Fake credit card ring busted by police

A credit card scam ring has been broken by police in New South Wales and South Australia, officers have said.

The bust comes after the syndicate has been accused of using false IDs and credit cards to purchase over $1 million of products.

Detective superintendent Colin Dyson from the New South Wales Police Fraud Squad said the Identity Security Strike Team seized computer equipment and a card print machine during the raids.

“The public has to realise the value of their identification information, and the fact that it’s absolutely crucial that they safeguard their personal and financial information,” he said yesterday.

“The level of technology we have currently is old, and obviously criminals will attack the weakest point, and at the moment the magnetic stripe technology is a likely target.”

The bust comes as more financial institutions are introducing chip technologies in order to make cards more secure.