A man from Hangzhou named Sun Kuangzhao stole more than 500 million RMB from US citizens in a credit card duplication scam. Sun, who reportedly cannot speak a word of English, found a way to buy credit card information from US websites for between $50 and $70 per card.
Once he had the card holders information he created a duplicate card, which he then used to transfer the funds to his own account. Between January and May 2013, Sun managed to fill his coffers with 513 Million RMB which he then split between his and his girlfriend’s accounts.
Sun was finally caught when US authorities alerted their Chinese counterparts to the fact that money was being stolen from US citizens and ending up in Hangzhou. Upon investigation, Zhejiang police tracked Sun down and took him into custody. He had his day in court on February 18 and is awaiting the verdict.
Source: finance.cnr.cn
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Keywords: more than 500 million RMB from US citizens in a credit card duplication scam
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he is not alone....i'm pretty sure someone was helping him... 80m dollar in a year is quiet alot
Mar 05, 2014 16:24 Report Abuse
They can't tell more details, because of copy-cats. That's nearly US$100M. It is dubious, indeed.
Mar 05, 2014 09:11 Report Abuse
Having worked in fraud prevention for the credit card industry, something doesn't jive with this story. The extremely large amount of fraud in such a short period is dubious. How was he "transferring" cash without the pin for a credit card. That simply is not easy for hackers to get on existing accounts. Unless he made a fake ID and went into the banks and got a cash advance. Or had his own bogus business account which would have led to chargebacks anyhow. I don't believe all of this, esp the $80M.
Mar 03, 2014 21:45 Report Abuse
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