12 Indicted In Alleged Bank Fraud Ring

Twelve people have been charged in a $10 million bank fraud conspiracy that authorities say depended on identity theft by employees in some of America's largest banks, according to a federal indictment unsealed Wednesday. The indictment accused the defendants of buying and selling identifications and using them to create phony bank and credit card accounts, apply for loans and get cash. Authorities say the network operated in many states, and bank employees in Minnesota and elsewhere were recruited to obtain customer information and conduct phony transactions.

Posted in: Internal Fraud Account Takeover Identity Theft