Vic police bust credit card fraud ring

An police investigation into credit card fraud has resulted in the arrests of two men connected with a crime ring operating in Victoria.

Detectives from Victoria's E-crime Squad said they had "smashed" the syndicate operating from two properties in Meadow Heights and Craigieburn.

The eight-month Operation Kybosh followed fraudlent credit trails online valued more than $300,000.

The 28-year-old man from Craigieburn is expected to be charged with unauthorised access with intent to commit serious offence (hacking), and deception related offences, while the 26-year-old Meadow Heights man was charged with six counts of obtain financial advantage by deception and two counts of obtain property by deception.

E-Crime Squad Detective Senior Sergeant Bradley Nichols said victims do not often report hacking and fraud to police.

"We believe the majority of this type of crime is just not reported to police. Often victims will report incidents to their financial institution and leave it at that," Nichols said. "We are concentrating our efforts on identifying these groups," he said.

A third suspect remains at large and police have appealed for information to identify a man believed to have made purchases with fraudulent credit cards to purchase electrical goods in Essendon.