The U.S. Department of Justice (DOJ) just announced indictments resulting from Operation Ghostbusters, which investigated widespread student loan fraud. According to the agency , bad actors used stolen identities to sign up for student loans and used AI to complete the application, making it appear that the fake student was attending online classes.

While the schools receive the majority of the proceeds of the fraudulent student loan, the remaining amount is funneled into the bank accounts of the fraudsters, who then use mules to move the money from U.S. bank accounts to overseas conspirators. On the other hand, unwitting victims who have skipped college and instead directly joined the workforce after high school are saddled with student debt for a degree they never even signed up for.

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Jowi Morales is a tech enthusiast with years of experience working in the industry.…