IDENTIFY THEFT CLIMBS TO NEW LEVELS IN 2016
BOLO: Financial and Payment Card Crimes
A recent study by Javelin Strategy & Research reported that ID theft last year was up nearly 18% from 2015 affecting more than 15.4 million US consumers.
Many industry experts were surprised both by the number of cases and that so many of them happened at retail locations. While many financial institutions have been re-issuing credit and debit cards with chips, only 36% of retail locations were capable of reading them. And since internet and phone purchases don’t require chips, fraudulent activity in those situations was up over 40%. Those numbers mean that last year, 1 out of every 20 consumers was affected by identify theft. Click here to read the full article.
How can Law enforcement help?
By assuming the card you’re holding isn’t legitimate, you’ll always take the additional steps to investigate. Many times criminals will transfer the stolen credit and debit card numbers directly onto a legitimate looking payment card, hotel room key, driver’s license or anything else with a magnetic stripe. The only way to determine whether a legitimate payment card is by reading the magnetic stripe, comparing that information to the actual card and confirming the financial institution name associated with the magnetic stripe number actually matches the bank name on the front or back of the card. If not, you have evidence of a concealment case.
ERAD USED TO ID STOLEN DEBIT CARDS AND RECOVER OVER $7,000 FROM PREPAID CARDS
Earlier this month, Detective Patrick Brandle from the Pascagoula Mississippi Police Department, along with members of DHS and USSS, stopped two men traveling west bound on I-10. After receiving conflicting travel itineraries and a K9 alert, Detective Brandle searched the vehicle and located 41 cash cards in the glove and passenger compartments. Using ERAD FCIS, he determined that several of the cards had cash values exceeding $7,000 and immediately froze the funds.For the other cards, the suspects had used chemicals to remove the card numbers from legitimate prepaid cash cards and then encoded and embossed stolen debit card numbers from a Colorado Credit Union onto the plastic. According to the Credit Union, over $30,000 of their member’s money was saved thanks to Detective Brandle.
ST. LOUIS COUNTY ANALYZES 250 CARDS IN UNDER THREE HOURS
On February 6, Detective Jordan Willer of the St. Louis County Police Department, along with members of their Drug Task Force and ATF confiscated narcotics, weapons and 250 plastic cards during a raid. Using ERAD FCIS, Detective Willer and his team were able scan and catalog all the credit, debit and prepaid cards in less than 3 hours. Sergeant Mike Parks commented that the prosecuting attorney found the Case Balance Report provided by Detective Willer easy to understand and critical to the investigation. Without ERAD, analyzing these cards would have taken several days, or more, said Sergeant Parks.
NEW ERAD MOBILE APP
Quickly identify stolen cards, cash balances on prepaid cards, and gather evidence for your case from any location with the new ERAD Mobile Application. Access to the Mobile Application is included with each paid subscription.
Users report great success during:
– Residential search warrants
– Bus stop interdictions
– Highway cases
– Hotel/Motel investigations
Call ERAD Support @ 571-207-3723 to order your mobile magstripe reader for just $79.00 plus $10.00 shipping & handling.
THE TOOLS YOU NEED TO FIGHT PAYMENT CARD MONEY LAUNDERING CRIMES
Using an ERAD certified magstripe reader plugged into the USB port of your computer or the audio jack on your mobile device, a law enforcement officer can swipe any magnetic stripe card and determine if the card has been compromised, And with the click of a button, they can retrieve critical information needed for an investigation. Upgraded users can also establish the value of a prepaid card and, with proper legal authority, freeze and seize funds right at the point of arrest.
Federal, State, County and Local law enforcement agencies across the country are using ERAD today. If your agency isn’t one of them, please call us (571-207-3723), send an email (firstname.lastname@example.org) or enroll right now. To learn more about payment card money laundering, please click here to view our Roll Call training video: BOLO for National Crime Trend.