February 18,2009
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News: Biggest Credit Card Bust in History!
We're finally making some headway. Eleven men popped for possession of 40 million stolen credit card profiles. Very lucrative business, the credit card black market. That market is estimated to have about $276 million worth of stolen credit cards to sell. If all these cards could be maxed out, the yield would be about $5.3 billion. (For more info on the credit card black market, please refer to the article series': ("Made in the Shade Shady Business", "CC Black Market Thrives.", "CC Black Market Product Line." and "Why Do You Think They Call it ‘Bail Money'?")
The good news is that it just got a little smaller this week. What has been deemed to be "the largest credit card fraud bust in American history," according to "RocklinToday.com News", a world-wide roundup has taken place. All 11 defendants were indicted. From different locations around the world, these people were responsible for at least nine major break-ins of major retail data networks. They targeted many different retail avenues such as department stores, book stores and office supply chains. About 40 million credit card profiles were absconded and presented as product to the black market.
The ramifications of this breach could prove to massive. Tens of millions of American credit card consumers could be affected by this. Now we must all ‘watch our backs' in case it's us. Check our credit card statements frequently and closely, download credit reports that may show new accounts opened in our names without our knowing. I think these 11 people deserve a break, though. They should only have to serve one day in prison…for each of the 40 million cards stolen.
At least now, those owners of the 40 million credit card accounts can be notified and receive replacement cards. Little by little, these thieves are being rounded up around the world. They will be incarcerated for some time and serve as a warning to others that they can run but not hide forever. Electronic records will, eventually, track them down, as well.