U.S. Customs and Border Protection (CBP) San Juan Field Operations confirmed Tuesday a significant increase of more than 300 percent in the seizure of counterfeit merchandise during the first two quarters of federal fiscal year 2017 compared to the same period in FY2016.
Puerto Rico is among seven U.S. jurisdictions with a higher-than-average rank for shipping and billing fraud attacks, according to a recently released study by global information services company Experian.
The incidence in debit and credit card fraud has been in on the rise in Puerto Rico given the different ways fraudsters use to obtain a cardholder’s information.
A day after the Securities and Exchange Commission absolved two of its top Puerto Rico financial advisors of charges of misleading or defrauding customers, UBS Financial Services looked to clear the air with its client base through an extensive letter in which it addressed a number of public allegations regarding its recent business practices.
Two years after scrubbing out about 166,000 Puerto Rico residents who were misusing phone subsidy benefits through the “Lifeline” program, the Telecommunications Regulatory Board has asked the Federal Communications Commission to allow it to opt-out of the stateside database to continue doing the job on its own.
Credit and debit card processing company Evertec is adopting technology to protect and defend consumers against counterfeit card and skimming fraud in Puerto Rico.
In keeping with its role of overseeing agencies and tour operators in Puerto Rico, the Tourism Company issued Thursday a “cease and desist” order against Mayagüez company JD Reservation Services for operating as an unlicensed travel agency.
Saying that consumers can protect themselves the best when it comes to warding off identity theft and banking fraud, the Puerto Rico Bankers Association launched Tuesday a permanent educational initiative to teach people how to protect themselves against attacks to their personal finances.
The Securities and Exchange Commission on Tuesday charged UBS Financial Services Inc. of Puerto Rico and two executives with making misleading statements to investors, concealing a liquidity crisis, and masking its control of the secondary market for 23 proprietary closed-end mutual funds.
Considering that financial fraud is seemingly becoming more sophisticated with each passing day, The CPA Society of Puerto Rico will host a daylong seminar Dec. 8 to discuss the most recent cases and present tools to prevent, control and manage it if it happens again.
Upon learning earlier this week that more than 200,000 local consumers are allegedly committing fraud with subsidies offered on residential and wireless telephone services, Sen. Lornna Soto will visit the Telecommunications Regulatory Board today to collect documents and other information that may be referred to local and federal law enforcement authorities.
Social Security Administration Inspector General Patrick O’Carroll is said to be looking into a case of potential disability fraud in Puerto Rico associated with the recent closing of an undisclosed plant that left 300 jobless, the Wall Street Journal reported.
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