STRATEGIC PARTNERS
October 24, 1999
MOSCOW -- According to the Associated Press, a Russian criminal ring has been cleaning out bank accounts in several countries -- including the U.S. -- by tampering with ATMs in Moscow. The full extent of the scam, which has mainly targeted foreigners, is not yet known, but officials suspect hundreds of thousands of dollars have been stolen by a well-organized group that may have insider connections at Russian banks. The thieves manipulated ATMs in Moscow and other cities to get PINs, then created false cards that were used to withdraw money at ATMs in Western Europe, Israel, Russia and the U.S. Some foreigners whose money was stolen from their accounts were having problems getting reimbursements from their banks, the Moscow Times reported. Moscow police said no suspects have been arrested in Russia, but four people were arrested this year in Munich. The ring is believed to be much larger.
