Excerpt from: The Consumerist (click for full article)
Here’s how the alleged thieves are said to have worked their con: First, just create thousands of fake identities. About 25,000 fake people should do. Then make a bunch of small purchases here and there, nothing splashy, to build up good credit card histories for these characters. And then go hog-wild buying luxury cars, electronics, spa treatments and millions of dollars worth of straight-up gold. Sounds so simple.
And $200 million is just the initial number — feds say the fraud is so wide-spread, it’s hard to know if the losses will grow.
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