Credit card fraud remains a looming threat in the world of commerce. Whether it is online or offline fraud, the threat is very real. A new wave of arrests saw a credit card fraud ring being shut down completely. Over 100 individuals were arrested by law enforcement in Europe and Malaysia.
Shutting down groups of thieves who abuse other people’s financial information is a top priority. Organized crime is moving to the world wide web, as it becomes easier to remain anonymous. Moreover, on the Internet, criminals have their targets ripe for the picking. The general lackluster attitude towards platform security is only making their jobs a lot easier.
Another Fraud Ring Bites The Dust
The majority of arrests were made in different European countries, whereas 29 people were detained in Malaysia. The fraud ring used stolen credit card information to make duplicates, and use them to buy high-value goods. In total, several million euros have been defrauded using this method.
Most of the purchases were made at electronic stores and duty-free stores located at several airports. When the police raids took place, hardware was founded used to clone credit cards in two different sites. Additionally, 3,000 duplicate payment cards, cameras, fake passports, and a large amount of cash were seized as well.
It is not the first – nor the last – time busts like these will take place. It has become increasingly easy for internet criminals to obtain credit card information. By using malware, phishing attacks, and hacking online databases, a lot of sensitive information can be retrieved. Credit cards remain one of the most insecure payment methods ever created.
On the other hand, it is good to see law enforcement bring down such large fraud rings. The number of fraudulent credit card purchases continues to grow, particularly in the online space. This fraud ring decided to buy goods in-store, which is hardly ever subject to identification. Until better security standards come along, it will be a matter of shutting these fraud rings down after the facts.
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