They aren't stealing an Identity; they are simply commiting FRAUD (or stealing my money, if you like).

Since Identity Theft is a new word, it send the Media in to a frenzy and it makes the Politicians think that they need to make new Laws and regulations to deal with what is in effect an existing crime.

Credit Card Fraud doesn't need to be renamed to make it sound sexier.

Really -- who owns ssn's? If the reporting agencies were to hold to the same social security number remediation the rest of businesses are, id thieves would be limited to paying your taxes, adding money to your retirement, and getting driver's licenses.

"They used sophisticated computer hacking techniques, breaching security systems and installing programs that gathered enormous quantities of personal financial data, which they then allegedly sold to others or used themselves,"

Ummm last I knew the networks were UNSECURED!!! How the F^$% did they use sophisticated techniques when the networks were open? This article smacks of (Not because of El Reg) buzzwords designed to get people up in arms.

"The alleged members of the ring converted the data to cash by creating counterfeit credit and debit cards with the information and using the cards to withdraw "tens of thousands of dollars at a time from ATMs," prosecutors said in a statement announcing the indictments. Digital currency services were used to launder the proceeds."

And last I knew "tens of thousands of dollars at a time" could not be done. Hell I hate banks but I do know that if I even tried to pull out more then 500 from an ATM I wouldnt be able to, not to mention the withdrawl laws where if you deposit or take out more then 10K from a bank you have to sign paperwork in triplicate stating that your not a (Terrorist/Supporter of Terror/Drug Dealer) so ummm....yeah I love the way authorities spin things to make their case look like they just found the person responsible for the Zodiac Killings for ex.

/Anon cause I dont want to be branded as supporting what these guys did, I'm not

"They used sophisticated computer hacking techniques, breaching security systems and installing programs that gathered enormous quantities of personal financial data, which they then allegedly sold to others or used themselves,"

If you call connecting to open wireless networks, and basic packet analysis(tcpdump), sophisticated.

Yet again this is fraud commited against technically inept people, who were victims of fraud by conglomerates who sold them insecure computer equipment.

These are not hackers they are fraudsters. Big difference.