A $10 Million Worth Fraud

A Bank of America employee has stolen personally identifiable information of his customers and shared it with identity thieves. The fraud has cost Bank of America approximately $10 million. According to IDG News the insider along with other 95 participants of the plot were arrested in February. Due to the continuing investigation the court cases have been sealed.

The Tuesday issue of Los Angeles Times says that a costumer of Bank of America has lost about $20,000 out of his accounts in the course of the fraud. Members of the scam contacted the victim’s phone company and had calls to his home forwarded to a mobile phone under their control. In that way they managed to prevent bank employees calling and asking about suspicious transactions on the customer’s accounts.

Preventing the man from learning of the unfolding plot, the fraudsters ordered new checks for some of his accounts and arranged to have them delivered to a United Parcels Service outlet.