Federal authorities have just unsealed an indictment against seven defendants accused of identity theft and draining the bank accounts of their victims. According to the indictment, they stole over $1 million in funds from unsuspecting victims draining their accounts of tens of thousands of dollars at a time.
The scheme allegedly involved the purchase of stolen identifying information that included information like bank accounts, passwords, and more. That information was then passed to ID forgers who would create fake IDs for stolen identities.
In some cases, the alleged fraudsters were accused of tricking the victim’s cellphone provider into swapping in a new sim card under the control of the fraudsters. In other cases, they paid employees of cellphone companies to do that. Once they had the victim’s cellphone information, it was easy to gain access to their personal bank accounts.