Feds Charge 18 People With Ringing Up $200 Million In Fraudulent Credit Card Charges

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.