Cross-strait cooperation downs credit fraud ring
August 24, 2014, 12:01 am TWN
TAIPEI, Taiwan -- Police in Taiwan and China have arrested members of a Taiwan-based crime syndicate that fraudulently used Chinese people's credit cards to make illegal transactions, Taiwan's Criminal investigation Bureau said Saturday.
The 14-person ring, lead by a 40-year-old Taiwanese man identified only by his surname Huang, installed "skimmers" on automatic teller machines in China that were used to download card information from the victims, mainly in Xian City in northern China.
The data was then rewritten on other cards so that the criminals could use them for illegal transactions, the bureau said.
Huang himself targeted only high-end diamond watches for resale, bureau officers said, adding that the group as a whole has stolen over NT$40 million (US$1.3 million)-worth of goods and cash.