5 Things You Should Know To Stop Card Crime
- The movement of funds, and money laundering via payment cards, has become a rampant, multi-billion dollar criminal industry. Drug smuggling organizations and human traffickers supplement or focus on this new method to increase their wealth. Law enforcement does not have the tools or expertise to counter this global epidemic.
- Millions of Americans and thousands of financial institutions are impacted every year as criminals acquire stolen credit and debit card magnetic stripe data from hacked retailers, card skimmers, and the dark web. Billions of dollars are lost each year when these stolen card numbers are used to purchase goods and services.
- Thousands of dollars can be loaded onto a single prepaid cash card. By converting currency to plastic, smugglers easily avoid detection since few law enforcement agencies understand prepaid cards, know what websites can provide intelligence or invest in available technology that can immediately read cards and secure funds.
- Laundered money can be moved from one prepaid to another prepaid card or bank account anywhere in the world in a matter of seconds. Criminals use a variety of legitimate Internet applications to move money from the card you confiscated to a card they still have. Just because you confiscate their cards doesn’t mean you took away their money.
- Never assume that a card with a magnetic stripe is what it appears to be. Easily obtainable technology can put stolen credit, debit or prepaid card numbers on to any type of magnetic stripe including; hotel room keys, drivers licenses and rewards card. Even legitimate looking credit cards could have someone’s stolen card information on the magnetic stripe.
Fortunately, there’s ERAD-Intel and ERAD-Recovery. 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.