Internet banking fraud ring

Date: October 26, 2006
Source: sabcnews.com


The Scorpions have arrested the alleged kingpin in an internet banking fraud ring. The 28-year-old suspect was arrested at his Cape Town home. He has been linked to at least 120 incidents of online fraud that has affected most of South Africa's major banks.

At least 14 other suspects have been arrested in connection with ATM card swiping and card swapping schemes.

Herman Singh, Standard Bank's director of architecture and technology engineering, says fraud syndicates specifically target the computers of customers as they are the most vulnerable link in the online banking chain.

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