The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

MORE than $100,000 has been stolen from persons in the Bahamas during a wave of credit card fraud in the last two months.

Senior police officers yesterday described the fraud wave as the “worst in some time,” adding that a few organised crimerings appear to be behind it.

Matthew Edgecombe, an Assistant Superintendent at the Central Detective Unit (CDU), said the ten to 12 reports of fraudulent charges police have received reveal that suspects generally conducted “businesses in one of the local malls.”

He said the financial loses per victim have ranged from $3,770 to $30,000.

Fraudsters are using counterfeit credit cards to purchase high value products like cellular phones, iPads, tennis shoes, sports jerseys, liquor, jewellery, watches, television sets and gasoline, he said.

Currently, though several key suspects are in police custody, officers say they believe other players are still at large.  

Three types of credit card fraud are currently being perpetuated, Mr Edgecombe said.

These include card identity theft: the use of a skimmer device to obtain credit card information from the a card’s magnetic strip; counterfeit credit cards: the cloning, copying or reproduction of a counterfeit credit card using information that is skimmed or stolen; and credit card information being manually entered into a credit card machine without the actual credit card being presented.

Consumers are advised to keep an eye on their card when they use it and make sure it never leaves their sight and they get it back as quickly as possible.

They are also advised not to give out their account numbers over the phone unless they are doing so to a company that is reputable.

Credit cards should be signed as soon as they are received, and all credit card statements should be shredded.

In addition, persons should check their credit card account balance on a frequent basis.

Consumers should also consider implementing credit card limits so when charges exceed a particular limit, they are notified of the transition by their financial institutions.

For their part, merchants are advised to scrutinise customers who seem to be purchasing items without concern for cost and to process credit card transactions only from those who offer proof of valid identification.

They should also know the “features of credit cards” and to contact their financial institutions to confirm credit card authenticity.