Thursday, January 13, 2011

Students Scam eBay and PayPal

Two Vietnamese exchange students have been charged with defrauding hundreds of eBay and PayPal users. The students, Tram Vo and Khoi Van, were apparently “mules” within a larger identity theft organization based in Vietnam. Their fraudulent activities netted them over a million dollars, much of which was transferred directly to offshore accounts in Canada and Vietnam.

The scheme was intricate but direct: hackers and other fraudsters in Vietnam gained access to genuine credit card and bank account information, either through “underground sites” or other means. The financial information was then funnelled to the students, who used it to set up PayPal and eBay accounts.

source: Zippycart