Bank’s Anti-Fraud Agent Steals Customers’ Identities, Drains $2,000,000 From Victims’ Accounts

A US bank employee hired to protect people from fraud ended up stealing $2 million from customers, according to the U.S. Department of Justice.

The DOJ says 36-year-old Chinese national Yue Cao used his position as a quant analytics manager at an Ohio bank’s fraud department to steal the identities of elderly customers who were not enrolled in the bank’s online services.

He created email addresses for more than 100 victims, signed them up for digital banking services, accessed their accounts and transferred their funds to his own personal bank and credit card accounts.

Cao also opened brokerage accounts and engaged in options trading with the stolen funds.

Cao’s victims, ranging in age from 90 to 103 years old, were residents of New York, Pennsylvania, Connecticut, Washington and Ohio.

After a five-day trial, a jury found Cao guilty on ten counts of bank fraud, four counts of aggravated identity theft and one count of money laundering.

He faces up to 30 years in federal prison, and will be sentenced at a later date that has yet to be scheduled.

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