The Hyderabad City police recently had to arrest four people, for a colossal credit card rip-off.
Of the four, two are bank employees and of the other two, one was a textile shop owner and the last one, a service manager of a private credit card swapping machine agency.
Police suspects the gang swindled around Rs 5 crore using forged credit cards and other illegal means in the last one year.
The modus-operandi was very simple.
01) The textile shop owner purchased a Card Skimmer from Bangkok.
02) As and when his customers preferred to pay in the ePayment mode, the credit card data was skimmed off.
03) Once he had the data in hand, he started using them and the purchases were reflected in the original card holders’ bills.
04) Another route was the stolen or missing credit cars from thieves. Cash was offered instead of goods after swiping the stolen credits after taking 3 to 5 per cent commission.
At present, the details are sketchy as to how the police stumbled on this gang. Is it due to customers’ complaints or complaints by the credit card issuers?
The easiest way for customers to keep a track of their purchases on Credit Cards is to invariably register for SMS alerts and to go through them, in case SMSs’ are received.
How do you safeguard your credit card (card-present and card-not-present) transactions?
Re-disseminated by Prashant N. Banker by daytime, Blogger by night.
- Types of Credit Card Fraud – CreditCard.com.au (creditcard.com.au)
- Trader scripts credit card scam (thehindu.com)