The Rise Of Corporate Identity Fraud

from the expect-to-see-more-and-more... dept

A few years ago, we wrote about the odd (and somewhat amusing) case of a group of fraudsters in China who didn't just build knockoff NEC products, but created an entirely fake version of NEC in China. Yes, they set themselves up as if they were a legitimate division of NEC, but had nothing to do with the company (other than producing knockoff NEC gear). That was corporate identity fraud taken to an extreme level, but it seems like others are starting to jump into corporate identify fraud in a way quite similar to personal identify fraud. Michael Scott points us to a story about some scammers in West Virginia who took on the identity of various vendors to the state, and were able to scam $2 million out of the state before the scam was exposed. While the article calls this a "rare" occurrence, I'd be willing to bet that it's going to become a lot more common. For scammers looking for a big score, taking on a corporate identity rather than an individual's seems likely to get you into higher dollar amounts much more quickly...


Reader Comments (rss)

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  1.  
    identicon
    AZ, May 12th, 2009 @ 9:33pm

    Titanic Abuse on the Horizon

    With trillions of dollars floating around like leaves on the ocean, this is just the tip of the iceberg that is going to rip a big hole in the US economy's hull.

     

    reply to this | link to this | view in thread ]

  2.  
    identicon
    will slade, May 13th, 2009 @ 4:33am

    it's happened before with the yellow pages. a lot.

     

    reply to this | link to this | view in thread ]

  3.  
    identicon
    S Frandsen, May 14th, 2009 @ 6:33am

    Long Con

    Sounds like a "Long Con" to me. But certainly with trillions in funny munny getting printed, there is much more potential for big fraud. Like Willis Sutton said, "That's where the money is!"

     

    reply to this | link to this | view in thread ]

  4.  
    identicon
    kemerun, Jun 29th, 2013 @ 1:03am

    interesting topic

    Excellent data. I like each of the blogposts, I seriously enjoyed, in addition to I want much more information about it, simply because it is rather wonderful. Appreciate it intended for giving..

     

    reply to this | link to this | view in thread ]


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