Fake credit card ring cracked

Three people, including two Malaysians, have been arrested by Australian police in Melbourne after a counterfeit credit card ring was cracked.

Federal police seized 10,000 fake credit cards with a total credit limit of $25 million, sophisticated manufacturing equipment, and found $60,000 in cash on one of the suspects.

A 38-year-old Malaysian national, Lai Yean Wong, has been charged with offences relating to the fraudulent manufacture of credit cards. All three face charges of money laundering. It is suggested that Lai, the mastermind behind the scheme, has deposited over $6.5 million into foreign bank accounts.

Commander Chris McDevitt, was pleased to have dismantled a major laundering syndicate.

"With a financial exposure of about $2,500 per card, this AFP led operation has prevented a potential $25 million worth of fraudulent transactions", he said.

The Federal Police have issued a list of precautionary measures for credit card holders to ensure that they protect themselves from fraud.

These include: ensuring that any mailboxes are secure; storing financial documents in a safe place; exercising caution when providing details online or over the telephone; keeping virus security updated; and, fundamentally, keeping credit cards and debit cards secure.

This news comes as Commonwealth Bank announced an overhaul of their ATM terminals to help improve security.

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Joe Letts