NYC Card Skimming Take-down
Elaborate Insider Fraud Scheme Targets AmEx Cards
by Tracy Kitten, Managing Editor
Source: Bank Info Security

Authorities in New York have indicted 28 suspects for their alleged connection to an organized credit-card forgery and larceny operation.

According to a statement issued by the Manhattan District Attorney, the crime ring recruited waiters and waitresses in high-end restaurants to use hand-held skimming devices to steal card details from at least 50 American Express accountholders.

The take-down highlights innovation in insider fraud.

"This is an example of a growing trend," says Mike Braatz, senior vice president and general manager of bank fraud for Memento, a fraud-management software services provider. "Collusive fraud rings recruit and train specialists, and then place them in organizations where they have relatively easy access to financial information or resources."

Read full article at Bank Info Security.

Read more on Employee Fraud.