Allen Matkins Leck Gamble Mallory & Natsis LLP
United States:
Identity Thief Impersonates DFPI
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It seems that no one’s identity is immune from theft,
including financial regulators. Last week, the California
Department of Financial Protection & Innovation announced that
it received a complaint from a California resident regarding an
email sent by someone purportedly from the DFPI. As described
in the DFPI’sÂ
announcement, the scam does not appear to be very
sophisticated. However, the internet allows fraudsters to
cast their net very widely at very little marginal cost.Â
Thus, snaring even a few fish can be profitable. Â
When I served as Commissioner in the early halcyon days of the
internet, one company actually paid someone to conduct a fictive
in-person examination. They forged Department of Corporations
business cards and an examination report.Â
As Qoheleth wrote long ago: “The thing that hath
been, it is that which shall be; and that which is done is that
which shall be done: and there is no new thing under the
sun”. Ecclesiastes 1:9. Â
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