Police in Malaysia busted a fake credit card syndicate after a man using a fake credit card that to book into a hotel. The hotel, finding the credit card to be fake, made a police report. A week later when the same man again made another booking at the hotel using another fake credit card, he was nabbed by police.
According to the police, approximately 23,000 fake credit cards were seized, following a raid from information gathered with the arrest of the first man. The police estimates each card to be charged for up to RM10,000 which translates to a loss of RM23 million by banks and other credit card issuers IF these cards were successfully used.
I can certainly understand how fake credit card syndicate works, where these fraudsters would buy expensive items with these cards and then sell off the items for cash, usually at a lower than market price but how could these people gain by staying at a luxury hotel? LOL
According to the police, approximately 23,000 fake credit cards were seized, following a raid from information gathered with the arrest of the first man. The police estimates each card to be charged for up to RM10,000 which translates to a loss of RM23 million by banks and other credit card issuers IF these cards were successfully used.
I can certainly understand how fake credit card syndicate works, where these fraudsters would buy expensive items with these cards and then sell off the items for cash, usually at a lower than market price but how could these people gain by staying at a luxury hotel? LOL
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