ID thieves zero in on home equity lines of credit
Dan Browning reports:
Burnsville resident Mike Calcutt says he was stunned last March when he learned that someone had run up nearly $90,000 in unauthorized charges on his home equity line of credit account at Affinity Plus Federal Credit Union.
His shock turned to anger when the credit union informed him that he’d have to repay the money.[…]
Turns out, Affinity Plus let someone set up telephonic banking privileges on his account, Calcutt said. Then someone executed a series of nine transfers — each just below $10,000 — from his credit line to his savings account. And finally, someone got the credit union to wire the money to a drop account in Boston, from which it has disappeared.
Read more in the Star Tribune, where Browning also reports on other similar cases.
Related: Complaint in Calcutt v. Affinity Plus