Bank staff arrested over $10m fraud conspiracy

Bank staff arrested over $10m fraud conspiracy

US authorities have charged 12 people - including several bank employees - in relation to a $10 million fraud conspiracy.

Members of the network in Minnesota, California and New York are accused of buying and selling stolen identification information which was then used by other members to open fake bank and credit card accounts, apply for loans and get cash.

The scam ran from 2006 until this year and saw the defendants obtain, or attempt to, well over $10 million using thousands of stolen documents.

Among several bank employees charged is a Wells Fargo branch manager who was found with customer account information for several people at her home and in her car when arrested, according to Associated Press.

American Express, Associated Bank, Bank of America, Capital One, Guaranty Bank, JP Morgan Chase Bank, TCF Bank, US Bank, Wachovia Bank, Washington Mutual and Wells Fargo Bank were all hit by the network.

Commentating on the arrests, US Attorney B Todd Jones says: "Individuals must take care to protect their personal identification information. They also must ask questions of their financial institutions, and those institutions need to examine their security measures on an ongoing basis."

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