Four credit card cloners head to prison
Fraudsters stole £3.5m in just over a week
By UK CreditCards.com
Four fraudsters have been sentenced to a total of 18 years in prison after being found guilty of running a credit card cloning scam.
The group -- all Chinese nationals -- made £3.5m in just over a week by defrauding 2,000 account holders who came from 27 different countries.
During the trial at the Old Bailey, it was revealed that the gang took advantage of ineffective security systems during Barclaycard's purchase of Morgan Stanley's card branch last year.
Police raided a flat in Walworth, South London, and found credit card details, cloning equipment and other items needed for the group's operation. All four of the gang received sentences ranging from four to five years in jail. Three of them will be deported after serving their sentences.
UK payments association Apacs revealed last month that losses from credit card fraud totalled £609.9m in 2008.
However, the organisation claimed that chip and PIN -- rolled-out nationwide in 2004 -- had helped to combat the problem.
Published: 21 April 2009
- Equifax suffers major breach - are you affected? – A breach at Equifax exposed details of millions of US consumers - and some UK consumers. Here's what you need to know ...
- Your credit limit: use it or lose it – Thanks to new rules, you may find unused credit cards or credit limits taken away in the next few months ...
- What's safer: your card details or your health details? – According to a study, more Brits trust their doctor than their card issuer. But is that mistrust unfounded? ...