Case Studies
Public transaction fraud incidents, newest first, with the mechanisms each illustrates.
12 case studies, newest first.
| Case | Year | Summary | Mechanisms |
|---|---|---|---|
| Case Study - Japan Brokerage Account Takeovers (2025) | 2025 | In 2025, phishing-driven takeovers of Japanese online brokerage accounts were used to sell victims' holdings and buy thin stocks in ramp-and-dump schemes, prompting compensation and mandatory phishing-resistant MFA. | Ramp-and-Dump via Account Takeover, Account Takeover (ATO), Phishing and Credential Harvesting, Session Hijacking and Infostealers, MFA Bypass and OTP Interception |
| Case Study - Prince Group Pig Butchering Enforcement (2025) | 2025 | In October 2025 the US and UK acted against Cambodia's Prince Group: Chen Zhi indicted, about 127,271 BTC (~$15B) put up for forfeiture, and 146 targets sanctioned. | Investment Scams (Pig Butchering), Authorized Push Payment (APP) Scams, Money Mules, Fraud Rings and Collusion, Fraud-as-a-Service Ecosystem |
| Case Study - Arup Deepfake Video Call (2024) | 2024 | A Hong Kong finance employee at Arup sent HK$200M (about US$25.6M) in 15 transfers after a video call where every colleague was a deepfake. | Generative AI and Deepfake Fraud, Impersonation Scams, Authorized Push Payment (APP) Scams, Money Mules |
| Case Study - Chase Infinite Money Glitch (2024) | 2024 | A 2024 viral trend exploited Chase's provisional availability on deposited checks to withdraw cash before bad checks bounced; Chase answered with repayment demands and lawsuits. | Instant Funding Abuse (Kiting), Check and Mobile Deposit Fraud, First-Party Fraud, Business Logic Exploitation, Money Mules |
| Case Study - TD Bank AML Failures (2024) | 2024 | TD Bank pleaded guilty in 2024 after leaving ~92% of transactions unmonitored while networks and bribed employees moved $670M+; it paid ~$3.09B and accepted a US asset cap. | Money Mules, Insider Fraud, Fraud Rings and Collusion, Account Takeover (ATO) |
| Case Study - UK APP Scam Reimbursement Rules (2024) | 2024 | Since October 2024, UK payment firms must reimburse APP scam victims up to £85,000, split 50/50 between sending and receiving firms; 88% of losses were repaid in 18 months. | Authorized Push Payment (APP) Scams, Impersonation Scams, Investment Scams (Pig Butchering), Money Mules, Real-Time Payment Rail Fraud |
| Case Study - Zelle Scam Liability Disputes (2024-2025) | 2024 | The CFPB sued Zelle's operator and three owner banks over scam and fraud losses in December 2024, then dropped the case; New York's AG refiled under state law in 2025. | Authorized Push Payment (APP) Scams, Impersonation Scams, Real-Time Payment Rail Fraud, Account Takeover (ATO), Money Mules |
| Case Study - DraftKings Credential Stuffing (2022) | 2022 | A November 2022 credential stuffing wave hit roughly 60,000 DraftKings accounts; attackers added their own payment methods to about 1,600 and withdrew around $600,000. | Credential Stuffing, Account Takeover (ATO), Payout Redirection, Account Farming and Resale, Fraud-as-a-Service Ecosystem |
| Case Study - FTX Theft via SIM Swap (2022) | 2022 | On FTX's bankruptcy day in November 2022, a SIM swap of an employee's phone allegedly gave attackers the codes to move $400M+ from company wallets; three were indicted in DC. | SIM Swap and Port-Out Fraud, MFA Bypass and OTP Interception, Account Takeover (ATO), Synthetic Identity Fraud, Insider Fraud |
| Case Study - Talens Counterfeit Coupon Scheme (2020) | 2020 | From 2017 to 2020, a Virginia Beach couple designed and sold counterfeit manufacturer coupons to buyers nationwide, causing about $31.8M in losses; seven people were ultimately sentenced. | Coupon Counterfeiting and Misredemption, Fraud Rings and Collusion, Refund and Return Fraud, Fraud-as-a-Service Ecosystem |
| Case Study - Pinduoduo Coupon Exploit (2019) | 2019 | On January 20, 2019, a promo loophole let users obtain unlimited ¥100 Pinduoduo vouchers overnight; they were spent on phone top-ups and virtual goods before the fix, costing under ¥10M. | Business Logic Exploitation, Promo Code Abuse, Multi-Accounting, Fraud Rings and Collusion, Sign-Up Bonus Abuse |
| Case Study - Robinhood Infinite Leverage Glitch (2019) | 2019 | In November 2019, Robinhood Gold users found that a buying-power calculation counted borrowed-money option sales as their own capital, enabling outsized leverage; Robinhood restricted accounts and patched the system. | Business Logic Exploitation, First-Party Fraud, Instant Funding Abuse (Kiting) |