Global Credit Card Theft – How It Is Done
It took only a few minutes for news.com.au to find stolen credit card numbers using a simple Google search.
Criminals are making a small fortune out of “franchising” stolen credit card details online, news.com.au reported today.Using targeted Google searches, news.com.au was able to find “demo” credit card details, which the legal owners say were used to make thousands of dollars worth of purchases.
The profits made by the sellers has turned into a major industry for criminals – and one which is growing, says Detective Inspector John Potter from Victoria Police’s Fraud Squad.
“We’re seeing a degree of organisation with this activity,” Insp Potter said.
“A lot of this stuff comes from overseas… we’re talking about organised crime.
“They’re set up as businesses and we also know that this type of product is used in Australia by criminals.”
Not only are the networks used to steal and distribute banking information similar to businesses, but the criminals behind it also maximise profits by “franchising” credit cards around the world, fraud expert and forensic accountant Brett Warfield says.
“They can sell them multiple times, so it’s like a franchise – they multiply the value of that card,” Mr Warfield said.
“It distances you from the actual fraudulent transaction… if you franchise it and give it away to five or ten people, whatever they do is up to them.”
The criminals also have different methods of finding credit card information.
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