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Skimming Attacks Net $500,000 a Month

By Vigilize | Friday, October 29, 2010 - Leave a Comment

Analysts at Gartner Research are warning that card fraudsters are engaging in a type of skimming that is netting some groups $500,000 a month. Rather than manufacturing phony cards on a one-to-one basis from the skimmed information, these groups are manufacturing multiple cards for each account, then having money mules make nearly simultaneous withdrawals in separate cities.

The withdrawal amounts are kept low to evade fraud detection systems. The attacks have been used to steal as much as $100,000 in just 10 minutes. Gartner analyst Avivah Litan says that the only way to mitigate these attacks is to identify the point of compromise, then block the cards that were used at that site and issue new ones.

ComputerWorld has posted the full article:     Fraudsters Find Holes in Debit Card Fraud Detection


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