Data on the elderly, marketed to thieves

Just as children are vulnerable to predators on the Internet, the elderly are often targeted on-line. The difference is that children don’t have fat retirement accounts for thieves to plunder. Internet scams have been on the rise since 2003 and much of the blame can be traced to the selling of lists.

InfoUSA sells lists of names of senior citizen to fraudulent telemarketers. Banks, such as Wachovia, have allowed criminals to withdraw money from the accounts of elderly victims. And Wachovia is not the only bank involved in processing unsigned, fraudulent checks. However, other banks have been more cooperative with authorities when confronted with evidence of scams.

Just in case you were beginning to feel sorry for Wall Street bankers, read this article. It is clear from the mortgage meltdown that banks are no longer the conservative institutions they once were and it is clear that from the article banks are no longer interested in protecting the life savings of average clients. I am one hoping that this banking free-for-all will cease with the Obama administration.

The perfect mark

Had he not been an accomplished professional, the jury may have seen John Worley as the victim of an Internet scam rather than an accomplice to an Internet crime ring. But in 2005, Worley, age 60, was sentenced to two years in prison for bank fraud, money laundering, and possession of stolen checks.

This classic Internet scam began when Mr. Worley responded to a South African emailer desperately seeking to transfer money to an overseas bank account. Ignoring warnings from friends and family, Worley participated in what is known as an “advance-fee fraud” that spun out of his control between June 200l and January 2003. His overseas partners were never apprehended, but they made off with over $600,000. Audaciously, the criminal masterminds continued to email Worley for more cash even after his assets had been frozen by federal investigators.

Personally, I think Worley was guilty as charged. His judgement was clouded by his greed for easy money. He made decisions that a reasonable person would not have made under the circumstances. Frankly, I was surprised to read that anyone would take this kind of email seriously especially a person of Worley’s stature. What was he thinking?