Thieves with Cloned Cards Steal $12.7 Million from Japanese ATMs
The rise of EMV has led many to focus on preventing card-not-present fraud, but an ATM heist in Japan that resulted in an approximate $12.7 million gain for the thieves involved indicates that card-present fraud is still very real. The incident reportedly took place on May 15 and involved data stolen from South Africa-based Standard Bank.
Thieves using approximately 1,600 cloned cards withdrew the money within a three-hour period from some 1,400 machines located in 7-Eleven convenience stores. That chain is among the few in Japan that enables ATM withdrawals via foreign bankcards, according to reports. The bank reportedly estimates its total loss from the scam at approximately $19.5 million.
Police in Japan suspect that more than 100 people were involved in the theft, but it’s unclear how the fraudsters got a hold of the data used to create the cloned cards.
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