NEW YORK (AP) — The account information given by a new customer at Liberty Reserve read like a not-so-clever prank: Joe Bogus, 123 Fake Main Street, Completely Made Up City, N.Y.

But at the multibillion-dollar virtual banking operation, it didn’t matter. Mr. Bogus — in reality, an undercover federal agent — was free to begin transferring funds, no questions asked.

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