Investigations are currently underway regarding a ring of credit card fraud. The scam is claimed to have racked up over $200 million in stolen funds from around the world. Eighteen people have thus far been charged in what analysts are calling one of the largest credit swindles in U.S. history.
The whole operation was launched upon fake credit scores, which scammers used to secure loan monies. Drawing upon thousands of fake IDs, the scam had international credit agencies hoodwinked for more than five years.
Originating in 2007 out of Jersey City, the scam extended through 28 states with money wired to Canada, Europe, the Orient and the Middle East.