an email address that appeared to belong to a business partner requesting payment for legal services, with wire addresses at legitimate banks. The assistant was in charge of releasing funds for routine invoices and complied. The scam cost the firm nearly $700,000 in one year — about half his average yearly revenue.

The owner says wasn’t able to recover the money because he had willingly sent the funds, and banks typically don’t make customers whole for this type of fraud. He contemplated declaring bankruptcy, but instead tightened his belt and carried on.

“I just ate it instead,” he said. “And basically stopped doing any business over the email.”

The accountant’s experience is typical.

Invoice fraud has become so common that when denim company Diesel Jeans filed for bankruptcy earlier this month, the company cited invoice fraud for contributing significantly to its financial woes. Prior to that, scammers successfully impersonated Mattel’s CEO in a series of email compromise scams that led to $3 million in losses for the company.

In 2017, a commodities trading firm called Tillage Commodities LLC, based in Connecticut, lost 64 percent of its total capital to business email compromise over the course of just 21 days. The company was later fined $150,000 by the Commodity Futures Trading Commission for failing to supervise its funds.

In Google and Facebook’s cases, a Lithuanian national named Evaldas Rimasauskas — who pleaded guilty to wire fraud on March 20 — spent two years posing as a third party who conducted business with the two companies. The fraud was highly involved, and the tech giants’ money took a round-the-world trip to be laundered before ending up in Rimasauskas’s hands.

Google and Facebook wired funds to Rimasauskas’ “bank accounts in Latvia and Cyprus,” who then, “quickly wired [the funds] into different bank accounts in various locations throughout the world, including Latvia, Cyprus, Slovakia, Lithuania, Hungary, and Hong Kong,” according to the Justice Department.

Rimasauskas “forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of [Google and Facebook], and which bore false corporate stamps embossed with [their] names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer.”

Google lost around $23 million in the scam, while Facebook was out $100 million.

“Facebook recovered the bulk of the funds shortly after the incident and has been cooperating with law enforcement in its investigation,” a Facebook spokesperson said.

According to a Google spokesperson, “We detected this fraud and promptly alerted the authorities. We recouped the funds and we’re pleased this matter is resolved.”

Neither company explained to CNBC how they were able to recover the stolen funds. In most cases, they’re lost forever.


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

How to avoid invoice theft: scam that cost Google, Facebook $123m

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered


According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered
How to avoid invoice theft: scam that cost Google, Facebook $123m Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


How to avoid invoice theft: scam that cost Google, Facebook $123m

Most cyber attacks cause reputational or competitive harm. A company might see client details, customer social security numbers or secret business plans exposed on the internet. That can be painful, but usually doesn’t cause immediate financial harm.

Invoice fraud results in an immediate financial loss. And it’s on the rise.

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018.

In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. The criminal may carefully monitor the usual interactions and payment processes between the business and the other party. Then, the criminal sends a convincing invoice or asks for a wire transfer for services rendered. Often, the business’s accounting office doesn’t realize it’s fraud and releases the funds.

That was the case with one owner of a small accounting firm in Brooklyn, New York, who wished to remain anonymous. In 2016 and 2017, an administrative assistant received several emails from an email address that appeared to belong to a business partner requesting payment for legal services, with wire addresses at legitimate banks. The assistant was in charge of releasing funds for routine invoices and complied. The scam cost the firm nearly $700,000 in one year — about half his average yearly revenue.

The owner says wasn’t able to recover the money because he had willingly sent the funds, and banks typically don’t make customers whole for this type of fraud. He contemplated declaring bankruptcy, but instead tightened his belt and carried on.

“I just ate it instead,” he said. “And basically stopped doing any business over the email.”

The accountant’s experience is typical.

Invoice fraud has become so common that when denim company Diesel Jeans filed for bankruptcy earlier this month, the company cited invoice fraud for contributing significantly to its financial woes. Prior to that, scammers successfully impersonated Mattel’s CEO in a series of email compromise scams that led to $3 million in losses for the company.

