iPhone racket mastermind used network of children
News from Sydney Morning Herald:

iPhone racket mastermind used network of children

RACHEL OLDING August 07, 2012

A man accused of using stolen credit card details to buy iPhones recruited children to pick up the phones and resell them on web trading site Gumtree for him.

Yi Zhong, 22, of Strathfield, has been charged with 58 offences, mostly relating to a sophisticated racket he allegedly devised to obtain people’s credit card details, to use them to buy at least 30 iPhones from major retailers and then sell them.

But police allege he did not stop at “dishonestly obtaining” iPhones. Mr Zhong allegedly used the details of stolen credit cards to buy $ 347 worth of flowers from Urban Flowers Concord, thousands of dollars’ worth of flights, hotel suites in Brisbane and Melbourne, clothes from General Pants Co., two GHD gold hair stylers and a $ 5995 bottle of Johnnie Walker rare Scotch whisky.

In Burwood Local Court today, Mr Zhong’s solicitor, Wasim Jabakhangi, entered guilty pleas to 21 of the 58 charges, including two charges of recruiting a child to carry out or assist in criminal activity.

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He pleaded guilty to recruiting a teenage girl, who cannot be named, to pick up the proceeds of crime at a Fedex de…………… continues on Sydney Morning Herald

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(MoneyWatch) As a financial planner, I’m not supposed to make mistakes with my own finances. But if my disastrous experience getting a new credit card recently is any indicator, well, nobody’s perfect. Yet my tribulations do offer some lessons for consumers. 

After discovering the free credit scores and alerts I could get with CreditKarma.com, I also noticed I could benefit from availing myself of some of the targeted advertisements, including cash-back credit cards. I’m not sure exactly when I first became aware of it, but I was intrigued by a Capital One Spark Business Visa, which offered a full 2 percent cash back, as well as some first-year bonuses. Having been a Capital One (CAP) bank customer for many years, I trusted the company. So I called the 800 number and, after a few minutes, was approved for my new card. What could be easier?

The first thing I noticed when CreditKarma sent me an alert that a “hard inquiry” had been made on my credit was that my TransUnion credit score fell two points. No problem. I had expected that. In a couple of weeks, my wife and I had new cards that we took with us to use on vacation. We thought we were enjoying 2 percent cash b…………… continues on CBS News

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