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IP: Credit Card Cloners' $1B Scam
From: David Farber <dave () farber net>
Date: Mon, 07 Jan 2002 20:07:25 -0500
Gadget first demonstrated in maybe 1960's at Caltech as part of a demo on how poor the mag stripped credit cards were. In spite of that , they won.
Dave
From: Monty Solomon <monty () roscom com> Subject: Credit Card Cloners' $1B Scam Credit Card Cloners' $1B Scam Terrorists, mobsters in on hacking racket By WILLIAM SHERMAN Daily News Staff Writer Superhackers - ranging from Al Qaeda terrorists to local mobsters - are making letter-perfect clones of consumers' credit cards without so much as picking a pocket, in a sophisticated, international $1 billion-a-year scam. Using homemade, $50 machines about the size of a cigarette pack or high-tech bugging devices, the scammers can read credit cards' magnetic stripes and E-mail the information overseas, where copies are produced. Because their cards haven't been stolen, consumers don't know they've been ripped off - until they get bills for charges they didn't make in places they've never been. Credit card companies haven't a clue until alerted by stunned customers. "It is the foolproof bank robbery of this century, it's new and it's growing," said a top Secret Service official. Credit card users "have their cards in their wallets and they can't believe it's happened," said Betsy Broder, assistant director of the Federal Trade Commission's Bureau of Consumer Protection. It's the newest, most devious and fastest-growing form of credit card fraud. ... http://www.nydailynews.com/today/News_and_Views/City_Beat/a-137421.asp
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