Two NSW men allegedly helped make $1.5 million worth of unauthorised transactions from bank accounts by exploiting "tap and pay" apps on mobile phones, police say.
A 24-year-old man faces more than 260 charges over the scam, accused of being part of a crime syndicate that used emulation technology to compromise at least 45 bank accounts across Sydney.
He was arrested on Tuesday, along with a 22-year-old man, after early morning raids at five homes, an office in Auburn and a Camperdown storage facility.
The younger man faces 21 fraud-related offences and is also charged with participating in a criminal group. He is due to appear in Burwood Local Court on Wednesday.
His co-accused has been charged with 268 offences including fraud and money laundering and is expected to appear in Fairfield Local Court.
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The scam's technology provided an exact virtual representation of electronic banking cards, allegedly allowing the men to access the real bank accounts, make purchases and then on-sell luxury and electronic goods.
Fraud and cybercrime squad commander Detective Superintendent Arthur Katsogiannis warned personal information from documents like bank statements and phone or utility bills could be used to steal a person's identity.
"For every advancement in technology, there is a criminal looking for a way to exploit it for their advantage," he said in a statement.
Det Supt Katsogiannis also warned mobile phone users to be wary of the warning signs of "porting" - which include an unexpected loss of service in a normal area.
"While we are working closely with financial institutions and telco providers in this space, we urge the community to ensure they are doing everything possible to prevent their personal information from being unlawfully accessed," he said.
