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Sri Lanka Equity Forum » Stock Market News » The manipulators of credit card scam at HNB and Nations Trust Banks nabbed:

The manipulators of credit card scam at HNB and Nations Trust Banks nabbed:

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Vice President - Equity Analytics
Vice President - Equity Analytics
Found this News on a Web site about Credit Card SCAM , may be useful to You all.
Details below :

It is to be seriously found whether how safe is to use a credit card in Sri Lanka. The owners of the credit cards have now developed a fear with regard to the usage of credit cards. The secret numbers embedded on the black strip on the reverse card all data needed to operate a credit card of a third party have been very shrewdly substituted into new credit cards with the aid of instruments called ‘encoders’ and ‘decoders’ have been brought to light.

This operation had been manipulated by a group of unscrupulous elements through the assistance of a person who is given the authority to delver credit cards to the absolute owners with high trust and confidentiality.

Several complaints have been received by the CID that a sum amounting to Rs 15 Lakhs have been withdrawn from a number of credit cards issued to a number of clients of the Hatton National Bank and the Nations Trust bank.

The CID and Police investigations had revealed that the scam had been initially commenced with the aid of a person deployed to deliver the credit cards after renewal after two years to the respective clients of the two banks.

Before the courier service employee is given the card for delivery an Operations Manager delivers the credit card to the IT specialist the person who had masterminded the entire operation, supposed to be very competent in IT and its operations. The secret data engrossed on the black strip on the reverse of the renewed are captured by him and get them engrossed into new cards which he has had in his possession. Once a new credit card with correct bank’s secret details is completed, it is produced at Petrol sheds and super markets. They never get rejected as the original secret numbers have been used in these cards.

It had also revealed that petrol shed employee also had been involved in these fictitious transactions. Three persons had been used to come in a three wheeler and had agreed to hand over to him credit card payments bills for cash collected. Through this exercise the petrol shed employee was paid a sum of Rs 15,000/- for Rs 30,000/ worth of fictitious credit card receipts for his balancing purposes. This confession had been made by the petrol shed employee.

The card before delivery are handed over to a person in Mattakkuliya, Reginald Marks who is an IT specialist who manipulates with 8 other persons to make fictitious credit cards. The Operations Manager of the courier company Loganathan and a credit card data collecting person Alherman Hariharan have been apprehended along with the rest. They had changed the data into their card with the help of ‘encoders’ and ‘decoders’
They have successfully transferred the data into their blank credit cards and they start operating once the cards are made ‘active’ by the owners of the true owners of the credit cards. The Police had apprehended 8 persons involved in the racket along with a number of ‘encoders’ and ‘decoders’.


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
wow this should see some negative sentis on both counters Very Happy all depend on how traders perceive this article Very Happy

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