Credit card fraud hits $2m

THE discovery of counterfeiting machinery on the Gold Coast and the arrest of 10 people this week is linked to the same Malaysian criminal syndicate as another 10 people taken into custody late last year, say police.
The largest credit card fraud operation ever detected in Queensland was dismantled during the week after police arrested the three suspects on the Gold Coast and seven in Brisbane, in connection with what they allege is a multi-tiered, international illegal enterprise.
Almost 200 fake, blank credit cards, the counterfeiting machinery, stolen credit card details and computers were seized during a raid at a Southport home on Wednesday.
An examination of the equipment has so far retrieved the allegedly stolen details of almost 500 credit cards.
Police estimate the average loss from a compromised credit card account to be $4000 bringing the potential worth of the counterfeiting and fraud operation to $2 million dollars.
Police from the fraud and corporate crime group are expecting to retrieve more account details from the confiscated equipment.
They did not rule out further arrests.

Andrew Macdonald
Weekend Gold Coast Bulletin


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