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Law enforcement in Chicago have cracked the case on a growing scam called “cracking cards.” Authorities have arrested 19 people, including rapper Bandman Kevo, in connection to the crime and are searching for 10 more people.
According to U.S. Attorney Zachary Fardon, the men are accused of allegedly soliciting people on social media, mostly on Facebook, and convincing them to give up their debit card information and pin number.
After obtaining a debit card and pin, they deposit money via a phony check at the ATM, or on a smartphone app. Then they withdraw the funds from the ATM before the bank realizes the check is a fraud.
The “cracking cards” scheme has cost banks millions of dollars and the victims are left paying the price for their unfortunate mistake.
“Our purpose today is to warn bank customers that fast-cash schemes are usually too good to be true and they should always safeguard their account information,” said Fardon in a statement to the Chicago Tribune.
In Chicago, the scheme was allegedly operated by a rap group called the Rack Boyz. The members would post videos on social media, including a rap video titled ‘For the Money,’ referencing cracking cards and flashing wads of cash.
Rapper Bandman Kevo, real name Kevin Ford, appeared in a rap video with the Rack Boyz and has posted numerous photos of himself on social media flashing cash, wearing expensive jewelry and holding guns.
Authorities say that Kevo allegedly became a recruiter in the scam and sent out numerous Facebook ads looking to dupe people into giving him their bank account numbers.
One investigator said over 1,000 people have reported being victims of the cracking cards scheme in Chicago over the past two years.The cardholders were often naive college students looking to make a quick buck.
Let this be a valuable lesson for our readers: Do not give out your bank information, pin number or social security number to anyone on the Internet offering a fast-cash guarantee.
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