Inside the Chinese fraud rings stealing billions from banks and retailers
Chinese organized crime groups are making as much as $1 billion annually in tap-to-pay fraud schemes targeting retailers and banks.
AI Summary
Chinese organized crime rings are using tap-to-pay fraud with stolen credit cards to purchase gift cards, earning up to $1 billion annually. The scams involve individuals at self-checkout kiosks, coached through wireless headphones by scam compounds, methodically buying gift cards in small amounts at retailers like Lowe's. Unlike traditional retail theft, these digital crimes can be carried out discreetly in stores or from anywhere in the world.