Ring Allegedly Bilked Credit Card Companies of at Least $200 Million

Officials describe massive, sophisticated scam as one of the largest of its kind ever seen

Federal agents Tuesday arrested more than a dozen people involved in a credit card fraud scheme described as one of the largest of its kind ever uncovered by the Department of Justice, U.S. Attorney for New Jersey Paul Fishman announced at a press conference in Newark. “The losses in this case are, in a word, massive,” Fishman said of the far-reaching conspiracy, which cost credit card issuers at least $200 million in losses. That estimate, however, is “conservative,” Fishman said, adding that it may in fact be much higher. The elaborate scheme required “patience and skill” to carry out, Fishman also said Tuesday.   Eighteen people, who live mostly in New York and New Jersey, allegedly operated a ring that created 1,800 dummy addresses and…

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