We all know that since the advent of credit cards and debit cards fraud people are working hard to break the technology loopholes and get into the system that can help them to steal money from the accounts of people using credit cards and debit cards. However, on October 7, 2011, Richard Brown, District Attorney for the Queens, New York said that their Operation Swiper has provided better results in the real world and they have been able to get 111 arrests and 10 indictments in Queens County, New York. However, he also revealed that during the operation thieves tried to steal more than $13 million in 16 months which clearly indicates that robbers are now interested in robbing money directly through technology.
He said that Operation Swiper has five credit card forgery and identity theft rings operating in the United States, Middle East, Europe, Asia, and Africa to make it more convenient for the law enforcement authorities to get the culprits. Brown also said that this is by far the largest and certainly the most sophisticated operation that law enforcement has ever come across. He also shared the information that all the thieves in the indictment stole the credit card information by some ways like direct theft, or stealing the information of the credit card or purchasing stolen cards from underground websites. The stolen card information was then sent to a factory where new cards are made using the information they have. Once the card is ready using the genuine stolen information it is divided in gangs across the United States that start buying high end electronics and clothes and other popular items that are in demand. These items are then sold at discounted price to shady retailers.
However, some people believe that arresting these people won’t help much because there are hundred different gangs operating in the United States and around the world. However, Randy Vanderhoof, Executive Director of the Smart Card Alliance said that the law enforcement has done extraordinary job but there are hundred such cases pending and law enforcement need better technology rather than using limited resources. He also targeted the magnetic stripe technology saying that magnetic stripe is the easiest point of attack by these thieves and therefore something must be done about it because all the information is available on the magnetic stripe which is then used by these scammers.
Mark Bower, Vice President of Voltage Security Inc also applauded the news saying that such news must be highlighted because it shows that law enforcement is doing fine job by arresting these people who tried to steal information into cash. He also said that better ecosystem has to be developed and that merchants and consumers should have better transparency and security. He said that if the system is not protected then hackers will definitely make use of it because they don’t need to rob a bank with a gun these days.