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1.4 billion yen stolen in japan atm heist

In Japan an international credit card fraud has come to light in which about 1.44 billion yen or more than $13 million was illegally withdra...

In Japan an international credit card fraud has come to light in which about 1.44 billion yen or more than $13 million was illegally withdrawn with forged credit cards from 1,400 automated teller machines in convenience stores around the country.

The cash was withdrawn within a space of 5 am to 8 am by more than 100 burglars on May 15. The time chosen avoided immediate detection of criminals.

The thieves apparently went to ATMs like those found in 7-11s across Japan and swiped 1,600 counterfeit South African credit cards, created using information from cards issued by South Africa's Standard Bank. Since the money machines would only let them take about $900 at a time, the hackers made thousands of withdrawal.

Suspecting the involvement of international criminal organization, the police are planning to cooperate with overseas investigative organizations.

According to Reuters Africa, Standard Bank is estimating its total losses at 300 million rand ($19 million). The bank said none of its customers will suffer the losses from the international fraud scheme.

The ATMs are in Tokyo, Kanagawa, Aichi, Osaka, Fukuoka and other prefectures.

Police intend to identify the suspects by analyzing the images recorded by security cameras. They also plan to examine how the credit card data was leaked, in cooperation with the South African authorities via Interpol.

The fraud came to light following a report from a bank that installed some of the ATMs.

The heist comes as credit card networks like Visa and MasterCard are trying to move world markets toward uniform acceptance of chip-based cards, which are considered less vulnerable to fraud than magnetic stripe cards.

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