Excerpts From Finextra.com

A gang of five fraudsters who ran a global credit card cloning ring out of a London flat stole £3.5 million in just a few days, a court heard yesterday.

Prosecutor Ben Fitzgerald told Southwark crown court that police found fake cards and counterfeiting technology in the London flat.

The accused allegedly went on a spree between 28 September and 8 October last year as Barclaycard migrated cardholders from the Goldfish credit card business it acquired from Discover Financial Services earlier in the year.

Computer software found in the flat was used to make fake cards before the gang stole £3.5 million, with £645,000 spent on the cards in Britain alone, the court heard.

Khi-San Voong, 46, Qiu Yeu, 46, Qiang Xue, 34, and Dauy Chung, 40, all of Walworth, deny conspiracy to defraud. Cai Caixa, 27, pleaded guilty.

The trial continues...