AI Summary

Chinese organized crime groups have been involved in large-scale tap-to-pay fraud schemes, reportedly generating significant annual revenue. These groups target retailers and banks, exploiting vulnerabilities in the payment systems to steal billions of dollars. The exact extent of their operations is unclear, but the reported annual earnings of up to $1 billion suggest a substantial and ongoing issue. The impact of these schemes on the financial sector and retailers remains to be seen, but the scale of the problem indicates a need for increased security measures to prevent such crimes.

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