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Huge Credit Fraud Ring Sends Europeans' Data To Pakistan

Posted by timothy on from the we-keep-our-biggest-credit-thieves-in-d.c. dept.

marshotel excerpts from a story at the Wall Street Journal: "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. Specialists say the theft technology is the most advanced they have seen, and a person close to British law enforcement said it has affected big retailers including a British unit of Wal-Mart Stores Inc. and Tesco Ltd."

3 of 166 comments (clear)

  1. Screw credit cards... by Bombula · · Score: 5, Funny

    To hell with credit cards and plastic. This kind of danger is why I only use cash and keep all my money in a Washington Mutual bank account, where it's safe...

    --
    A-Bomb
    1. Re:Screw credit cards... by ScrewMaster · · Score: 5, Funny

      Ppppphhhhhhttttt.

      I've found it's simply safer to spend it just after it hits my bank account.

      Yeah, most Americans do that. It goes awful fast nowadays. Like the old Depression-era joke:

      Two men are sitting next to a hot dog stand having lunch. One looks down at his meal and says, "You know, one end of this thing tastes like hot dog, and the other tastes like bread."

      The other guy responds with "Yeah ... these days it's hard to make both ends meat."

      --
      The higher the technology, the sharper that two-edged sword.
  2. Re:Credit cards are evil. by plover · · Score: 5, Informative

    In America, the credit liability laws limit the consumer's exposure for fraudulent use of a card to $50. In practice, I've found most banks actually cover their customers 100%. You have to swear that it was theft, of course, and perhaps sign an affidavit, and if turns out that you were the "thief" you will be prosecuted for fraud.

    Some cards here do offer no-questions-asked protection plans (I know American Express does) against defective goods. For the rest of them, if you are unsatisfied with a credit transaction you can withhold payment from your credit company while you dispute the transaction, but there's paperwork involved. It's not particularly easy, and it's likely to go on your credit report.

    Notice that there are no liability limits on debit card fraud, however. If a thief steals your card and drains $10,000 from your account, you now have $10,000 less than you did before you were robbed. The bank does not have a statutory obligation to return your money. Debit cards are horribly risky devices.

    --
    John