October 30th, 2004 02:10 AM
The Cost of ID Fraud
The story below is just one of many that clearly indicate how important it is to keep our personal information, accounts, etc., secure. Fortunately, these guys/gals were busted but look at how much their theft was valued at: $4.3 million with a potential of hundreds of millions.
US Secret Service busts 28 ID fraudsters
By John Leyden, The Register Oct 29 2004 7:59AM
Operation Firewall identified a group of suspects investigators reckon collectively stole over 1.7 million credit card numbers as well as forging driving licenses, birth certificates and passports. Losses to banks through credit card fraud because of the gang's activities are estimated at $4.3m. The suspects face identity theft, computer fraud, credit card fraud and conspiracy charges.
"These suspects targeted the sensitive and private information of ordinary citizens as well as the confidential and proprietary information of companies," said Secret Service director W Ralph Basham. He added that the early arrest of the suspects prevented losses that could have run into hundreds of millions of dollars.
The Story Here
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