NEWARK, N.J. - (07/05/06) The head of one of the broadestknown identity theft rings was sentenced last week to just 32months in prison, one of more than 20 participants convicted in thescheme so far. Twenty-four-year-old Andrew Mantovani was describedas the creator of Shadowcrew.com, a web site that trafficked instolen financial information that helped participants create phonycredit cards or tap into thousands of credit union and bankaccounts. Using anonymous screen names like 'black ops,' 'knightrider,' 'dirty harry,' and 'kingpin, Mantovani maintainedand policed the site and determined who could join. The gang wasbusted after the U.S. Secret Service created its own phony websiteto lure the I.D. thieves and bring them into the open. More than 40suspects were eventually arrested under OperationFirewall, which was authorized by a federal judge. TheShadowcrew trafficked in at least 1.7 million stolen credit unionand bank cards and caused more than $4 million in losses to dozensof credit unions and banks, the major card companies, likeMasterCard, Visa and American Express, and thousands ofindividuals, according to the Secret Service. U.S. District JudgeWilliam Martini, who sentenced Mantovani, said some of thedefendants viewed the scheme more like as game than a crime. Duringsentencing Mantonavi said after his serving his sentence he hopesto educate others about identity theft and cybercrime. Toomany children out there, they do see it as a game, he toldthe judge.
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Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.
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Artificial intelligence developments are stoking investor fears about software companies. Banks' limited exposure to the sector and general stability is proving attractive to investors.
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Prosperity Bancshares finalizes the second of three acquisitions it's announced since July; Sumitomo Mitsui Banking Corporation appoints a new chief information security officer for its American operations; Huntington Bancshares, Third Coast Bancshares and Heritage Financial completed acquisitions; and more in this week's banking news roundup.
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Fintech and crypto groups said in comment letters to the Federal Reserve that the proposed "skinny" master account is too limited and could keep firms dependent on banks. Banking groups asked for more time to comment.
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Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
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While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.
February 6





