Ultimate FWFer

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I'm sure one of the 18 had to be trolling here.

http://www.nbcnews.com/id/50704844#.URFy4WdZ1bU

"Eighteen people were charged in what may be one of the nation's largest credit card fraud rings, a sprawling international scam that duped credit-rating agencies and used thousands of fake identities to steal at least $200 million, federal authorities said Tuesday.

The group used at least 7,000 fake identities to obtain more than 25,000 credit cards, Fishman said. He said $200 million in documented losses could rise.

Participants set up more than 1,800 mailing addresses, creating fake utility bills and other documents to provide credit card companies with what appeared to be legitimate addresses. Once participants obtained the cards, they started making small charges and paying off the cards to raise their credit limits.

They then sent fake reports to credit-rating agencies, making it appear that cardholders had paid off debts, setting the stage for sterling credit ratings and high credit limits."

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i wonder how many got away...?

olvrtw (Feb. 06, 2013 @ 11:31a) |

Thanks for suggesting we're all criminals. It's a point of pride for most of us that FWF tactics are profitable *and* le... (more)

TravelerMSY (Feb. 06, 2013 @ 11:44a) |

"First thing I saw on that site was the ad for 4% interest on checking (up to $10k)"

Sounds like a great rate! What conne... (more)

CreditCardMania (Feb. 06, 2013 @ 1:29p) |

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FWF = fraud?

Yeah, because we're all a bunch of thieves!

Article said: Fishman said once the credit limits were raised, members would take out a loan or max out the credit card and not repay the debts.

That's just plain fraud, not FWF tactics.

I'm just saying that they must have been trolling around FWF and took some tactics to the extreme. Did App-o-ramas, but did not pay back. Per the article, some bought gold and kept it at home in the oven, similar to another poster here. Or creating sham commerce accounts to run the credit cards through, but kept the whole amount of money, instead of just the rewards.

MilleniumBuc said:   Ultimate FWFerHardly. I take exception to the insinuation.

Doesn't this assume that FWF is the pinnacle of all wisdom on credit cards and the like? I just thought we were a bunch of random people exchanging ideas, not really experts on much of anything.

Wow, 18 people were involved in this. No doubt most of them glorified clerical workers. Think about the operational effort required to keep manage this many front individuals / accounts.

I doubt we can conclude this means it's easier to concoct an identity than to steal one.

FW is about making the rules fit our purposes for profit, not breaking the law.

MilleniumBuc said:   .....
They then sent fake reports to credit-rating agencies, making it appear that cardholders had paid off debts, setting the stage for sterling credit ratings and high credit limits."


Didn't know if individuals can do that. I thought credit agencies receive data feed directly from creditors..

donotdrinkPBR said:   FWF = fraud?

fraudwallet fraudnance

I heard a snippet about this on the radio.
Something about they were able to report payment history to the CRAs ...

If i understood that right, How on Earth didd they trick the CRAs into believing they were the CC companies?


...operated in at least 28 states and wired money to Pakistan, India, the United Arab Emirates, Canada, Romania, China and Japan.


So many people like disparaging Nigerians when the thought of fraud comes up...

KYBOSH said:   I heard a snippet about this on the radio.
Something about they were able to report payment history to the CRAs ...

If i understood that right, How on Earth didd they trick the CRAs into believing they were the CC companies?

Probably using other services that report to credit bureaus , not pretending to be the cc company

GET A LOAD OF THIS....

I was just browsing their sight when i saw it.
I dont know if they were there before or if its a direct reaction to this cases like these.

I guess I just reposted the same story, but this thread has such a terrible title...

Anyway, here's a full story direct from the source:
http://www.fbi.gov/newark/press-releases/2013/eighteen-people-ch...

Lol. Read the other thread before neophytes post. I concur
I think mods should shut this one down and move discussion to the other one.

KYBOSH said:   GET A LOAD OF THIS....

I was just browsing their sight when i saw it.
I dont know if they were there before or if its a direct reaction to this cases like these.


First thing I saw on that site was the ad for 4% interest on checking (up to $10k)

Well yeah, I was just browsing to see if they had anything else of interest or if they were a one trick pony.
Although I must admit ... 4% on $10k is one good trick.

SUCKISSTAPLES said:   KYBOSH said:   I heard a snippet about this on the radio.
Something about they were able to report payment history to the CRAs ...

If i understood that right, How on Earth didd they trick the CRAs into believing they were the CC companies?

Probably using other services that report to credit bureaus , not pretending to be the cc company


I was thinking (and the story sort of corroborates) that it could have related more to business credit where documentation from other creditors could help toward CLIs. That, or it was more to enable the merchant account side of this fraud. They had both fraudulent cards and fraudulent merchant accounts in play.

This thing would make a great movie. Or at least a movie.

i wonder how many got away...?

Thanks for suggesting we're all criminals. It's a point of pride for most of us that FWF tactics are profitable *and* legal.

"First thing I saw on that site was the ad for 4% interest on checking (up to $10k)"

Sounds like a great rate! What connects this CU to story by OP?



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