Thieves Stole Identities to Tap Home Equity

Police have made arrests in connection with more than $12 million stolen from home equity lines of credit. The thieves used online search databases to find information about their victims, and then contacted the banks to draw from the home equity credit.

This case also sheds light on a new type of attack that combines stolen information with social engineering for a greater gain; in this case, the thieves changed or forwarded the victim's phone calls to phone lines under their control in order to intercept any bank's attempt at verifying the transactions. With VoIP, they could potentially do this from anywhere in the world.

Src: Thieves Stole Identities to Tap Home Equity (Washington Post)

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