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Jun 22

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Fraud School?

Six men in Britain have been convicted of not only selling fraudulent documents, but effectively operating a “school” to teach customers how to perpetuate frauds with the documents they purchased.  Confidential Access, the website at the center of the multi-level fraud, sold (mostly stolen) full credit profiles to its 11,000 customers for approximately $8,500 a piece.

Many of the customers used the credit profiles to launch additional frauds, with continued web based coaching by the site’s owners, often times in exchange for a portion of the resulting profits.  The site also provided tips and advice via online forums and even had an exclusive VIP forum for those who had achieved high “trust levels” based on their purchases and participation, called “The Black Marketplace”.

Although the owners have been convicted and sentenced, Scotland Yard continues to pursue the various students of the “Fraud School”.

 

 

About the author

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

Permanent link to this article: http://betweenthenumbers.net/2012/06/fraud-school/

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