Re: [2016-07-20] HT: Financial fraud: Punjab cops’ brush with Darknet, Bitcoins
I think this article says some credit card remittance fraud for 1.2 crores using stolen information from American Punjabis? Sounds to me like money coming from stolen cards or hacked US bank accounts into Indian bank accounts, through Western Union or something.
Americans hate this type of fraud and every single bank out there in the USA has multiple ways to trace this fiat currency from stolen credit cards. And it is a shameless thing to do, stealing unsuspecting people's credit cards and using it to fund illegal western union or bitcoin purchases.
About the Punjab thing, I doubt they bother since they surely earn a big cut out of the business by allowing the trade to go on unhinged..
Americans hate this type of fraud and every single bank out there in the USA has multiple ways to trace this fiat currency from stolen credit cards. And it is a shameless thing to do, stealing unsuspecting people's credit cards and using it to fund illegal western union or bitcoin purchases.
About the Punjab thing, I doubt they bother since they surely earn a big cut out of the business by allowing the trade to go on unhinged..
The problem is that credit cards use technology developed in the 70s or 80s.
I don't think the US has implemented chip-based credit cards fully.
Not the biggest problem. Credit cards are mostly used for frauds online, and don't require a chip, but just the number. Even in India, people are able to use credit cards abroad(online) without even requiring an OTP.