Tuesday, August 25, 2015

Feds Arrest Bank Employees for Tax Fraud Scheme

Federal investigators have indicted several employees from three Atlanta banks for their involvement in a tax refund fraud scheme. They filed more than 2,000 fraudulent tax returns in an effort to obtain more than $2 million in fraudulent tax refunds.

The ring leader recruited bank employees to open bank accounts using the personally identifying information (PII) of other individuals. The fraudulent refunds were deposited into these accounts and used to buy money orders which were cashed at check-cashing businesses around Atlanta. According to the investigators, the scheme operated from. February 2013 until March 2014. It is unknown at this time if the PII was stolen by the bank employees.

"fraudulent tax returns were filed using personally identifying information belonging primarily to elderly retirees and children aged 10 and younger."
-Biz Journals.com
It is unclear why the ID thefts went on for almost one year. Organizations seeking to proactively detect identity theft and data privacy breaches can utilize low-cost on-demand SaaS analytics services.
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(a) Feds bust Wells Fargo, SunTrust and PNC bank employees in tax refund scam - www.BizJournals.com, 08/21/2015

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