Infraud: US takes down worldwide identity theft ring

Justice Dept. charges 36 alleged scammers for $530 million cyber-fraud scheme

Dozens of criminal charges have been filed following a federal investigation into a global cybercrime ring blamed for more than $530 million in losses caused by identity theft, according to the U.S. Department of Justice.

Justice Dept. officials said five of the named defendants were from the U.S., and eight defendants have been arrested and are pending extradition from the UK, Australia, France, Italy, Kosovo and Serbia.

"The sole objective of the organization is the large scale acquisition and dissemination of stolen identities, compromised debit and credit cards, personally identifying information, computer malware and other products used to unlawfully enrich members and associates of the Infraud association", Dale Eliason, U.S. Attorney of Nevada, said in a call with reporters.

Acting assistant attorney general John Cronan at the daily briefing at the White House. It ties them to $530 million in confirmed losses due to fraud and says they meant to steal more than $2.2 billion. Infraud is the biggest online fraud group ever prosecuted by the US Justice Department. He remains at large.

In addition to facilitating the sale of stolen information, the network also provided an escrow account people could use to launder their proceeds using digital currencies including bitcoin, Liberty Reserve, Perfect Money and WebMoney.

Bulletproof hosting: Web hosting services that take a lenient approach to the type of information that customers can distribute using the firm's servers.

Known as the Infraud Organization, the enterprise aimed to be the Internet's premier destination for buying and selling stolen payment card data.

It offered a marketplace for stolen data such as the sale of credit card data, social security numbers, malware, hardware and tools related to credit card fraud.

The Infraud Organization was created in October 2010 to be a carding website that sells stolen credit card information. At the organization's top were administrators who collectively controlled its destiny and seeded it with sellers who had a reputation for delivering illicit goods of high quality.

The indictment outlines a complex hierarchy for the Infraud Organization that involved site moderators, vendors and members.

The indictment ties some of the 36 suspects to the above services. According to the indictment, the Infraud Organization allegedly was already responsible for $530 million in loses. Interestingly, however, he reviewed potential sales on the forum and would ban devices from Russian victims.

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