“Operation Cyber Loss” success

Ninety people and companies have been netted in a nationwide crackdown on internet fraud in the US code-named “Operation Cyber Loss”. The accused face a range of Federal and state criminal charges for wire and mail fraud, bank fraud, money laundering and intellectual property rights offences. The operation which was initiated by the Internet Fraud Complaint Center (IFCC), a joint project between the Federal Bureau of Intelligence and the National White Collar Crime Center (NW3C), discovered more than 56,000 victims and total losses over US$117 million. The scams studied include online auction fraud, systemic non-delivery of goods bought over the internet, credit/debit card fraud, investment fraud, multi-level marketing and Ponzi/Pyramid schemes. A large number of cases were brought in response to complaints made directly to the IFCC, which was launched in May 2000. Based in West Virginia, its mission is to address fraud perpetrated over the internet. Victims are able to register their complaints online at one website, www.ifccfbi.gov, which removes the frustration associated with trying to find out to which law enforcement agency they should approach when they have a problem. The IFCC examines all complaints and forwards those that merit further attention to the appropriate regulatory and law enforcement bodies. The FBI says that the operation’s success was due in large measure to close cooperation between law enforcement and private sector and e-commerce businesses. It singles out contributions made by Motley Fool, the online investment community and Microsoft. “As the IFCC continues to expands its capabilities to better accommodate the needs of businesses, it has begun the work of creating the appropriate channels that will enable regular communication with representatives from private industry across the nation,” said Glen Gainer III, State Auditor for West Virginia and chairman of the board of the National White Collar Crime Center.