Re: How does this work?
I read that "new account fraud" (setting up a brand new account in the name of a real person but without their knowledge) is now very large and is relatively easy - particularly if you can intercept either post or just email (it used to be just students/flats/shared houses/people on long holidays/etc but now just a poor email password is enough). Note: I was reading about it because a mix-up meant I worried for a few hours that someone had done exactly that to me (it turned out just to be a confusion - not a new account in my name, fortunately).
It doesn't necessarily need to run for long - a few days would be plenty to move some money around then it can be burned. As soon as the money is paid into the account I am sure it is moved abroad to a money launderer.
Biting the hand that feeds IT
