Report: Securities fraudsters prefer identity theft to creating fake accounts

Wednesday - 9/7/2011, 11:17am EDT

Securities fraudsters would rather steal an identity and take over a trading account than set up a fake new account, according to a study of suspicious activity reports by the The Financial Crimes Enforcement Network, or FinCEN, which is part of the Treasury Department.

FinCen surveyed 10,000 cases of ID theft to spot trends and found thieves most commonly use computer intrusion, phishing and physical theft to steal the information that lets them take over an account.

Investigators also found that ID thieves often use multiple stolen accounts from a single computer or IP address.

This story is part of Federal News Radio's daily Cybersecurity Update. For more cybersecurity news, click here.