Huge Credit Card Fraud Across Europe

A vast credit card fraud has been discovered operating in several European countries
police across multiple European countries which included Belgium and the United Kingdom, have been investigating a credit card fraud repeated to be working on a massive scale.

The fraudsters managed to attach card readers on to banks machines in order to intercept the data (magnetic stripe, PIN). These operators are very far from the small card fraudsters of the 90s. This case shows how a highly organized gang sent the information that they had stolen to be mobile banking operation in Pakistan.

Three separate circuits were pirated; the first circuit is designed to copy the card details before the company can encrypt the information. The Second Circuit safeguard the information and uses encryption to protect it from all external readings.

The third and final circuit acts as a mobile phone, the chip sends the stolen data via a server based in Lahore, Pakistan. The hackers were then able to use the banking information to create cloned cards the so-called “white cards “

The system was even set up to differentiate between types of cards so it could for example prioritise information from gold cards, and send that information before sending the data from regular cards.

According to the Wall Street Journal revealed in total, they have, according to the police, defrauded some 75 million Euros or £59 million and large amounts of this cash was spent buying airline tickets and other luxury products over the Internet with the stolen card numbers.

They even managed to place put several readers into well-known shops sending data from credit cards by wireless connection to, Pakistan. According to the British police, however, is the gang succeeded in introducing card readers in large supermarket chains like Tesco and Asda.

Externally, these card readers would be difficult to distinguish from the official authentic versions. According to police, they would, however, have a very significant weight difference, but as the readers were not often picked up, no one noticed. Scotland Yard recommends that shoppers carefully monitor their card and the card readers that they are used in. These devices have been discovered in Britain, Ireland, Belgium, the Netherlands and Denmark.

How do you protect your credit? Having good credit scores is more than a little important in today’s world. If someone perpetrates fraud using your credit card it can cost you dearly and not just in monetary losses. Read on to find out some tips to avoid credit card fraud.

Don’t Lose Sight of Your Credit Card

Not only is it important to keep your eyes on your credit card at all times, you need to be careful who and where you hand it over. You should never give out your credit card information over the telephone or in an email. Those companies that are legitimate will not ask you to give out this information over the telephone.

If you get an email inquiry that asks for your credit card information, this should be an instant red flag. You should never respond to such requests as these types of emails are referred to as “phishing scams.” Be sure when you do your online shopping that the website with which you are dealing is a secure site.

Get Rid of the Evidence

Whenever you receive information or a billing statement in the mail with your credit card number on it, be sure that you shred these documents to ensure that no one can get your credit card information. You should never have your PIN number written on your card nor keep it in close proximity to the card. Try and have your PIN number memorized so that it is not written down anywhere. Another rule of thumb is to sign your name to the back of your credit card as soon as it is received. Never leave your credit cards, receipts or billing statements out where a casual observer can get your personal information.

Make a List

It is recommended that you store a list of all your credit cards, the expiration dates and the customer service telephone numbers in a safe and secure location. This allows you to contact the credit card company immediately if your card becomes lost or stolen or if you have a question about a purchase you may or may not have made. A good place to keep this list is either in a strong box or a safety deposit box you have in your home.

Keep it Simple

Don’t walk around with a wallet full of credit cards. Only take those credit cards that you will be using at the present time. Carrying all your credit cards with you is a recipe for disaster if your wallet or purse gets lost or stolen. Instead of just reporting one or two cards to the issuing companies, you will have to make numerous calls to a variety of companies and ensure that you have called them all.