675k Stolen Credit Cards = Ten Years In Jail 204
wiredmikey writes "A hacker who had been found with more than 675,000 stolen credit card numbers that reportedly led to losses totaling more than $36 million, was sentenced on Friday to 120 months in prison. After pleading guilty on April 21, 2011, Rogelio Hackett Jr., 25, of Lithonia, Georgia, was slapped with a maximum prison sentence and ordered to pay a $100,000 fine. According to court documents, U.S. Secret Service special agents executing a search warrant in 2009 at Hackett's home found more than 675,000 stolen credit card numbers and related information in his computers and email accounts. Hackett admitted in a court filing that since at least 2002, he has been trafficking in credit card information he obtained either by hacking into business computer networks and downloading credit card databases, or purchasing the information from others using the Internet through various carding forums."
Re:Sounds about right. (Score:5, Informative)
You clearly don't understand the nature of credit and its importance in American economics.
The implication in your simplistic view of credit is that it is a mechanism by which one borrows what they cannot afford to pay in full immediately. This is only sometimes true. However, in many cases, credit is used as a method of protecting oneself from risk. Only fools and old grandmothers who stash money under their mattresses think that credit is intrinsically bad. If I pay for something with a card, my creditor provides additional protections in case what I bought is not as advertised, or if there is some other dispute with the merchant. If I paid cash, I have no such protection.
Building a positive credit history is also essential for other purposes, such as renting a property, or securing employment in some sectors. Whether you agree with the practice or not, there is an increasing trend toward using credit history as a measure of financial and social responsibility. Lack of such a history is not considered an advantage--quite the opposite. If you are one of the lucky few who can get through life without having to establish your reputation through such means, then that's great, but that doesn't give you the right to be condescending toward the vast, vast majority of individuals who work hard and manage their credit wisely.
Credit is like food. You can use it in moderation. Excessive use may be an indication of addiction. Trying to avoid it is an illness unto itself.
Re:Sounds about right. (Score:5, Informative)
The victim here are the credit card companies themselves. The merchant still gets paid from what I understand, and the credit card company has to eat it. Hence, they are the victims, not you.
Are you Daft?
Credit card companies charge back fraudulent sales to the merchant. They eat little or nothing themselves.
The merchants eat it.
The card holder is still on the hook for $50 or so. More if they delay reporting the loss.
Further, the cost of goods goes up for everyone due to merchants having to eat the loss of the Color TV purchased with a fraudulent card for which they are charged-back.
Re:Sounds about right. (Score:4, Informative)
Fun fact. The elderly pensioner who lived next door to me is now homeless after being credit card frauded over the internet. He was an old , not particularly literate, old man.
The company who got broken into didn't do this to him , the thief did.
Stick all the abstractions you like up your own arse and light it on fire for all I can care. The buck stops at a respectable but aged 70 year old man who last I checked is living in a squat with junkies because some punk thought it would be clever to empty his meagre pension and thus make him unable to pay his boarding house rent. Thats the bottom line.