Electronically Stealing Money, a Few Cents at a Time

[RobRich]

Reminiscent of past Hollywood plots, California resident Michael Largent developed an automated script to exploit the common practice of online monetary services like E-Trade and Google Checkout moving a few cents to verify users' accounts. Largent managed to collect about $50,000 via 58,000 accounts before being caught. From a legal standpoint, the underlying process of collecting the verification money is not illegal, but he is instead being charged for using false identities when registering the accounts.

Quote:

When his bank contacted him about the thousands of small payments, Largent explained that he had read the terms of service of the sites he was targeting, and believed he was doing nothing wrong, claiming that he needed the money to pay off debts.

However, Largent used false names, including cartoon characters, as well as false addresses and social security numbers, which opened him to conviction under laws on mail, bank and wire fraud.

Source: PC Pro UK

[EXreaction]

That's a good idea. If only he'd have used his real identity...

[Keymaker]

Holy crap!

[Nude_Lewd_Man]

So, basically, he's only getting into trouble as he gave false names.....?

[RobRich]

Pretty much. Had he used his real name, he would be legal. However, he would have then been limited to how many accounts each service allows a single person to hold.