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New NICB Report: Vehicle Finance Fraud Threat Projected to Rise

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Sophisticated criminal networks are exploiting artificial intelligence and synthetic identities to target the multi-billion-dollar auto lending ecosystem

OAK BROOK, Ill., Oct. 19, 2026 /PRNewswire/ — As traditional vehicle thefts steadily decline from their post-pandemic highs, organized criminal networks have shifted their focus to a more lucrative and complex target: auto finance fraud, according to a new report from the National Insurance Crime Bureau, (NICB), the leading, established non-profit dedicated to identifying insurance fraud.

National fraud exposure in auto lending has reached an estimated $10.4 billion, with total projected losses expected to rise even higher in 2026.

“Vehicle finance fraud has evolved from isolated credit misrepresentations into an organized, digital criminal industry that touches dealerships, lenders and insurers,” said NICB Chief Operating Officer Timothy R. Slater. “Stopping these networks requires shifting away from reactive, siloed defenses toward standardized and synchronized cross-industry reporting.”

Recent industry studies indicate that up to 24% of all auto loan defaults may be linked to fraud, with 77% of auto dealerships reporting an increase in fraudulent activity over the past two years. First party fraud, in which individuals or fraud rings misrepresent income, employment, or repayment intent using their own or synthetic identities, now accounts for nearly 70% of all vehicle finance fraud.

Borrowers flagged as likely synthetic identities default at a rate 12.5 times higher than typical consumers, producing average losses between $22,000 and $50,000 per case, dwarfing typical losses seen in credit cards or personal loans.

Key Schemes and Emerging Vulnerabilities Driving the Crisis:

Synthetic Identity and Automated Bot Attacks: Synthetic identity fraud powers an estimated 80% to 85% of identity-based vehicle financing schemes.Credit Bust-Outs and “Sign-and-Walk” Rings: Applicants submit inflated or AI-fabricated pay stubs, bypassing early default flags.Credit Washing and False Theft Claims: Suspected credit washing surged 228% between early 2024 and mid-2025, with bad actors submitting forged FTC dispute affidavits and police reports claiming identity theft to suppress derogatory trade lines and secure fresh auto financing.Enforcement and Reporting Disconnects: Current federal crime definitions exclude fraud and forgery-based acquisitions from motor vehicle theft statistics and focused enforcement efforts, obscuring the scale of criminal vehicle acquisition.

To combat auto finance crime, NICB works in close coordination with local, state and federal law enforcement agencies, member special investigation units, fusion centers, and state fraud bureaus. Serving as a central operational bridge between the private sector and government, NICB deploys specialized agents and intelligence analysts to detect, deter and prevent insurance crime.

Additionally, NICB advocates for the modernization of state and federal statutory frameworks to close gaps exploited by synthetic identity rings, including the recent enactment of Oklahoma House Bill 3244, which established aggravated identity theft penalties and enhanced data-sharing, and continues to champion Minnesota H.F. 3826 to expand prosecutorial subpoena power and criminalize forged digital likenesses.

Anyone who believes they have information concerning insurance fraud or vehicle crime can report it to NICB at ReportInsuranceFraud.org or by calling 800.TEL.NICB (800.835.6422).

About the National Insurance Crime Bureau: Headquartered in Oak Brook, Ill., the National Insurance Crime Bureau (NICB) is the nation’s leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. To learn more, visit NICB.org.

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SOURCE National Insurance Crime Bureau (NICB)

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3M announces collaboration with GSEO to advance Expanded Beam Optical manufacturing and development

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ST. PAUL, Minn., Oct. 19, 2026 /PRNewswire/ — 3M (NYSE: MMM) today announced a collaboration with Genius Electronic Optical Co., Ltd. (GSEO, Taiwan: 3406), an optical technology company, to advance technology development and manufacturing for 3M’s Expanded Beam Optical (EBO) solutions. In support of these efforts, 3M expects to make a strategic investment to acquire approximately 4.7% of GSEO’s common shares as part of the company’s private placement of newly issued shares, subject to customary closing conditions.

The collaboration brings together 3M’s EBO technology leadership, optical interconnect expertise, materials science, manufacturing scale and customer relationships with GSEO’s precision optics manufacturing capabilities and production scale. Together, the companies aim to support EBO commercialization and long-term capacity expansion to meet growing demand from hyperscale data centers and other advanced connectivity applications.

“3M is investing in capabilities and partnerships that can accelerate innovation for our customers,” said William Brown, 3M Chairman and CEO. “By selecting GSEO as a manufacturing partner and investing in the company, we are strengthening the path to scale next-generation optical connectivity solutions for high-performance data center infrastructure.”

GSEO’s existing precision optics manufacturing capabilities and technical development experience are expected to support manufacturing readiness for 3M’s EBO ferrules, co-packaged optics solutions and related optical interconnect applications. The collaboration is part of 3M’s broader EBO ecosystem strategy, which includes continued work with customers and partners across the optical interconnect market.

“GSEO is pleased to expand its relationship with 3M as we work together to advance optical interconnect solutions for next-generation data center infrastructure,” said Micro Kuo, GSEO CEO and President. “This collaboration brings together complementary technology and manufacturing strengths to support continued innovation and help meet the performance demands of high-growth connectivity markets.”

