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Credit card fraud
News

Credit card fraud

Friday, 23 October 2009
By Fabrice Guérroux
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Fabrice Guérroux

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2 min read
A well-oiled system

Three steps are all it takes to set this well-oiled system in motion, to the benefit of organised crime worldwide. After browsing pages of counterfeit watches, the customer decides to place an order. This order is confirmed, payment made and the product dispatched. Within six days, provided it has slipped through the net at Customs, the customer takes delivery of their watch. They are happy with their purchase and don’t give the transaction a second thought. What they don’t know is that their credit card details have been sent to third parties who, so as to better cover their tracks, will allow a certain time to go by before placing orders, usually on the same day, with different companies around the world: companies that belong to major criminal gangs. The cost of these purchases is debited from the scammed accounts, without the account-holder’s authorisation.

When the victims realise what has happened, it’s already too late. Tracing the origin of this fraud is further complicated by the multiple transactions made, the small amounts debited and the number of countries involved. International police and investigation forces are working hard to break these rings, and have made important catches in the past two years. The customer’s role is not to be tempted by these products and to purely and simply boycott fakes.

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