Counterfeiting Of Checks Is Uninteresting?
The counterfeiting of checks is by and large not an activity of choice for Internet criminals. For them, the counterfeiting of checks is a non-challenge, because there is greater satisfaction in stealing credit card and online banking passwords.
High AutomatedAnd Organized Cyber Crimes
In a revelation however by SecureWorks Inc, a computer security company based in Atlanta, a group of Russian cyber criminals thought otherwise and they had stolen check images online. Joe Stewart, director of SecureWorks’ Counter Threat Unit said, “It’s not the standard kind of criminal operation.” Their modus operandi: break into websites that specialize in archiving check images online.
The cyber criminals downloaded images of checks, bank routing numbers, names and addresses and signatures of account holders. With this information, counterfeit checks – often below $3,000 to avoid detection – are printed in the name of a few “money mules” – strangers from other countries who were recruited – to the oblivion of the bank account holders. When the check goes through, the “money mules” will supposedly transfer a portion of the money to a bank account in Russia. And what is more surprising is this – the criminals were estimated to have stolen about $9 million.
Benefits For Storing Check Images Online
It is rather common to find businesses and retailers which turn to online sites to store records of all the checks they write. Some banks used these sites to store the images of their customers’ checks, so that these customers can view them as an archive when they log into their bank account.
Check Your Checking Account
Meanwhile, experts cautioned that people should look out for “small charges incurred in their account that criminals use to figure out which accounts are still active.” Experts also say that people should avoid writing their driver’s license numbers and other personal details on checks.
Think About It
How secure is your personal information on the Internet? Is it morally right for someone to act as a “money mule”? Does the legislation criminalize the involvement of the “money mules”? Is it possible for bank account holders to monitor small changes in the account?
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