Organized Fraud Attacks Increasingly In The Headlines
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Breaking news this week is that the New Jersey FBI charged
53 people in connection with sophisticated identity theft and fraud. It is thought that 43 individuals were part of a single, large scale criminal organization named the Park Criminal Enterprise. Those charged are said to be responsible for identity theft, credit card fraud, bank fraud, tax fraud and other crimes.
This is yet another example of an organized, professional crime ring carrying out sophisticated attacks against U.S. financial institutions. Just a few weeks ago Bank Fraud Forum covered the case of
“BigBoss”, a sophisticated fraud scam perpetrated by hacking check image archives to produce thousands of counterfeit checks. Total loss to institutions was around $9 million.
Are these news items part of a larger trend toward more sophisticated fraud attacks? What are you seeing at your institution?
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