Bitcoin Not to Blame for National Guard Credit Card Fraud

It’s true. Bitcoin can offer some degree of anonymity. The tell has always been in the “on” and “off” ramps connected to the ledger. These knuckleheads, as many before them, sought to utilize a system they did not understand for nefarious means. And as many before them, they were caught. Only this time, they worked for the National Guard. Recently, five members of the District of Columbia Army National Guard were arrested for a bitcoin to credit card theft scheme. In the plot, Spcs. James Stewart and Derrick Shelton and former Sgt. Quentin Stewart allegedly used bitcoin to purchase credit....

ACI Worldwide, a Florida-based payment system firm, has released a study which revealed that more than one third of Singaporeans have faced card fraud since 2014. The statistic demonstrates the seriousness of the underlying vulnerabilities discovered in the security systems of credit card operators and credit card networks. Technically, when a credit card purchase is made either online or at a physical location, the private key of the credit card is retrieved by the processing party. That means, the business or person receiving the credit card payment holds the responsibility of storing....

A group of US Army National Guard members have been arrested and charged with a scheme to use bitcoin to purchase stolen credit card numbers in order to make fraudulent purchases from a number of military bases. The Justice Department has said that three guardsmen – Derrick Shelton, James Stewart and Quentin Stewart – were arrested last week after being indicted earlier this month. The men were accused of using bitcoin to buy stolen credit and debit card numbers online and then use magnetic strip re-encoding tools and software to apply those stolen numbers to actual cards in their....

Some serious questions are waiting to be answered when it comes to dealing with online payment fraud. Most of the issues associated with credit card payments stem forth from user data being stolen, and sometimes, that is the end user’s fault.Britain’s most senior police officer feels online fraud victims should not be reimbursed by banks. Sayings like these will eventually push consumers to Bitcoin and alternative forms of finance. “No Need To Refund Online Fraud Victims”. Nothing is more annoying than seeing a credit card statement with charges for items and services the owner did not....

Major Banks and credit card companies such as American Express have developed “fraud free” and encrypted chip-enabled cards to cut costs while transferring the burden of fraud compensation onto the merchant. However, many are still unaware that a cheaper and more secure technology already exists. The credit card manufacturers have integrated EMV chips (Europay, MasterCard and Visa) into the credit cards, which create unique payment codes for every transaction. The implementation of the EMV technology disables the duplication of payment credentials to settle other transactions.....