Posted by: thecreditmaven | October 12, 2008

A Highly Sophisticated Credit Card Fraud Ring – In A Store Near You!

European law-enforcement officials uncovered a highly sophisticated credit-card fraud ring that funnels account data to Pakistan from hundreds of grocery-store card machines across Europe, according to U.S. intelligence officials and other people familiar with the case.

To read the full article access this link:                     

It seems there is one or more small criminal organizations that have been able to transfer credit card information from stores in Europe to locations in Pakistan. The information is some of the most sophisticated technology that British officials have ever seen. Law enforcement officials haven’t identified the culprits. Estimates as to how much money has been lost is in the $50 million – $100 million range. The technology uses untraceable devices that were inserted into CREDIT CARD READERS that were manufactured in CHINA (of all places). Doesn’t anything good every come from China anymore?

WOW!!

What could you do with 50 – 100 million dollars?

In my earlier articles, I have written about identity theft. This is another case about information being stolen and used for who knows what.

The next time you use your credit card for a purchase, ask the person who is waiting on you if they know if the card reader was “Made in China”.

Advertisements

Responses

  1. Robert: A quote in the WSJ article says the hackers are performing at a level of sophistication that rivals foreign intelligence services. The implication: Payment card data security requires much, much more than just forcing merchants to lock down data and comply with the PCI (payment card industry data security standard). Card data security is on par with national security issues. Card security requires wholesale rethinking of the credit card system. The Federal Trade Commission misunderstands the magnitude of the problem. The FTC is locked in an old-fashioned belief that data in-security is due to stupid merchants (like TJX) treating consumers (and their privacy) “unfairly” by failing to secure their systems. We need fresh thinking and better leadership on this issue from the FTC. –Ben


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: