Fraudsters busted in internet scam

Big banks conned big time in dodgy loan and credit card applications

Six fraudsters were jailed for a total of 15 years after the National High Tech Crime Unit (NHTCU) uncovered their internet scam.

The Halifax, the Co-operative Bank and Lloyds TSB were conned out of a total of £350,000, with the latter losing £315,000. Six men were jailed for between 18 months and four years for fraud.

The gang used an online auction site in the UK to identify houses up for sale, usually after the owners' death.

They then gathered information about the former owners from another legitimate website, and used this information to pose as the former owner and make loan and credit card applications. Postal redirection orders diverted the approvals to a different address.

News source: vnunet.com

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