You are here: Home » ATM skimmers » How ATM Skimming Operations ‘Launder’ Your Money

How ATM Skimming Operations ‘Launder’ Your Money

by Dave on May 19, 2011

money in a front loading washing machineHere’s an excellent story from Miami Beach (http://ow.ly/4TCCl) detailing how money stolen from your account by ATM skimmers is ‘laundered’ and directed back to the criminals.

In this case a small gang was paid to travel from the UK to Miami beach to “…cash out fake, blank cards loaded with stolen checking information.” In return they would receive a percentage of the cash they brought back.

Why travel to the US to cash out? Because “…banking safeguards here aren’t as strong as they are in the European Union.” Ouch.

Police report the gang had 65 fake credit cards. 47 were debit cards with PIN numbers written on the back and credit card data encoded on a magnetic stripe.

More details here: http://ow.ly/4TCCl

Be Sociable, Share!

Related posts:

  1. Michael’s Craft Stores Latest Skimming Card Fraud Targets
  2. Expert Says ATM Skimming ‘More Lucrative then Drugs’
  3. Gas Pump Skimming Still Going Strong

Comments on this entry are closed.

Previous post:

Next post: