20 September 2017
Keith Appleyard

Please Engage Brain

Keith Appleyard - available for hire

60Posts 297,601Views 106Comments


A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.

How to steal 10 million dollars and get away with it

30 August 2010  |  5972 views  |  0

As reported in the New York Times : www.nytimes.com/2010/08/22/business/22digi.html

Papers filed in court allege that over a 4 year period, thieves created fictitious Merchants through use of accommodation addresses and stealing other peoples identities,  charged more than $10 million on consumers’ credit and debit cards, and then moved the money to bank accounts in Lithuania, Estonia, Latvia, Bulgaria, Cyprus and Kyrgyzstan. 

The thieves evaded detection until eventually enough consumers did complain by keeping each charge under $10 (often even under $1) and resisting temptation, stole from each cardholder only once, spreading the theft across more than a million cardholders.

So do check your Credit Card Statements, and if you see something (eg an unfamiliar Merchant Name) you don’t recognise, no matter how trivial the amount, then query it with your credit card company; in the UK you have 13 months to query a transaction (other jurisdictions may vary), but obviously the sooner you do it the better.

TagsPaymentsRisk & regulation

Comments: (0)

Comment on this story (membership required)

Latest posts from Keith

Barclays On-line Banking deserves better error messages

02 January 2014  |  13430 views  |  1 comments | recomends Recommends 0 TagsMobile & onlinePaymentsGroupWhatever...

RBS does have robust procedures

01 October 2013  |  3452 views  |  0 comments | recomends Recommends 0 TagsMobile & onlinePaymentsGroupWhatever...

National Savings and Investments are rather too lethargic

17 April 2013  |  13797 views  |  0 comments | recomends Recommends 1 TagsSecurityMobile & onlineGroupWhatever...

RBS Internet Banking is not for the English

28 January 2013  |  5527 views  |  0 comments | recomends Recommends 0 TagsMobile & onlineGroupWhatever...

RBS don't seem to understand basic book-keeping rules

26 June 2012  |  6326 views  |  5 comments | recomends Recommends 2 TagsPaymentsGroupWhatever...

Keith's profile

job title IT Consultant
location Bromley
member since 2008
Summary profile See full profile »
Focussing on IT Strategy and Systems Architecture issues, primarily in the Payment Card Industry - scope is Global. SME on topics such as Data Protection and Encryption.

Keith's expertise

Member since 2007
60 posts106 comments
What Keith reads

Who's commenting on Keith's posts