In 2017, a commodities trading firm called Tillage Commodities LLC, based in Connecticut, lost 64 percent of its total capital to business email compromise over the course of just 21 days. The company was later fined $150,000 by the Commodity Futures Trading Commission for failing to supervise its funds.

In Google and Facebook’s cases, a Lithuanian national named Evaldas Rimasauskas — who pleaded guilty to wire fraud on March 20 — spent two years posing as a third party who conducted business with the two companies. The fraud was highly involved, and the tech giants’ money took a round-the-world trip to be laundered before ending up in Rimasauskas’s hands.

Google and Facebook wired funds to Rimasauskas’ “bank accounts in Latvia and Cyprus,” who then, “quickly wired [the funds] into different bank accounts in various locations throughout the world, including Latvia, Cyprus, Slovakia, Lithuania, Hungary, and Hong Kong,” according to the Justice Department.

Rimasauskas “forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of [Google and Facebook], and which bore false corporate stamps embossed with [their] names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer.”

Google lost around $23 million in the scam, while Facebook was out $100 million.

“Facebook recovered the bulk of the funds shortly after the incident and has been cooperating with law enforcement in its investigation,” a Facebook spokesperson said.

According to a Google spokesperson, “We detected this fraud and promptly alerted the authorities. We recouped the funds and we’re pleased this matter is resolved.”

Neither company explained to CNBC how they were able to recover the stolen funds. In most cases, they’re lost forever.


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

America’s top defense officials say Google’s work in China benefits Beijing’s military

WASHINGTON — America’s top two defense officials slammed Google’s work with China on Thursday saying it has “indirectly benefited” Beijing’s military. “The work that Google is doing in China is indirectly benefiting the Chinese military,” Dunford said. In addition, the company also said it would not renew a Pentagon contract that analyzed aerial drone imagery for the military. Acting Secretary of Defense Patrick Shanahan, also speaking before the Senate committee, echoed concerns that China has


WASHINGTON — America’s top two defense officials slammed Google’s work with China on Thursday saying it has “indirectly benefited” Beijing’s military. “The work that Google is doing in China is indirectly benefiting the Chinese military,” Dunford said. In addition, the company also said it would not renew a Pentagon contract that analyzed aerial drone imagery for the military. Acting Secretary of Defense Patrick Shanahan, also speaking before the Senate committee, echoed concerns that China has
America’s top defense officials say Google’s work in China benefits Beijing’s military Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: amanda macias, navy petty officer class dominique pineiro, department of defense photo, lockheed martin
Keywords: news, cnbc, companies, defense, work, china, americas, joint, military, country, googles, theft, talent, technology, search, say, beijings, officials, benefits, google


America's top defense officials say Google's work in China benefits Beijing's military

WASHINGTON — America’s top two defense officials slammed Google’s work with China on Thursday saying it has “indirectly benefited” Beijing’s military.

“We watch with great concern when industry partners work in China knowing that there is that indirect benefit,” Marine Corps Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, told members of the Senate Armed Services Committee hearing.

“The work that Google is doing in China is indirectly benefiting the Chinese military,” Dunford said. “The way I describe it to industry partners is, ‘look we’re the good guys and the values that we represent and the system we represent is the one that will allow and has allowed you to thrive,'” he said.

Dunford’s comments come in the wake of the tech giants’ decision not to pursue some of the Pentagon’s lucrative contracts while considering projects in China.

In October, Google said it would no longer compete for the Pentagon’s Joint Enterprise Defense Infrastructure, or JEDI, cloud computing contract, an award that could be worth $10 billion. Google said that the contract may conflict with its corporate values. In addition, the company also said it would not renew a Pentagon contract that analyzed aerial drone imagery for the military.

Meanwhile, it was revealed last year that the tech giant was studying the idea of working with the Chinese government on “Project Dragonfly,” a censored search engine that would block certain sites and search terms. More recently, after pushback from politicians and activists, Google said it had dropped those plans.

