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Ningbo card crooks who took millions are nabbed

(Global Times)

08:15, September 03, 2012

Some residents in Ningbo, Zhejiang Province, have seen millions of yuan vanish from their bank accounts while their bank cards were still in their wallets, CCTV reported Sunday.

According to the police, the victims' bank cards were re-fabricated with correct pin numbers and their personal banking information was stolen.

One of the victims had over 850,000 yuan ($133,890) stolen from her account, and a total of 4 million yuan was involved in a series of cases over the last six months.

Police revealed that the bank card information was hacked by a group of waiters from local restaurants, who copied the card numbers and passwords with a card reader when the victims paid their bills.

All 14 suspects have been arrested by local police.

According to the China Banking Association, the number of bank card fraud cases has seen a 50-percent annual increase since 2005.

Guo Tianyong, a professor from the Central University of Finance and Economics, said the magnetic striped cards widely used by Chinese banks are more vulnerable, and most developed countries have embedded chips in the cards to prevent such crimes.

By 2015, commercial banks in China plan to replace all bank cards with more secure ones.

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