[ISN] $200 Million Card Fraud Scheme Alleged

http://www.bankinfosecurity.com/200-million-card-fraud-scheme-alleged-a-5504 By Tracy Kitten Bank Info Security February 12, 2013 Arrests in connection with an alleged $200 million global credit card fraud ring offer an important reminder about gaps in cross-channel and cross-account fraud detection, says one anti-money-laundering expert. Banking institutions must practice more due diligence when it comes to account activity monitoring – and greater reliance on big data would help, the expert advises. On Feb. 5, federal authorities arrested 13 individuals allegedly connected to one of the biggest payment card schemes ever uncovered by the Department of Justice. The defendants’ alleged criminal enterprise – built on synthetic, or fake, identities and fraudulent credit histories – crossed numerous state and international borders, investigators say. The scheme involved the creation of false identities used to create fraudulent credit profiles, falsified information to establish creditworthiness with the credit bureaus and large loans that were never repaid by the fraudsters, according to court records that were recently unsealed. […] ______________________________________________ Visit the InfoSec News Security Bookstore Best Selling Security Books and More! http://www.shopinfosecnews.org




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