How to steal millions in chump change
by Paul Wallich
It used to be a joke: a computer can make a mistake in a fraction of a second that would take an army of mathematicians working with pencil and paper 100 years to make. For 900,000 people whose credit cards apparently suffered fraudulent charges in a single computer-based scam, this old saw morphed into an unpleasant reality. The Federal Trade Commission (FTC) is trying to recover as much as $45 million from a handful of people who used modern technology to flood outdated security precautions. In late 1998 the group accounted for 4 percent of all the Visa chargebacks (in which a merchant’s account is debited for the amount of a transaction) in the world. Victims did not have to use their cards on the Web to be hit with charges. They didn’t even have to use their cards at all.
The “joke came to life indeed”, remember that old crap hack idea from “Hackers” and “Office Space” that everyone makes fun of. Well I’ll be fucked if someone hasn’t gone and expnounded upon the idea for actual use!!