Identity theft gangs are growing in sophistication, and the amount of money involved is increasing rapidly. This story from NetworkWorld describes a very sophisticated gang of ID thieves. It seems that these bad guys were using information from a variety of sources, both online and off, as well as traditional fraud tactics (e.g., social engineering). And the targets were home equity lines of credit, which often have very high values.
Feds nab more members of alleged identity theft gang
Federal authorities say they have taken another step toward busting a multinational identity theft ring that is alleged to have used stolen personal data to withdraw millions of dollars from home equity line-of-credit accounts at dozens of financial institutions in the U.S., including some of the country’s largest banks.
Four individuals were arrested last week in connection with the alleged scheme, which has resulted in more than $2.5 million being stolen from the affected financial institutions, according to law enforcement officials. Another $4 million worth of attempted withdrawals by the gang were unsuccessful, the U.S. attorney’s office in New Jersey said in announcing the arrests last Wednesday