By the late 1960s, early 1970s, the New York underworld was in full swing with the racket. What had started slowly as an occasional theft here and there of a credit card mailed to a consumer from their home mailbox would eventually morph into the steady operation of semi-independent ‘theft crews’ who went out daily and pilfered mailboxes to gain access to this ‘plastic gold.’
Starting by the mid-1960s, the underworld in general, and the New York/New Jersey mafia in particular, starting realizing the tremendous money-making potential in the newly invented and quickly developing business model of credit cards. The idea of now being able to purchase goods and services on “credit” by simply presenting a rectangular plastic “credit card” was revolutionary.
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