Identity fraud not really getting it.....

[Tommy2holes]

My mum has just found out that since she moved a fraudster has redirected mail from her old address and applied for 3 credit cards and a loan for 5k with a bank she doesnt bank with.

Ok i understand that its easy to aply with someone else's details for loans etc but the part i dont get is if you get a bank loan dont you need photo id and national insurance details etc and how do you actually get the cash? Apparently the police have confirmed that they have had the 5k and quite a bit cash on the credit cards and that the forwarding address is vacant.

I kinda undertsand how they get cards and bank loans just dont know how they get the cash itself ? Anyone care to enlighten me?

 

[OldBlueLady]

Even back in my days working in the Banks, it was relatively easy for organised fraud rings to get hold of fake ID to match any "acquired" accounts or credit cards. Might seem beyond belief to ordinary law abiding citizens but to the masterminds in the criminal world, it's the easiest thing in the world.

 

[J]

the best person to ask about fraud is me.. As i'm a fraud investigator.

 

[Tommy2holes]

Yeah but what i dont get is where does the money actually go.

I undertsand that they set up a bank account but how did they actually get the 5k from the bank ? Its not like they could really cash a cheque or ask for 5k cash is it.

So its all very well setting up a bank account in my mums name and applying for the loan but we cant work out how they actually got there grubby mitts on the loot.

 

[loz]

electronic transfer from the bank to the fake account.

 

[OldBlueLady]

Yeah but what i dont get is where does the money actually go.

I undertsand that they set up a bank account but how did they actually get the 5k from the bank ? Its not like they could really cash a cheque or ask for 5k cash is it.

So its all very well setting up a bank account in my mums name and applying for the loan but we cant work out how they actually got there grubby mitts on the loot.

Seen it attempted by fraudsters! It all depends, electronic transfer is one way certainly, or just cheque transfer to other accounts or you just simply spend and spend.