Read more: Senator slams Google’s censored search engine work in China

But Google Chief Executive Sundar Pichai has said the company will continue to invest in China while also considering projects with the U.S. government.

Acting Secretary of Defense Patrick Shanahan, also speaking before the Senate committee, echoed concerns that China has gamed American innovation.

“$5 trillion of their [China’s] economy is state-owned enterprises. So the technology that has developed in the civil world transfers to the military world, it’s a direct pipeline. Not only is there a transfer, there is systemic theft of U.S. technology that facilitates even faster development of emerging technology,” he said.

“The talent is in this country, we need to use the talent in this country and the talent in this country needs to support our great power competition,” Shanahan added.

The criticism comes as the U.S. trade battle with China marches on, with intellectual property theft proving to be a major sticking point between the world’s two largest economies.

U.S. officials have long complained that intellectual property theft has cost the economy billions of dollars in revenue, thousands of jobs and threatens national security.

“If China successfully captures these emerging industries of the future, America will have no economic future and its national security will be severely compromised,” White House trade advisor Peter Navarro said in June.

For the Pentagon, there is no better example of Navarro’s comments than the most expensive U.S. weapons system: the F-35 Joint Strike Fighter.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: amanda macias, navy petty officer class dominique pineiro, department of defense photo, lockheed martin
Keywords: news, cnbc, companies, defense, work, china, americas, joint, military, country, googles, theft, talent, technology, search, say, beijings, officials, benefits, google


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Kyle Bass says trade deal with China must address IP theft: ‘They’re stealing our game from us’

Hayman Capital Management founder Kyle Bass thinks any trade deal with China must include enforcement mechanisms against intellectual property theft for the U.S. to truly benefit from it. China and the U.S. are in the “final stages” of working out a trade deal, CNBC learned through sources. These changes include a way to enforce intellectual property of U.S. products in China. “We have a golden opportunity today for a global reset in our relationship with China,” Bass said. “Our real issue is fo


Hayman Capital Management founder Kyle Bass thinks any trade deal with China must include enforcement mechanisms against intellectual property theft for the U.S. to truly benefit from it. China and the U.S. are in the “final stages” of working out a trade deal, CNBC learned through sources. These changes include a way to enforce intellectual property of U.S. products in China. “We have a golden opportunity today for a global reset in our relationship with China,” Bass said. “Our real issue is fo
Kyle Bass says trade deal with China must address IP theft: ‘They’re stealing our game from us’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: fred imbert
Keywords: news, cnbc, companies, stealing, ip, way, kyle, bass, property, chinese, intellectual, theft, deal, control, theyre, china, game, world, trade


Kyle Bass says trade deal with China must address IP theft: 'They're stealing our game from us'

Hayman Capital Management founder Kyle Bass thinks any trade deal with China must include enforcement mechanisms against intellectual property theft for the U.S. to truly benefit from it.

“Over the last decade, they’ve stolen $2-to-$3 trillion in IP from us. The U.S.’ No. 1 asset, in my view, is our ingenuity, our intellectual property, our ability to innovate,” Bass told CNBC’s Brian Sullivan in a pre-taped interview that aired on “Worldwide Exchange.” “That’s our game and they’re stealing our game from us. It’s really important for this new agreement to be measurable and punishable.”

China and the U.S. are in the “final stages” of working out a trade deal, CNBC learned through sources. However, The New York Times reported Sunday that any deal would do little to address key structural changes in China that the U.S. has been seeking. These changes include a way to enforce intellectual property of U.S. products in China.

“We have a golden opportunity today for a global reset in our relationship with China,” Bass said. “Our real issue is forced technology transfers, it’s intellectual property theft, it’s subversive industrial policies that circumvent WTO rules. It’s basically the way the Chinese lie, cheat and steal their way through our economy.”

Investors across the globe have been cheering the apparent progress in trade talks between the two countries. The S&P 500 has risen more than 11 percent this year. In China, the Shanghai Composite has surged more than 20 percent, rebounding from a sharp sell-off in 2018.

