FTC: Scammers Stole Millions Using Micro Charges to Credit Cards

“A gang of unknown thieves has stolen nearly $10 million using
micro charges made to more than a million credit and debit cards in
an elaborate multiyear scam, according to a lawsuit filed by the
Federal Trade Commission in March.

“The fraudulent charges went unnoticed by the majority of card
owners because they were made in small amounts — ranging from
20 cents to $10 — that bypassed fraud detection algorithms,
and because the scammers typically made only one fraudulent charge
per card.

“The sophisticated scam, which was first reported by IDG News
Service, began in 2006 and was stifled only recently after the FTC
succeeded to shut down merchant accounts the scammers were using
and halt the activities of at least 14 money mules who were
laundering illegal proceeds for the gang.”

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