Internal Fraudster Touched 54 Accounts Prior to Fraud

This week, an employee of Wells Fargo was nabbed after investigators noticed that she was touching a high number of customer accounts, that would later go fraud.

In total Hassante Denise East, a customer service representative accessed 54 customer accounts to steal the checking account information from those customers accounts and then used that information to create counterfeit checks which she and a network of others would deposit into other accounts.   The stolen funds were immediately withdrawn before the customers could identify the fraud.

Multiple Touches Before Fraud Begins

This is just another case of an employee touching multiple fraud accounts before the fraud starts.  Internal Fraud Monitoring programs are a critical but often overlooked component to banks fraud detection and monitoring programs.

Banks have sophisticated systems and technology to identify external points of compromise but many have little if anything to identify cases such as these where the point of compromise originates from an insider.

We’ll keep our eye on this case and see how it develops.

Frank McKenna is the Chief Fraud Strategist for PointPredictive and a Fraud Consultant based in San Diego California