The Associated Press recently reported that nearly 100 individuals have been charged in one of the largest identity theft rings ever uncovered. The defendants hail from California, Nevada, North Carolina and Egypt. The scam targeted two banks and close to 5,000 U.S. citizens, with combined losses of up to $2 million.
The group engaged in “phishing” to retrieve personal information on the unsuspecting victims — a common method among those who commit identity theft.
As San Diego News Network states:
The ring consisted of computer hackers in Egypt sending out “phishing” messages, or mass e-mails directing people to fake banking Web sites, where they were instructed to enter personal information. The information was then used to transfer money between the victims’ accounts to ones that could be withdrawn from by co-conspirators in the United States. According to the FBI, between $1 million and $2 million was stolen.
33 people have been arrested in the United States while another 21 are being sought. In Egypt, 47 have been taken into custody.
United States businesses lose an estimated $2 million per year as their clients become victims of "phishing."