$200 Million Card Fraud Scheme Alleged

[InfoSec News <alerts () infosecnews org>]

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.

[...]


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