CNBC July 17, 2026 • 11:20

Inside the Chinese fraud rings stealing billions from banks and retailers - CNBC

By Gabrielle Fonrouge, Scott Zamost, Anna Gleason

Inside the Chinese fraud rings stealing billions from banks and retailers - CNBC

Chinese organized crime groups are making as much as $1 billion annually in tap-to-pay fraud schemes targeting retailers and banks.

When a man in a black Air Jordan T-shirt walked up to a self-checkout kiosk at a Louisiana Lowe's last spring, he looked like any other customer.
Over the course of about seven minutes, he methodica… [+11843 chars]

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