But Bass is skeptical about the sharp run-up in Chinese equities. “Can the Chinese run up their stock market? Absolutely. Domestically, they control the price, they control the printing press, they control the police, they control the narrative,” he said. “The Chinese print more money than any other country has ever printed, in gross terms, in world history. Since 2001, they’ve printed roughly $30 billion worth of RMB.”

“Why would you invest in a country where there is no rule of law?” added Bass, claiming that Western investors would have no standing if a Chinese company were to go bankrupt. Chinese stocks should be considered tracking stocks not ownership in a piece of the company, he argued.

Bass also said “the ultimate arbiter” for China will be its foreign exchange reserves and how its currency performs against those around the world. This is because China makes it nearly impossible for investors to bet against the country’s domestic companies.

“The economics between our two nations are very, very different. At some point in time, the world is going to see the emperor has no clothes.”

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: fred imbert
Keywords: news, cnbc, companies, stealing, ip, way, kyle, bass, property, chinese, intellectual, theft, deal, control, theyre, china, game, world, trade


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US pursuing criminal charges against Huawei for alleged theft of trade secrets: WSJ

The U.S. Justice Department will pursue a criminal case against Chinese tech giant Huawei for alleged trade secrets theft, according to The Wall Street Journal. The charges revolve around theft of trade secrets related to a robotic device called “Tappy” made by T-Mobile, which was used in testing smartphones, according to the report. The Wall Street Journal reports an indictment is expected soon. T-Mobile claimed in the 2014 complaint that Huawei employees stole the robotic trade secrets at the


The U.S. Justice Department will pursue a criminal case against Chinese tech giant Huawei for alleged trade secrets theft, according to The Wall Street Journal. The charges revolve around theft of trade secrets related to a robotic device called “Tappy” made by T-Mobile, which was used in testing smartphones, according to the report. The Wall Street Journal reports an indictment is expected soon. T-Mobile claimed in the 2014 complaint that Huawei employees stole the robotic trade secrets at the
US pursuing criminal charges against Huawei for alleged theft of trade secrets: WSJ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-16  Authors: kate fazzini, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, stole, trade, secrets, robotic, wsj, huawei, alleged, wall, street, tmobile, criminal, charges, pursuing, case, theft


US pursuing criminal charges against Huawei for alleged theft of trade secrets: WSJ

The U.S. Justice Department will pursue a criminal case against Chinese tech giant Huawei for alleged trade secrets theft, according to The Wall Street Journal.

The charges revolve around theft of trade secrets related to a robotic device called “Tappy” made by T-Mobile, which was used in testing smartphones, according to the report.

The Wall Street Journal reports an indictment is expected soon.

Huawei declined to comment on the report.

The criminal case reportedly stemmed from a civil case filed in Seattle District Court in 2014, in which T-Mobile said Huawei stole its proprietary technology after Huawei “abused its relationship as a phone handset supplier for T-Mobile to obtain access to T-Mobile’s robot and, in violation of several confidentiality and nondisclosure agreements, copied the robot’s specifications and stole parts, software and other trade secrets.”

T-Mobile claimed in the 2014 complaint that Huawei employees stole the robotic trade secrets at the direction of Huawei’s corporate research and development team based in China. Huawei fought the claims, and the two sides sparred until a federal jury awarded T-Mobile $4.8 million in the case in 2017.

The case comes on the heels of controversy over the Dec. 1 arrest of the company’s CFO, Meng Wanzhou in Vancouver. Meng is the daughter of the company’s CEO Ren Zhengfei. On Tuesday, Ren praised President Trump and his efforts at forging a new trade deal with China, while emphasizing the negative effect “the detention of certain individuals” could have on U.S.-China relations.


Company: cnbc, Activity: cnbc, Date: 2019-01-16  Authors: kate fazzini, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, stole, trade, secrets, robotic, wsj, huawei, alleged, wall, street, tmobile, criminal, charges, pursuing, case, theft


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post