International card fraud ring tackled

US law enforcement agencies have arrested 14 people in connection with an international fraud ring that has led to banks replacing hundreds of thousands of debit cards.

US law enforcement agencies have arrested 14 people in connection with an international fraud ring that has led to banks replacing hundreds of thousands of debit cards.

The US suspects arrested are accused of using stolen credit and debit card information to produce counterfeit cards, which were used to buy goods and make withdrawals from customer accounts.

It is alleged that the group arrested could have links to criminal gangs abroad. Withdrawals from the accounts affected have been made in countries including the UK, Pakistan, Spain and Romania.

Some of the stolen information used to make the counterfeit cards is believed to have come from office supply chain OfficeMax.

Other information is said to have been stolen from the State Employees' Credit Union in North Carolina, US.

Prosecutors said a number of other businesses also had information stolen.

Visa and MasterCard recently blamed a spate of illegal card withdrawals on information that was stolen from an unnamed merchant.

CitiBank also recently had to replace an undisclosed number of debit and credit cards after information was stolen from an unnamed merchant.

It is not known whether these frauds are linked to the 14 arrests. OfficeMax has not confirmed whether it had suffered a data breach.

 

Read more on IT risk management

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

SearchCIO

SearchSecurity

SearchNetworking

SearchDataCenter

SearchDataManagement

Close