18 Arrested in $200 Million Card Fraud Scheme Posted by AVCU on 10:00 AM

CU Info Security reports that on 2/5/13 federal authorities arrested 13 persons connected to one of the biggest payment card schemes ever uncovered by the Department of Justice. The scheme, based on fake identities and fraudulent credit histories, crossed numerous state and international borders.

Purpotrators created false identities and credit profiles, falsified information to establish creditworthiness with credit bureaus and created false large loans that were never repaid according to court records. according to court records, the defendants moved millions of dollars through accounts and wired millions overseas. In all, 169 bank accounts were allegedly used with $60 million flowing through numerous accounts . . . most of it withdrawn in cash.

In addition, records indicate millions of dollars wired to Pakistan, India, the United Arab Emirates, Canada, Romania, China and Japan. More than 25,000 fraudulent credit cards were involved, and final losses may exceed the confirmed loss of more than $200 million so far.

Read the entire CU Info Security article here.