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Home | News | ID theft goes corporate
ID theft goes corporate
Friday, 15 October 2004ID thieves are starting to develop more advanced scams and are moving into the corporate arena, according to reports.
Assuming the identity of consumers in order to obtain loans and credit cards has become the fastest growing crime in the United States and fraudsters are now turning to companies as a more lucrative source of cash.
Criminals have been identified setting up websites in the name of legitimate companies and applying for merchant status with credit card payment processing firms, MSNBC reports.
The crooks then put orders through the bogus sites using credit cards, taking a considerable percentage and directing the illicit revenues to separate accounts.
More than 50 companies and organisations are understood to have fallen victim to the ID fraud, including New-York based software company T-Data, which received a bill for $15,000 in credit card fees.
Jeff Duhl, T-Data's owner, said: They are flying under the radar on each transaction unless someone does a whole lot of work.
Assuming the identity of consumers in order to obtain loans and credit cards has become the fastest growing crime in the United States and fraudsters are now turning to companies as a more lucrative source of cash.
Criminals have been identified setting up websites in the name of legitimate companies and applying for merchant status with credit card payment processing firms, MSNBC reports.
The crooks then put orders through the bogus sites using credit cards, taking a considerable percentage and directing the illicit revenues to separate accounts.
More than 50 companies and organisations are understood to have fallen victim to the ID fraud, including New-York based software company T-Data, which received a bill for $15,000 in credit card fees.
Jeff Duhl, T-Data's owner, said: They are flying under the radar on each transaction unless someone does a whole lot of work.