AdvCash User Loses Nearly $5k in Bitcoin Due To Card Cloning

By June 29, 2016Bitcoin Business
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TheMerkle_Card Cloning

Bitcoin enthusiasts will have heard of the company Advcash before. This online platform lets users order virtual and physical debit cards, and balances can be topped up with Bitcoin, among other payment methods. As it turns out, one user has noticed strange account activity, as his account was emptied. It looks like this platform is a far cry from secure, and they are not helpful in getting funds back either.

Advcash Digs Their Own Grave

TheMerkle_Card Cloning Advcash

By the look of things, the Advcash platform is the last place people should use. The Reddit user makes a mention of how his card was apparently cloned. Several dozen ATM withdrawals were noted on his account, all denominated in Rupiah. Considering how he claims the card was barely used it remains a mystery as to how users obtained these details.

Card cloning is a grave concern to every individual and enterprise, yet we often think it won’t happen to us. Unfortunately, these types of illegal activity are far more widespread than people anticipate. Most card issuers will try to help customers in getting their money back, though. Advcash seems to be rather unwilling to do so.

According to the report, the Advcash customer support told the user how he could file a chargeback procedure. However, every transaction would be subject to a US$35 fee, and may take p to 90 days to complete. With 29 fraudulent withdrawals, this would result in paying US$1,015 in fees on a sum of US$4,685.

While the AdvcasAAdvh team is not to blame for the card cloning itself, the company is acting utterly unprofessional. They never detected fraudulent transactions, nor did they undertake any effort to block further transactions. To top it all off, the chargeback fees for fraudulent transactions are almost high enough to force users to say “forget about it, let them steal my money.”

Granted, Advcash is a small – and somewhat shady – company issuing debit cards than can be topped up with Bitcoin. Retrieving this funds will be next to impossible without paying the fees, by the look of things. It remains to be seen how the company would respond to this problem over the coming weeks. But it is clear they will not be able to keep customer information safe either, if they have no ways of – or interest in – detecting fraudulent transactions.

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By the look of things, the Advcash platform is the last place people should use. The Reddit user makes a mention of how his card was apparently cloned. Several dozen ATM withdrawals were noted on his account, all denominated in Rupiah. Considering how he claims the card was barely used it remains a mystery as to how users obtained these details.

Card cloning is a grave concern to every individual and enterprise, yet we often think it won’t happen to us. Unfortunately, these types of illegal activity are far more widespread than people anticipate. Most card issuers will try to help customers in getting their money back, though. Advcash seems to be rather unwilling to do so.

According to the report , the Advcash customer support told the user how he could file a chargeback procedure. However, every transaction would be subject to a US$35 fee, and may take p to 90 days to complete. With 29 fraudulent withdrawals, this would result in paying US$1,015 in fees on a sum of US$4,685.

While the AdvcasAAdvh team is not to blame for the card cloning itself, the company is acting utterly unprofessional. They never detected fraudulent transactions, nor did they undertake any effort to block further transactions. To top it all off, the chargeback fees for fraudulent transactions are almost high enough to force users to […]

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