Massive ID fraud and cheque scam busted in NYC

A corporate identity theft ring that exploited the identities of local corporations, religious institutions, hospitals and even schools to run a cheque fraud scam has been busted in New York.

Investigators reckon the gang of 18 suspects made millions by impersonating workers from an estimated 350 New York-based organizations. Data purchased from corrupt bank insiders was used to lay the groundwork for the scam, which relied on cashing thousands of counterfeit payroll cheques. The fraudsters also plundered the bank accounts of individual victims, using data obtained from corrupt bank insiders to transfer funds to banks under the control of the gang.

http://www.theregister.co.uk/2009/05/29/corporate_id_theft_scam_charges/

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