A NEW TWIST ON THE ILL-GOTTEN GAINS FROM FRAUD

Identity thieves and fraudsters are always developing new methods of committing fraud and this week we noted two new developments of interest.

Criminals often use victim’s credit to purchase goods, such as computers, which they then resell on the street at a significant discount. This week it was reported that a credit thief had purchased tickets to a Barbara Streisand concert and then offered the tickets for resale on Ebay. We are not certain of the price offered, but it is possible that the tickets were offered at scalpers prices. Rather than sell at a discount, the tickets may have been offered at a premium.

In another twist, a fraudster took over the brokerage account of a victim and speculated in stocks prior to transferring the money from the account. We don’t know the criminals stock speculation strategy nor his success, however the fraud was soon detected and the account returned to its proper status.