AUSTIN, Texas — Three men were arrested for suspected gift card fraud estimated at $14 million.
The Texas Financial Crimes Intelligence Center (FCIC) arrested Kristians Petrovskis, Romunds Cubrevics and Nurmunds Ulevicus for suspected gift card cloning. Officials say the men had over 400 gift cards in their possession when they were arrested.
The suspects are accused of stealing gift cards from retail stores, opening the gift card packaging, copying the electronic number off the gift cards, then resealing the packaging and returning the gift cards to the stores. When someone bought a compromised card and loaded it with funds, the suspects could then check the card’s balance and drain those funds before the consumer could…