The authorities had uncovered a new scam where victims were bilked in small amounts from their credit cards such as in .25 cents up to $9.00, and the scam was in operation for four years. The scammers who were behind this amazing scam made around $9.5 million according to the source here, and around 1.35 million credit cards were affected.
The scammers are still at large, because the authorities have not yet been able to positively identify the scammers. The scam was successful is largely due to the carelessness of the fraud detection process from credit card processing companies. Victims rarely take action when they see small charges such as .25 cents as they think it must have been some type of credit card fees from the credit card processing companies. The credit card processing companies’ fraud detection process often care not to verify charges that are less than $10.00.
The scammers took the carelessness of the fraud detection process as a gateway to free money. They stole millions of dollars from credit card holders. Perhaps, they’re laughing to the bank while we’re talking about their outlawed scheme! Source.
Vinh Nguyen
