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Credit card fraud suspect 'flees to South America'

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13:09 CEST+02:00
The CEO of a Norrköping-based firm suspected of involvement in bank card fraud has disappeared and plundered company funds.

Tens of thousands of Swedish debit and credit cards need to be replaced after card numbers leaked from a card transaction system.

The CEO of Alphacash - the company that sold the system to businesses in the southern part of Sweden - disappeared one month ago, emptying the firm's coffers in the process.

Encrypted information about the cards is stored in the system for a short period after a transaction has taken place. The CEO is suspected of somehow having retrieved this information, although it is not yet known how it might have been used.

Two of the company's co-owners remain in Norrköping.

"I am very distressed by this. It has to have been somebody on the inside who is responsible for this. It feels like everything is falling apart," one of them told Norrköpings Tidningar.

The co-owner said he had spent the last weeks working with Swedish banks in an attempt to figure out the source of the leak.

The company's 30-year-old CEO is suspected of having fled to South America.

"We have just had sporadic e-mail contact, and I can say that we have posted a lot of questions but received few answers," said the co-owner.

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