5 Indicted in $300M Credit Card Fraud Spree

by William White | July 26, 2013 10:42 am

credit cards 630 amex visa 300x222 5 Indicted in $300M Credit Card Fraud Spree[1]Federal prosecutors, announced Thursday[2], that they have charged five men for credit card fraud that cost companies $300 million.

Prosecutors say that the five men, who are from Russia and Ukraine, stole at least 160 million payment card numbers,  which resulted in the $300 million of theft. The men each had specific jobs when stealing the information. Two of them would hack into networks, one would mine for the data, another covered up their tracks and the last one sold the stolen data. Two of these men are currently in custody, reports Reuters.

“This type of crime is the cutting edge,” Paul J. Fishman, New Jersey U.S. Attorney, told Reuters. “Those who have the expertise and the inclination to break into our computer networks threaten our economic well-being, our privacy and our national security.”

The companies hacked include:

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/credit-cards-630-amex-visa.jpg
  2. announced Thursday: http://www.reuters.com/article/2013/07/26/us-usa-hackers-creditcards-idUSBRE96O0RI20130726
  3. NDAQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=NDAQ
  4. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  5. JBLU: http://studio-5.financialcontent.com/investplace/quote?Symbol=JBLU
  6. WTSL: http://studio-5.financialcontent.com/investplace/quote?Symbol=WTSL
  7. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  8. PNC: http://studio-5.financialcontent.com/investplace/quote?Symbol=PNC
  9. DFS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DFS
  10. NWSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NWSA
  11. HPY: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPY
  12. EEFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=EEFT
  13. GPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GPN

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