VietNamNet Bridge – Experts have issued warnings regarding the security of magnetic ATM cards being used in Vietnam.

According to Chu Ky Quang, Deputy Director of the Post Savings Center, criminals are capable of accessing and utilizing personal information to steal money using ATM cards. This is largely because banks are still using magnetic cards that aren’t secure.

Sethu Theven, a Sri Lankan, reportedly withdrew VND130mil (83 times) from different ATMs with counterfeit ATM cards. Notably was that he did this for an unnamed person, a leader of a counterfeit ATM card ring that can withdraw money from several of Vietnam’s banks’ ATMs.

He was caught red-handed stealing from an Asia Commercial Bank ATM located on Nguyen Thi Minh Khai in district 3, HCM City

Previously, the Business-related Crime Investigation Agency under the Ministry of Public Security, discovered several additional ATM related cases, including a ring headed by Nguyen Anh Tuan (Chairman of RC Company), and Nguyen Dinh Cuong, who lived in district 3, HCM City.

Tuan set up a website, which provided online sale services, and sent e-mails to clients, telling card holders to provide personnel information about their credit cards. With the information, Tuan produced counterfeit cards which allowed him to withdraw money from ATMs.

The counterfeit cards were made by an ATM producing machine Cuong bought from the US for $500. According to Cuong, with the information provided by card holders, it took only one minute to produce each counterfeit card.

Until they were arrested, with their ATM producing machine, Cuong and Tuan had stolen VND1.6bil by withdrawing money from ATMs.

In another case, To Phuc Hau in district 10 in HCM City, also made counterfeit cards with the card producing machine he bought from Israel via Internet for $600.

Experts have warned about the high risks ATM card holders are facing. In fact, it is not difficult for high-tech evildoers to counterfeit bank cards. An Internet expert said that a set of equipment needed to make counterfeit cards can now be bought for only $25, and are easily accessible via the Internet.

(Source: PL TP HCM)