NEWS FROM THE LAB - Tuesday, February 12, 2013

7,000 Fake Identities Equals 200 Million USD Posted by Sean @ 12:44 GMT

Most people are aware of identity theft these days, and that it's a relatively easy way for criminal types to make money (by accessing credit). But we've wondered, at what point does it become easier to fake, rather than to steal identities?

The FBI answered that question last week when it arrested 13 people on charges of bank fraud.

Eighteen People Charged in International $200 Million Credit Card Fraud Scam

The defendants are alleged to have used thousands of fake identities, documents, and companies to get tens of thousands of credit cards. And they cashed out two hundred million dollars.

Our favorite detail?

"Law enforcement discovered approximately $70,000 in cash in the oven of one defendant."

Guess the freezer was full…

Prediction: as more of our personal identity becomes digital, and as schemes such as the one above become more common — we'll spend less time protecting our identity than we will trying to prove it isn't fake.