$10 million identity fraud ring smashed by US authorities

US federal authorities have swooped to charge 12 people over a $10 million bank fraud.

The 12, who have not been named, allegedly conducted their schemes from 2006 until last month, and authorities reportedly have identified 5,000 individuals as part of the scheme, which involved 11 banks and institutions.

The accused, who were based in Minnesota, New York and California, would allegedly buy and sell stolen identification, which would then be used to open bank and credit card accounts and apply