In this ISR News post, it is reported that Credit Card Cloners Stole 3.5 million.
In a nutshell, that's 3.5 Million reasons for using HomeATM's SafeTPIN device. Without the PIN, a cloned card would be useless. So would DNS hijacking (redirecting you to a cloned website). No username/password, instead Swipe your Card, Enter your PIN. They wouldn't receive the data...unlike the username/password, which they would receive.
In fact, cloning wouldn't be an "issue" (pun intended) at all, if online merchants employed the HomeATM True PIN Debit solution.
Come to think of it neither would the over exorbitant "Card Not Present" rates...oh...and an end-to-end encryption methodology is certainly an added benefit. Don't let me forget convenience. If I can swipe my card 14-16 times faster than entering 14-16 digits from my credit or debit card, then I consider it to be 14-16 times more convenient. You? And yes, we do credit...and yes...it would be at "card present" credit card rates. Any questions?
ISR News: Credit Card Cloners Steal £3.5m
April 7, 2009 by ADMIN
Excerpts From Finextra.com
A gang of five fraudsters who ran a global credit card cloning ring out of a London flat stole £3.5 million in just a few days, a court heard yesterday.
Prosecutor Ben Fitzgerald told Southwark crown court that police found fake cards and counterfeiting technology in the London flat.
The accused allegedly went on a spree between 28 September and 8 October last year as Barclaycard migrated cardholders from the Goldfish credit card business it acquired from Discover Financial Services earlier in the year.
Computer software found in the flat was used to make fake cards before the gang stole £3.5 million, with £645,000 spent on the cards in Britain alone, the court heard.
Khi-San Voong, 46, Qiu Yeu, 46, Qiang Xue, 34, and Dauy Chung, 40, all of Walworth, deny conspiracy to defraud. Cai Caixa, 27, pleaded guilty.
The trial continues...
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