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Chinese fraud rings cash in on tap-to-pay schemes against retailers
The schemes can generate up to $1 billion a year by exploiting tap-to-pay payments at merchants and involving banks, according to CNBC Markets.
Chinese organized crime groups are reportedly running tap-to-pay fraud schemes that target both retailers and banks, according to CNBC Markets.
The outlet says the groups can make as much as $1 billion annually from the activity.
The coverage focuses on how the fraud model is structured around contactless payments, which are used by shoppers at merchants and handled through banking channels.
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