Bank Employee Charged with Identity Theft, Fraud

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Posted by Kara Reeder Nov 3, 2009 10:55:07 AM

In a 149-count indictment, Adeniyi Adeyemi, an employee of the Bank of New York Mellon, has been charged with defrauding charities, non-profits, and other organizations of more than $1.1 million over an eight-year period, reports InformationWeek.

He allegedly used his position as a computer technician to steal the identities of more than 150 bank employees, which he then used to open brokerage accounts at various institutions. He would use these accounts to store and transfer money stolen from charities and non-profits.

Adeyemi faces charges of grand larceny, identity theft, money laundering, scheme to defraud, computer tampering and unlawful possession of personal identification information.

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Nov 3, 2009 3:52 PM

Kurt Johnson, Courion says:

Companies need to wake up to internal threats facing them today and stop handing the keys to the kingdom to people who have no business holding them. In this case, if the bank had an automated access management system with detective and preventative controls in place, it should have recognized that a temporary worker was accessing data like Social Security numbers. Had his access rights been properly assigned and enforced according to his role, and his activities been monitored, this breach likely never could have happened. This is particularly important in a poor economy, where these types of attacks are far more likely to happen than in good times.

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