Police in northern Vietnam have busted a ring that forged credit cards and then use them to appropriate over US$65,500 from many commercial banks, arresting seven Chinese nationals.

>> Vietnam imprisons 4 Chinese for stealing $186,000 in credit card scam They were apprehended at the office of XV Vietnam Import Export Company Limited, headquartered in Hung Yen Province, where they were using their counterfeit cards on a POS machine installed there to transfer money from a bank to their account, according to national broadcaster Vietnam Television. A POS machine is a device that allows credit/debit cardholders make payments at sales/purchase outlets. Within one week after arriving in Vietnam recently, the group appropriated more than VND1.4 billion ($65,500) from many commercial banks by using bogus cards, investigators said.  These Chinese people used their laptops to receive the stolen data of real credit cards from other people for faking the plastic with the help of specialized equipment, they added. The cheaters then utilized the fake cards to transfer the money from the accounts of the real card owners to their accounts by making false payments for goods. The provincial police are expanding their investigation to track down others that might be involved in the ring.

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