Credit Card Cloning on The Break
This fraud was initially noticed by a manager of one of the banks. He had spotted several suspicious transactions which added up around 10 lakhs. He then sent his bank’s officials to collect the charge slips and other possible documents; they had found that the merchant was no more a resident at the given address.
And when the banks got more suspicious, the crooks had managed to destroy the card readers and cheque books. The Police have caught the four crooks with the help of the bank, and managed to seize 13 card readers which were initially given to the crooks by three of the leading banks.
Today there are methods like Card Skimming and Card Cloning, where with the help of certain devices, many fraudsters capture credit and debit card details. This happens especially in places like cash points, ATM machines and mostly in small time retail outlets.
