NEWARK, N.J.–Four men have been arrested here as part of a larger, international ID theft ring that caused at least $2.5-million in losses to dozens of credit unions and banks through fraud related to home equity lines of credit. Eleven of the victimized institutions were based in New Jersey.
Using stolen personal data and technology, the scammers tricked bank and credit union employees into making funds transfers to accounts in at least seven countries, according to an investigation by the U.S. Attorney’s office. The thieves had access to Social Security numbers, online passwords and mothers’ maiden names, with the FBI believing the information was obtained from pubic records and from financial institution staff who were fooled into releasing other data.
Among the institutions hit, according to authorities, was Affinity FCU in Basking Ridge, N.J., where $675,000 was transferred from a home equity line to Bank of Tokyo Mitsubishi.
Arrested were Oluwajide Ogunbiyi, 32, of Springfield, Ill.; Derrick Polk, 45, of Los Angeles; Oludola Akinmola, 37, and Oladeji Craig, 39, both of Brooklyn, N.Y.
