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LAW ENFORCEMENT agencies around the world have busted a major ATM fraud ring – thought to be the largest in the world.
Eight people were arrested in the United States, and two more in Germany, over the fraud that saw an estimated $45 million (€34.6 million) stolen from customers around the world.
PopSci.com explained that the scam first involved breaking into financial institutions in India and the United Arab Emirates, which handled credit cards and pre-paid debit cards for customers around the world, eliminating the withdrawal limit on those accounts.
They then transferred the details for these accounts to generic cards with magnetised strips – such as hotel swipecards – so that they could be used in countries where debit cards still carry a magnetic strip as a backup to a computerised chip.
The Independent added that the cards were then distributed to operatives who literally fanned out across Manhattan, inserting these pre-programmed cards into ATMs to withdraw as much cash as they could.
The latter’s report said the data from the accounts had been distributed to affiliates in over 20 countries, to be used to program fake debit cards in other countries.
The leader of the New York unit is thought to have been killed in the Dominican Republic last month – apparently having fled the US fearing that the ring would be busted.
An envelope with $100,000 in cash – untouched – was found beside his body.
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Small point to note. The money was taken from prepaid visa and mastercards. To say money was taken from customers is factually incorrect. The money was taken from the banks. Which is an interesting juxtaposition.
Juxtaposition: now there’s a word ya don’t hear everyday
@paul exactly.i dont see the problem here.banks rob from people.people rob from the banks.everyone is a victim on the merry-go-round :-)
Two other small points to note:
1. This was news in February:
http://mobile.reuters.com/article/idUSL6N0BQ1C720130226?irpc=932
2. The compromised bank is in Oman, not UAE.
I like fluffy bunnies
It’s a drop in the ocean compared to the €60bn+ fraud that was carried out against the Irish people.
Haha you crack me up Stephen, you make a very original point there about how the irish people are paying for a bailout
Sad but so true.
The Journal is not about breaking news. It is about the readers enriching and adding value to the stories through thoughtful and sometimes fun comments… not always achieved though…
Couldn’t agree more. Half the time its the comments I’m here for.
Get your act together Journal this was news 2 days ago
Better late than never.
This was in the daily mail, the guardian, the BBC, sky and itv yesterday. Why is it only appearing in journal tonight?
Ancient news
Some f*cker tapped my credit card today….not happy…fair play to BOI for being on the ball…
The journal is letting standards drop :-)
Bet no one from The Journal will comment !
But they’re great at letting us know what we were listening to in the 90′s.
horrible amount of comments complaining that this isnt breaking news….so what!!!! is your brain so brainwashed by the internet and sky news-ology?
have your say