Feds Net Dozens in Phishing Ring Bust

U.S. and Egyptian authorities are arresting dozens of people to crack an identity theft ring that victimized thousands.

Laura Eimiller, an FBI spokeswoman in Los Angeles, says agents are making arrests Wednesday morning in Southern California, Nevada and North Carolina. She says about 100 arrests are expected in the United States and Egypt, many in the Los Angeles area.

An indictment accuses the ring of running a "phishing" scheme, using computer intrusion and fraud to obtain personal information allowing them to withdraw money from bank accounts.

In "phishing," people answering an e-mail are directed to a bogus Web site and asked to update information such as passwords and account numbers.

Eimiller says victims may have lost a combined couple million dollars.