According to Abbie Milton from Absa Bank's card merchant services, fake credit card transactions have cost SA business between R25-million and R40-million in the past 18 months - and that is only what has been reported so far.
Milton said 90 percent of the fraudulent cases Absa encountered were from mail order transactions when a customer's card details were faxed.
With SA, credit card fraud is on the rise in Indian as well. The Commercial Street police here arrested Morris D’Souza), the mastermind of one of the biggest credit card rackets in recent times, with three of his associates in Bangalore. The police recovered 90 credit cards of different nationalised and private banks, four vehicles, telephones, mobile handsets, SIM cards, cash and gold ornaments from him (Via The Times Of India).
Though the estimates put the loss at Rs 6 crore, the police suspect it could be double that. "We've sent letters to leading banks. A clear picture will emerge once they produce their statements," the police said.
In Chennai another metro city in India, The Central Crime Brach (CCB) police arrested a courier company employee with his four associates, who misused credit cards to be dispatched to customers and purchased electronic goods and jewellery (Via The Hindu).
1 comment:
it is true, fraudulent credit card transactions are on the rise. unfortunately, most credit card thieves are never caught. it's even more sad when it's the ones whoa re supposed to be protecting our information that are using it in the worst ways.
thanks for the post!
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