Criminals who stole millions of dollars from automatic teller machines across Japan in a three-hour spree probably chose the country because banks consider it a low fraud risk, security experts say.
The gang used counterfeit Standard Bank credit cards to withdraw ¥1.4 billion in 14,000 transactions from ATMs at 7-Eleven convenience stores over three hours on a Sunday morning, according to a source familiar with the matter.
Most ATMs in the 7-Eleven stores belong to Seven Bank, a Japanese bank part-owned by Seven & I Holdings, which runs the store chain in Japan, one of only two Japanese banks that allow withdrawals on foreign cards.