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Scam Reported to Fleece Americans


Posted by Biplob on August 29, 2008 at 2:06 pm


BBC News reports it has unearthed a plan in which fraudsters with stolen credit-card information would clone the information onto the magnetic strips of other cards, then use them in UK supermarkets to strip money from unsuspecting Americans.
One gang said it accessed the accounts of more than 2,300 Americans in one month and planned to make fake cards to be used overseas. It claimed to have acquired the information from gangs in the United States that say they have tapped the phone lines between banks and cash machines.
Central to the plan was to use the cards at supermarket self-service checkout stands, bypassing the risk that a store employee might spot the forged cards.
The story blames the slow uptake in the United States of chip-and-pin technology for enabling the thefts. The targeted supermarkets, however, said their systems automatically call the bank for authorization anytime a card is swiped rather than using chip-and-pin.

posted by The Revolution @ 9:02 AM