Koreans arrested in Hanoi for using fake credit cards

Kim Young Yun, 40, Kim Seong Hyun, 33 and Yang Dong Kook, 53, were accused of producing fake credit cards using a magnetic card writer, and then using the cards to withdraw money from point of sale machines in Vietnam.

Investigators found that Kim Seong Hyun, who traveled to Vietnam regularly to sell cosmetics, initiated the scam in November.

Kim Young Yun, who knew the other Kim via a social network, was tasked with buying credit card codes. He managed to find several at a Chinese market in the Republic of Korea for US$85.

A photo from Hanoi police shows three South Koreans who were arrested for making withdrawals using fake credit cards.

Hyun then asked some acquaintances in Vietnam to look for merchants with point-of-sale systems who would be willing to let them use the cards to withdraw cash from the sellers, who thought they would be compensated later by the Koreans’ credit card companies.

The two then recruited Yang and they flew to Hanoi on November 23. They managed to withdraw about VND310 million (US$13,700) with the fake cards between November 24 and 27.

The three enlisted seven Vietnamese nationals to help with the scam and promised them half of the withdrawals.

Police said the Koreans will be held for investigation under the charges of cyber fraud. It’s not clear what will be done with the Vietnamese.