Identity Theft Goes Corporate

from the sneaky dept

The latest "innovation" in identity theft seems particularly sneaky. Rather than just stealing the identity of random people, organized crime groups are stealing the identity of companies. They pick companies who have no reason to accept credit cards, and then apply for a merchant account in their name. They they charge stolen credit cards to that merchant account, and have the money passed off to another bank. The companies in question have no idea they're being ripped off, because none of this ever comes to their attention, until someone figures out what's going on, and the company is in trouble.

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