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Biggest ID Theft Bust in U.S. History

In the largest bust of its kind, authorities arrested 111 people in connection with a massive identity theft operation based in Queens, New York. The suspects are allegedly responsible for fraud losses that amounted to more than $13 million in the 16-month period between May 2010 and September 2011.

The group, who apparently have ties to gangs in Asia, Europe, Africa and the Middle East, were under surveillance for two years in a sting called “Operation Swiper,” in which police placed wiretaps on dozens of phones in the area, intercepting thousands of conversations in Russian, Mandarin and Arabic.

This is how the thieves apparently operated their massive scheme:

Bosses of each crime ring received blank credit cards from suppliers in Russia, Libya, Lebanon and China. The bosses then hired “skimmers” who posed for jobs such as waiters and retail shop workers so they could use electronic devices to steal information from customer credit cards. That information was then sent to a “manufacturer” who programed the information into the magnetic strips of blank credit cards.

The crime rings also used card printing machines to forge credit cards and state drivers licenses to match them. “They can actually make a license from any state in the union, print credit cards of any color and even put the holograms on there,” said NYPD deputy inspector Gregory Antonsen.

Police then said “shoppers” in the crime rings would use the forged credit cards and IDs to go on weekly shopping sprees around the U.S. at retailers such as Nordstrom’s, Macy’s, Gucci and Best Buy and sell those items mostly to people overseas.

But by far, Antonsen said, thieves spent the most time buying computer products from Apple. “This is primarily an Apple case,” Antonsen said. “Apple is a big ticket item and a very easy sell.” Antonsen added forged credit cards were easy for criminals to make here because U.S. credit cards are less sophisticated than those in Europe, where fraud of this magnitude would have been much more difficult.

Which brings us to the topic of U.S. credit card companies and their lack of initiative regarding credit card security. Queens District Attorney Richard A. Brown mentioned just that when he accused U.S. credit card companies of “putting too much money into marketing and not enough into security.” He stated that these companies would rather take the losses than invest in much-needed security measures.

Europe has already caught on to the fact that credit cards need the highest level of security embedded into them. European cardholders are required to enter a personal identification number on a keypad during purchases. These “smart cards” also contain computer chips that encrypt the customer’s transaction information. U.S. banks issue cards with a simple magnetic strip on the back, which are more vulnerable to thieves.

American banks realize they need to change, but are reluctant to do so because, of course, it costs money. The good news is, however, that change must come — and soon. Both Visa and Mastercard have announced that retailers who do not support smart cards by 2015 and 2013, respectively, would be liable for fraudulent transaction.

Is the smart card our answer to credit card fraud by way of ID theft?

Maybe. But only until thieves figure out a way to outsmart the smart card.

October Issue of Risk Management Now Online

The October issue of Risk Management magazine is now online. The cover story, “Immovable Objects,” focuses on how complacent boards of directors fear change, often retaining CEOs past the expiration date of their effectiveness. We also cover food safety in a feature by John Turner, North America product recall manager at XL Insurance. And, as is tradition with our October issue, we highlight cyberrisk, this time in a four-part feature covering cyberattacks and critical infrastructure, the military and its vulnerability to hacking, the cost of protection and a guide to selecting cyber insurance.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter“like” us on Facebook and join our LinkedIn group.

7 Ways to Manage Vacant Building Risks

Recessionary pressures are in full force again, and another wave of layoffs does not bode well for the commercial real estate market. Vacancies in office buildings and warehouses rise as businesses close their doors, and property management companies have a lot on their plate as they simply try to maintain non-producing properties. A recent example of the risks clarifies the issue.

A Missed Sale in a Sluggish Economy

An office building in Texas that had been empty since the precipitating events of the recession had an asking price of $1.1 million in 2011. After a long period of dormancy, a local prospective buyer came knocking, stating he was interested in obtaining the property by January 2012 for a move-in of his growing business.

After some negotiation, a price of $850,000 was settled upon. The prospective buyer secured a banker and began a budget bidding process with general contractors. The more contractors who were invited to participate, the greater the variance was in the construction costs. The banker and the prospective buyer collaborated and offered the management company a much lesser sum of money. The owner’s price was lowered to $650,000 because of the added construction costs. So, what was the problem?

Vandals had removed all the copper from the large HVAC units on the roof, requiring an unanticipated, six-figure sum of money.

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Additionally, there were 350 fluorescent light fixtures that had been destroyed and the electrical service panels in the building had been scavenged for copper.

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Broken glass was scattered throughout the building and the restrooms were caked with mold.

The more the potential buyer looked into costs of construction, the less attractive the 40% reduction in the asking price became. The seller not only lost the sale, he also suffered the continuous financial drain on his investment property. It has become a money pit.

Mitigating Losses With Tighter Security

What could have limited the exposure of this property to vandalism and the severity of the loss? With the exception of the mold, most of the nonredeemable casualties of the building could have been prevented by a security system which included intrusion detection, monitoring, and video surveillance.

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Not only do these systems offer a forensic record, they also offer a beneficial deterrent factor.

An investment of no more than $25,000, possibly much less, could have saved the property management company an easy $300,000 in losses. Additionally, the negative drain on the future value of this latent money could easily grow to a loss of $1 million dollars or more. The property might sit for another four years without a suitor.

Seven Security Components to Manage Risk

Security considerations should include the following:

  1. Perimeter electronic detection of rooftops and outbuildings containing the mechanical equipment
  2. Interior motion detection systems
  3. Glass break monitoring devices
  4. Prominent video surveillance cameras
  5. 24/7 monitoring services to interface with local law enforcement authorities and building owners
  6. Controlled lighting (interior and exterior) monitored by a nighttime security company
  7. Quarterly fire alarm inspections

This is not an exhaustive list. Property owners will have to decide what makes the most sense in terms of risk management. The cost of doing nothing, or too little, however, can be devastating.

 

Another Rogue Trader for the Record Books

Since 2008, investment banks have taken quite a beating. From huge subprime losses to dwindling trust of consumers. And now, they can add another notch to their belt.

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Today, Swiss bank UBS announced that a rogue trader in its investment bank had lost $2 billion on unauthorized trades.

The incident raises questions about the bank’s management and risk policies at time when it is trying to rebuild its operations and bolster its flagging client base. The case could also bolster the efforts of regulators who have pushing in some countries to separate trading from private banking and other less risky businesses.

The trader, 31-year-old Kweku Adoboli, was arrested by UK officers though exact charges have not yet been announced.

You may remember a similar case involving Jerome Kerviel, a former trader at French bank Societe Generale, who defrauded the company by gambling away $6.7 billion. He single-handedly brought the 145-year-old bank to near bankruptcy when the trades were discovered in January 2008. He was charged and convicted of breach of trust, forgery and unauthorized use of the bank’s computer system.

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Will Adoboli be charged with the same? More importantly, why didn’t the largest bank in Switzerland learn from the Societe Generale case, which went down in history as the biggest rogue trading scandal in history?

“All men make mistakes, but only wise men learn from their mistakes.”
-Winston Churchill