Word: computerize
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Dates: during 1970-1979
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Many nights after most employees had gone home, the main computer at Sperry Univac's office near Philadelphia continued to hum. Two programming supervisors, David E. Kelly and Matthew Palmer Jr., had taught the machine to store and print complicated arrangements for musical groups, which the two then peddled...
The incident was a new twist in one of the fastest-growing industries in the U.S.: computer crime. It has grown from nothing 20 years ago to a $300 million annual racket today. With financial transfers increasingly taken over by electronic data-processing (E.D.P.) systems, the prospects for future swindles...
Only one of every 100 computer rip-offs is ever detected, according to an industry expert, although some reported frauds have been enormous. The biggest to date was the $2 billion Equity Funding scandal of 1973, in which 22 insurance company employees were convicted of inventing some 56,000 fake...
...noticing suspicious high living by low-paid clerks. After raiding a New York bookie, police traced a $30,000-per-day betting account back to an $11,000-a-year teller at the Union Dime Savings Bank and discovered that he had made off with $1.5 million by the computerized shuffling of funds among little-used accounts. Even if caught, a computer thief may not be prosecuted. Fearing embarrassing publicity, some firms merely fire the offender and absorb the losses...
Cracked Open. Now the FBI has started a special computer-fraud program at its training center in Quantico, Va. Instructors have set up a model computer-controlled bank, complete with fictional account holders and loan applications, and they give the students only a few clues about what kinds of fraud...