Credit Business

Nearly a dozen people have been brought into custody over a huge credit card hacking ring that was discovered in three different countries. The individuals in question were found to be operating out of the United States, the United Kingdom and Vietnam, according to federal authorities. It has been reported that the credit card hacking ring was responsible for defrauding more than $200 million from tens of thousands of credit card holders, which has brought a new round of focus on the amount of security offered by U.S.-based credit cards.

The credit card ring was first discovered by Vietnamese authorities, who made an arrest on the 29th of May. The individual in question, Duy Hai Truong, is named in federal charges set forth by federal prosecutors in New Jersey. None of the other accomplices in the crimes have been named thus far in the federal charges, but have been taken into custody in their respective countries for their roles in the scheme. A number of the suspects were residing in the state of New Jersey at the time of their arrests.

A recently-passed international computer crime law in Vietnam enabled Vietnamese authorities to work with other countries whenever multi-national crimes such as credit card fraud have occurred.

Based on the size and scope of the credit card fraud ring, it has been reported by Britain’s National Cyber Crime Unit that this is one of the biggest credit card theft operations ever to exist. A similarly-sized credit card hacking ring was discovered some months ago in Russia, making this the second multi-hundred million dollar ring to be busted by international authorities this year.

Other notable cyber crimes include a $45 million ATM heist operation in which hackers were able to eliminate restrictions on withdrawal limits on prepaid debit cards, allowing them to completely empty out hundreds of ATMs in various Middle Eastern countries.

Considered a lofty success, several legal experts and industry analysts were surprised at the effectiveness of the operation and how all individuals involved were able to be brought to justice. Many rings are often busted without discovering the entire group of individuals involved.
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