3M expects the strategic investment to close in the fourth quarter of 2026, subject to customary closing conditions.

Forward-Looking Statements
Certain statements in this release are considered “forward-looking statements” under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, and are intended to enjoy the protection of those laws. Forward-looking statements may appear throughout this release and are typically identified by the words “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “impact,” “initial,” “intend,” “likely,” “may,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words that are similar to, or have the opposite meanings of, those words. Forward-looking statements speak only as of the date they are made, 3M assumes no duty to update those statements, and readers are cautioned not to place undue reliance on any of those statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” of 3M’s Form 10-K for the year ended December 31, 2025.

About 3M
3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news.

Contacts
3M
Investor Contact:
Diane Farrow, 612-202-2449
Media Contact:
3MNews@mmm.com 

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Scott Vicknair Personal Injury Lawyers Announces Second Annual Operation Fur-Ever Home Pet Adoption Event at Lafreniere Park

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NEW ORLEANS, Oct. 19, 2026 /PRNewswire/ — Scott Vicknair Personal Injury Lawyers is excited to announce the return of its second annual Operation Fur-Ever Home, a free community pet adoption event taking place on Saturday, November 14, 2026, from 9:00 a.m. to 11:00 a.m. at Lafreniere Park in Metairie, Louisiana.

The free, family-friendly event will give attendees the opportunity to meet adoptable pets from local animal shelters, learn about responsible pet ownership, and potentially welcome a new furry companion into their homes. Those who preregister for the event will also be entered for a chance to win a Soundcore speaker and a free pet adoption.

“Last year’s event was everything we hoped it would be, and we are incredibly excited to bring Operation Fur-Ever Home back for a second year,” said David Vicknair, founding partner of Scott Vicknair Personal Injury Lawyers. “There is something special about watching a family meet a pet that could become part of their lives for years to come. We wanted to create another opportunity to make those connections while supporting the organizations that work tirelessly to care for animals in our community.”

Building on the success of the first event, this year’s event continues the firm’s commitment to supporting local animal shelters and creating meaningful opportunities for families throughout Southeast Louisiana.

“Giving back to our community has always been an important part of who we are as a firm,” said Vicknair. “Whether we are helping students prepare for school, recognizing deserving teachers, or supporting local animal shelters, our goal is to make a positive difference in the communities we serve.”

Operation Fur-Ever Home is free and open to the public. Families, animal lovers, and anyone interested in adopting a pet are encouraged to attend and preregister.

About Scott Vicknair Personal Injury Lawyers

Scott Vicknair Personal Injury Lawyers is a New Orleans-based personal injury firm committed to providing exceptional legal representation while also investing in the communities it serves. Their experienced team of dedicated attorneys specializes in car accidents, personal injury, and wrongful death cases in New Orleans. With diverse personal and professional backgrounds, they craft legal strategies tailored to each client’s specific case and needs.

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SOURCE Scott Vicknair Personal Injury Lawyers

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Can we produce low-cost omega-3s without relying on fish?

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GOLD COAST, Australia, Oct. 19, 2026 /PRNewswire/ — Southern Cross University researchers are aiming to halve the cost of producing omega-3 supplements to make these essential nutrients more accessible to pregnant women and infants in low-income countries, backed by the University’s first-ever grant from The Gates Foundation.

The research takes a novel approach: rather than relying on fish oil, the team is going closer to the original source of omega-3. Fish don’t produce omega-3 themselves – they accumulate it from marine microorganisms lower in the food chain.

Led by Professor Dirk Erler from Southern Cross University’s Faculty of Science and Engineering, the team is investigating how these naturally omega-3-producing microorganisms can be grown more cheaply through precision fermentation, including the use of agricultural and food-processing by-products as a source of fermentation sugar.

Omega-3 is an important nutrient during pregnancy and early life, supporting brain and nervous system development in babies. But the cost of supplements remains a significant barrier to access in many low-income countries.

“The main barrier for the uptake of omega-3s as supplements in pregnant women is the cost,” Professor Erler said.

“The whole objective of our project is to reduce that cost and make omega-3 supplements more available.”

The research team at Southern Cross University, which includes biomedical scientist Dr Nedeljka Rosic, Dr Shane McIntosh, postdoctoral researcher Dr Jasmine Haskell and PhD researcher Michael Ingram, is focused on growing omega-3-producing marine microorganisms known as thraustochytrids – or ‘throstys’ for short.

“By growing those microorganisms on land through precision fermentation, we have an alternative way of producing omega-3s that is both reliable and highly targeted,” Professor Erler said.

Precision fermentation allows the researchers to grow thraustochytrids under controlled conditions to produce omega-3 oils. The team is investigating whether expensive feedstocks used in the process can be replaced with lower-cost agricultural and food-processing by-products, helping drive down the overall cost of production.

The approach could also reduce reliance on wild-caught fish as a source of omega-3 oil and create a more reliable, scalable, and local supply.

For biomedical scientist Dr Nedeljka Rosic, the production challenge is ultimately about what greater access to omega-3 could mean for women and babies.

“As a biomedical scientist, my purpose is to find ways to use science to improve people’s health,” Dr Rosic said.

“This project is important because it aims to improve the health of pregnant women and children and reduce preterm births through simple dietary improvements.”

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SOURCE Southern Cross University

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