According to the Anti Phishing Working Group’s 2009 report,
cyber crime has increased a staggering 600% in 2009. But according to a recent
article from Bank Info Security, federal and international law enforcement agencies are
successfully fighting back. October marks a major success in the fight against
online criminals.
The largest cyber crime investigation in United States
history concluded this month with the arrest of over 100 participants both at
home and abroad. The two-year investigation, called “Operation Phish Pry,” was
a collaborative effort between American law enforcement, including the Federal
Bureau of Investigation (FBI), and Egyptian law enforcement. The collaboration
was the first of its kind. The phishing operation targeted consumers of
American banks and stands as a testament to the complexity and reach of
organized cyber fraud.
The indictment includes 51 individual accounts of conspiracy
to commit wire and bank fraud, as well as additional charges of computer and
bank fraud and identity theft. An addition 47 participants were apprehended in Egypt. The primary
means of identity
fraud committed by these scammers was the use of online usernames and
passwords obtained through deceptive means to conduct fraudulent transactions
with banks such as Wells Fargo and Bank of America.
Establishing a Red Flags Rule compliant security program, including id
authentication and id verification services from a reliable data provider like
Electronic Verification Systems (EVS), will be an important step in bank and
business fraud protection when the rule goes into effect on November 1, 2009.