MALAYSIA BOLEH! - Foolproof credit cards cloned

Who said that Malaysia is not a developed country now? With excellent technological knowledge as well as acute entepreneur skill, how could this opportunity be missed? Foolproof credit cards cloned is one of the prove one needs to show to the world that Malaysia is indeed full of techno-savvy and business-minded people.

What shamed me is that these guys are crooks!

See what capitalistic gains yeilds? People hungry for more money at all cost. Ethics and good conduct shoved down the drain.

Personally, I suspect these goons practiced no religious faith what-so-ever because no pious, God-fearing individuals turn to crime for a living!

You know where is this post leading? Yeah, the failure of the education system of the country to instill good MORALS to Malaysian. Well, this might be true to the rest of the world. Human emphasis on material gains makes them forget about rights and wrongs!
The Star Online > Nation

Wednesday August 17, 2005

Foolproof credit cards cloned

EXCLUSIVE
BY LOURDES CHARLES AND MARC LOURDES

KUALA LUMPUR: What was supposed to be foolproof – a microchip for credit cards introduced by Bank Negara to combat card fraud – has now been cloned.

Federal police officers, together with their Penang counterparts, recently busted a syndicate and seized computers and machines used in the production of these chip-based cards.

Commercial Crimes principal assistant director Senior Asst Comm II Ismail Abdullah said police managed to prevent the syndicate from distributing the cards.

It is learnt that the police came to know about the cloned chip-based cards when they arrested a man who tried to buy petrol using a fake credit card in Penang.

“Syndicate members had first tried to use the cards for purchases but failed in their attempt as the machines could not read the data on the chips.

“They then persuaded merchants whose machines couldn’t read the chips to swipe the cards instead,” SAC Ismail told The Star.

SAC Ismail said most of the transactions were made at odd hours in petrol stations and shops in remote areas to avoid detection and suspicion.

He said several merchants had suspicions the cards were fake, but went ahead with the transactions because they wanted to make the sale.

Credit card fraud is believed to have cost banks an estimated RM40mil in losses since last year.

Following the introduction of chip-based cards this year, police managed to reduce credit card fraud by almost 90%.

For the period of January to July this year, only 40 fraud cases were reported, with to-tal losses amounting to RM164,000.

Bank Negara mooted the idea of microchip-based credit cards as early as 2002 to stem fraud and banks were given until Dec 31 last year to comply.


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