Million Dollar Card Fraud Ring Foiled by Store's Loss Prevention Staff
Read more here at Canoe.ca.$1 million card fraud foiled
PIN pads swapped to collect customer information
City police believe a debit and credit card scam orchestrated by an out-of-province crime group has taken banks and local retailers and consumers for a loss of more than $1 million.
The brazen and sophisticated scheme unravelled when alert loss prevention officers at a grocery store in northwest Winnipeg allegedly caught the suspects attempting to steal several PIN (personal identification number) pads Monday.
This is just another example of why you should never ever ever use Interac for POS (point of sale) transactions. Even if you effectively protected your PIN with your hand, the PIN pad itself was compromised and transmitting the card magstripe and PIN information wirelessly to the crooks.
I wonder how long the victims of this crime had to wait before the bank returned their money during the fraud investigation. How many of them bounced cheques and payments? How many were unable to pay tuition or rent before the deadline due to fraud? How many fees and penalties did they rack up before their accounts were restored and money returned?
The chip+pin transactions will make this kind of crime more difficult, but I would still never use Interac debit except in case of an emergency.
If your non-chip credit card got caught in this fraud, you would just have to phone in the fraudulent transaction when you saw it, and unless they could prove that you did it, you're off the hook and out NO money.