The Face of Credit Card Counterfeiting

In an era of highly evolving technology, you can only expect crime to move at an equally fast pace. Aside clueless card holders who are potential victims for identity theft, credit card companies and establishments are roadkill for those capable of concocting underhanded shenanigans with credit cards and counterfeits.

On the same level of analysis, you’d also expect law enforcers to come up with some fancy crime fighting techniques of their own, spelling “game over” for four unfortunate perpetrators of credit card
counterfeiting in Oshawa, Canada.

Giovanni Fanuzzi, Helen Chen, and Changxiang He of Toronto, plus Michael Palumbo (who currently has no fixed address) were arrested at a store last July 19 for using high-quality counterfeit credit cards
to purchase gift cards and electronics. Among the goods that police managed to seize were 16 counterfeit credit cards, $3,600 in gift cards, $5,000 in cash, and a 2000 BMW.

Phew. Way to aim high, though.

Fanuzzi, Chen, He and Palumbo are now facing charges for conspiracy, fraud, and possession of property obtained by crime, unauthorized possession of a credit card, among other counts.

In a country where people rate themselves as generally financially fit (a recent study revealed that around 59% of Canadians are able to pay off their monthly credit card balances), you’d wonder at the motives behind counterfeiting credit cards. However, most Canadians who were more greatly affected by the recession, plunged deeper into credit card debt , compounded by job loss and a steadily reduced income. Studies have also shown that credit cards are the largest source of debt among Canadians, thus completing both sides of the financial security spectrum.

Apparently, there are people who think that counterfeits are the solution. Credit card counterfeits are essentially limitless spending pools—if you can only get away with it. Despite a largely positive outlook on most Canadians’ spending trends and financial stability, counterfeiting remains a pressing problem that law enforcers have to deal with.

In any case, it’s always wise to err on the side of caution, especially when counterfeits abound at nearly every corner.