Last Edited: 04 December 2008
Citation:
Krebs, Brian. "Theives Stole Identity to Tap Home Equity." The Washingtonpost
28 Nov. 2008: E10. 4 Dec. 2008 <http:///www.washingtonpost.com/wp-dyn/
content/article/2008/11/27/AR2008112702027.html>.
Article Summary:
An international fraud ring hijacked home equity lines of credit to steal 2.5 million dollars through wires.Online public and private databases were used to obtain to locate targets with relatively untapped home equity credit lines. The Databases also helped in finding information like social security numbers, mothers maiden names, and signatures. In order to verify the transfer, the thieves would transfer the victims phone number to an alternate number. In order to avoid detection public wireless networks and wireless PC cards, that were bought in other victims names, were used to mask location.
Social and Ethical Issues Explained:
Security:The level of security of credit lines and bank accounts has diminished due to the internet, online databases, and wireless networks. Any private information given for and online purchase or survey can be obtained and used against users to have their identity and money stolen. The perpetrators become almost impossible to find if they are clever in how technology is used to get the identity or money.This gives additional support to the idea that we are becoming to dependent on technology, and are exposing ourselves to malicious hackers.
IT Systems Described:
Internet
The internet is used to access the various networks and obtain information from them. In this case it was done so maliciously, to steal money.
Databases
Databases were used to obtain information that would aid the thieves in stealing money. Information that is commonly used as security answer’s: Mother’s maiden name, age, social security numbers,etc.
Networks
Networks, or in this case public access networks were used to mask the location of those who stole money.
Area of Impact Explained:
Banking and Finance
Online Banking is considered to be easy and convenient. however these recent identity and credit thefts show the high risk of having electronic access to money through a non-private network. This may cause banks to rethink the way in which they give access to customers, and they may increase security. Online credit reports may use this as a means to increase their profits by scaring people into being constantly worried about their credit.