Counterfeit currency operates on the “hot potato” principle. Like the children’s game, the last person caught with the object loses. Once you accept counterfeit cash–even if it’s from a financial institution–it’s yours. This made for a very disappointing birthday gift for a 14-year-old from his grandmother. [More]
Even though consumers are more aware of ATM card skimmers, which record customers’ account data with the intention of using it to make fraudulent purchases and withdrawals, the money-and-President-defending folks at the Secret Service say the use of these illegal devices is actually on the rise. [More]
Albert Gonzalez, the mastermind behind most of the multi-million dollar credit card breaches in the past few years, is being sentenced this week. (Feds are asking for 25 years.) Now his former accomplice, Stephen Watt, has told Wired that while Gonzalez was busy stealing and selling credit card data he was also being paid under the table by the U.S. Secret Service to inform on others, earning as much as $75,000 in cash annually. [More]
Four Romanian nationals in Florida have been charged in a series of ATM skimmer frauds that targeted banks in New York City, Cicero (near Syracuse), NY, and Rochester, NY. They are charged with, among other things, aggravated identity theft and conspiracy to commit credit card fraud. According to the Syracuse office of the Secret Service, they stole $1.8 million overall.
From what I’ve seen online, if I take it to a bank, they might take it, but of course I won’t be compensated. Should I turn it into the police? What should I do with it? I don’t really want to just pass it along.
MIT”s Media Lab has started a website that helps consumers contact the manufacturer of their printer so they can request that “tracking dots” be eliminated from their machines.