|
CHERRY HILL — For more than two years, Kashon Adade sent many customers to TD Bank offices in South Jersey, authorities say. But all that business wasn't welcome. Investigators claim Adade ran a bank-fraud ring that relied on insider help and identity theft to drain about $200,000 from the accounts of unsuspecting TD Bank customers. And that's not all. Federal prosecutors assert another group counted on corrupt employees to target patrons at TD Bank, Citizens Bank and the former Wachovia Bank. A federal trial is to begin in October for alleged members of that group, who are accused of stealing more than $400,000 from November 2005 to May 2010. And on Thursday, New York City officials announced a 148-count indictment of six members of a ring that allegedly targeted scores of customers at one of the nation's biggest banks. "Over the course of two years, accused criminals and corrupt bank employees colluded to defraud J.P. Morgan Chase and withdraw more than $1 million from the bank accounts of unwitting victims," said Cyrus Vance Jr., Manhattan's district attorney. According to court papers, the rings shared a common approach to thievery. Prosecutors allege bank employees stole information about customers' accounts and identities. The ring's leader then used that data to obtain IDs with the customers' names but the photos of other ring members, called runners. Next, the runners would be taken to bank offices, where they'd present the phony ID to access a customer's account. The runner typically would deposit a large check in the customer's name, then ask to withdraw all or most of it on the spot. Ultimately, the financial institution is the loser in this sort of fraud, said John Hall, a spokesman for the American Banking Association. "The bottom line is if you have been defrauded, and there was an unauthorized transaction on your account, you will be made whole by the bank," he said. TD Bank refunded any money that was lost by affected customers, "including any fees they may have incurred," said spokesman Jimmy Hernandez. For more information on this article, CISSP Certification & Training, Security+ Certification & Training, & online security training visit Security University
Related Articles -
Q/ISP, CEH, CEH7, DoD 8570, CISA, CISM, IAT, QISP, CND, QSA, QPTL, QEH, QEP, QFE, ECSA, CHFI, QWAD, CND, CNSS, ISC2, CISSP, CWNA, CWSP, SSCP, ITIL, CC,
|
