Investigators in the US have uncovered an extremely sophisticated and well-organised credit card scam which netted the gang $10 million. The fraudsters went to huge lengths to set up front companies which they used to create merchant accounts with credit card companies. Then they used stolen card details to charge small amounts to the accounts. With charges under $10 and each card being hit only once, 90 per cent of the fraudulent charges went unchallenged by the card-holders. Read the full story here on Wired.
Wednesday, 30 June 2020
CARD sharks
Investigators in the US have uncovered an extremely sophisticated and well-organised credit card scam which netted the gang $10 million. The fraudsters went to huge lengths to set up front companies which they used to create merchant accounts with credit card companies. Then they used stolen card details to charge small amounts to the accounts. With charges under $10 and each card being hit only once, 90 per cent of the fraudulent charges went unchallenged by the card-holders. Read the full story here on Wired.
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