By Sandra Parsons
While Cardi B is topping the charts, “Card Cracking” is ruining some music fans’ lives. Rapper Young Ash and five others were recently indicted for running a card cracking ring that recruited accomplices through her Snapchat channel. Learn how card cracking works and how you can avoid falling victim to such a scam.
What is card cracking?
Card cracking is a type of financial fraud in which the fraudster promises easy money to entice regular people into sharing their debit card, PIN, and online banking credentials. The fraudster deposits bad checks (often online) and then quickly withdraws them from the ATM. They instruct their victim/accomplice to report the activity to their bank as unauthorized to get reimbursed for the loss once the checks bounce. The fraudster walks away with the withdrawn cash, and the accomplice gets a cut of the profits.
However, it doesn’t usually play out the way the accomplice t…