New York prosecutors have indicted 18 people for operating an identity theft and bank fraud scheme that saw counterfeit cheques used to steal at least $1.4 million from hundreds of victims.
Call me nostalgic if you will, but this is what so facinates me about banking in America. Its as quaint as a New England gingerbread house, as amateur as a homemade birthday cake and as useless as a chocolate teapot. This is the sort of fraud Dickens might
have written about and yet it still goes on in the USA. What next I wonder? Millions of counterfeit dollar bills flooding the world market because the Fed can't be bothered to invest in modern banknote security features?
It is interesting to note how the Internet and the technology that is embodied in or linked to the simple PC have been co-opted for this operation. The amount of data, logos, images, texts and other material that is available on the web that can be used
for such purposes in staggering. And often you need nothing fancier than a scanner, a colour printer, Microsoft's "Paint" and some basic PC skills to produce a whole range of forgeries from letter's to certificates or worse. Yet no-one seems to consider this
a serious threat. We have come a long way from when the first colour Xerox came on the market and was only available to selected "risk-free" clients to today's DIY "forgery-factory-in-a-box".
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© Finextra Research 2014