Nigerian Couple Charged in $575k Store‑Card Fraud Faces Up to 50 Years Each

Context From May 2023 through October 2024, Olujobi and Davidson contacted a publicly traded consumer financial services company, using victims’ Social Security numbers, birth dates, phone numbers and addresses to pose as legitimate cardholders. After gaining access, they changed the mailing address on the accounts to locations in Hopewell Junction, New York, requested replacement cards, and then used those cards to buy gift cards and merchandise at various retailers. The scheme also involved calls to the issuer to authorize declined transactions or raise credit limits to keep the spending going.

Key Facts Unauthorized transactions exceeded $500,000, with prosecutors estimating the total at $575,000. The couple allegedly compromised over 200 store credit card accounts. Synchrony Financial (NYSE: SYF), a major issuer of private‑label store cards, has a market capitalization of roughly $22.5 billion; its shares slipped 3.1% on the day the indictment was unsealed. Olujobi, 28, and Davidson, 29, each face charges of conspiracy to commit mail, wire and bank fraud, carrying a maximum of 30 years, plus a separate money‑laundering count for Davidson that adds up to 20 years.

What It Means The case highlights how stolen personal data can be turned into account‑takeover fraud that bypasses standard card‑not‑present safeguards. For Synchrony Financial, the incident may prompt a review of its identity‑verification procedures and could affect investor confidence in its security controls. Regulators may also scrutinize how retailers and issuers handle address‑change requests and replacement‑card shipments.

What to watch next The defendants are scheduled to appear before a U.S. Magistrate Judge in White Plains; upcoming hearings will determine whether the case proceeds to trial and what, if any, plea negotiations emerge.