Pune - credit card fraud ring broken

Location: Pune
Victim: Multiple high network individual
Perpetrator: Many people ...

My source: Case study presented at CyberSafe Pune by the Cyber Crime cell.

Incident:
One of more employees at Marriott Pune would swipe credit cards on a mag reader and then clone the cards. A carrier was involved who would carry the input to Bombay and a techie who was part of the ring would clone the cards.
These cloned cards wold be used at certain stores where these guys had arrangements and they would either pick up the merchandise and resell it or they would take cash against the card swipe transactions.

The police cracked the case arresting the people involved, identifying about 100 card holders who had been defrauded with high value transactions. They got their hands on the mag stripe reader which is now crucial evidence.

Observation:
One must keep a check on the transactions billed in the card account even if the person is a high networth individual. Admitted that this person has oodles of money to spend but it is good to recheck what the bank has charged. Besides, if using a company credit card it is good governance to make sure that you are charging the correct amount to your company.

It will also be a good practice to mask the CVV number at the back of the card since this is one critical element in the card fraud game. Besides one must be vigilant when the card is being swiped and where it is being swiped. Try not to let the card out of sight.


Note: I shall put up more information about this following up on getting names and details about the incident in terms of total amount defrauded and other numbers.

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