support
Send this page to a colleagueData quality news
Criminals look for fall guys in identity theft scam
Sep 26 2008, 11:16 AM
A new identity theft scam is putting cash-strapped Brits at risk of both fraud and jail time, it has emerged.
Criminals have been spamming and advertising for 'money-mules' to wire illegally acquired money overseas.
So far this year, almost 900 adverts have been detected by payments association Apacs.
Money-mules are used to launder cash stolen from innocent victims' accounts by identity fraud.
It is believed that fraudsters acquire enough information to complete a fraudulent transaction from the victim's account before sending a sum to the money-mule.
The money-mule then wires the money to the fraudster's overseas account, taking a percentage as a fee.
But those tempted to become embroiled in the scam should beware that it is very likely that the law will catch up with them, while the true beneficiaries walk free.
Apacs director of communications Sandra Quinn said: "By allowing your bank account to be used to receive and transfer funds, you will be acting illegally, even if you have had nothing to do with the actual theft of funds from another person's account.
"If you see an opportunity to make some easy money and the offer seems too good to be true, then it probably is!"
The fact that mules also have to disclose their own bank details to fraudsters puts them at risk of becoming fraud victims themselves.
-
Data integrity within the
Finance
sector - find out more
- Download our product brochures
- See our products in action - watch our demos
- You can also call us on 0800 197 7920 or email us direct
Related articles...
-
Data management 'essential for financial institutions'
- Mar 3 2011, 09:12 AM The banking sector has come to understand the importance of data management in recent years.
-
Data quality 'biggest challenge in meeting Basel III requirements'
- Feb 15 2011, 09:38 AM Banks should be assessing their data quality procedures in light of the Basel III legislation.
-
Changes to financial regulation 'encouraging focus on data management'
- Feb 1 2011, 10:20 AM Data management is an area of growing interest for many international banks, it has been suggested.
For more data news, you can choose a category of your choice using the filter functionality on the right hand menu
