When a simple request from a trusted person becomes fraud. Picture the scene: you get an email from your boss or relative asking if you can help them out. They happen to be working remotely when they need your help. They may want you to buy gift cards for staff prizes or make a purchase on their behalf because their card is not working. Fast forward to the final scene, featuring you out hundreds to thousands of dollars on your credit card, and the pretend boss or relative has accessed the money on the gift cards and gone silent.
Cybercrime has been around since the advent of the Internet, deploying tactics that become more and more complex. Whether it is Russian hackers using malware to steal almost a million dollars in cash from ATMs, or people taking advantage of ‘peace sign’ selfies to copy the fingerprint and gain access to accounts, there is seemingly no limit to the creativity and growing sophistication of cybercriminals.
Gift cards are yet another black hole for security professionals. Though significantly less reported on than credit card fraud, the effects of these attacks have been known for years. The Federal Trade Commission says gift cards are now the number one payment method for scammers as they are impossible to trace… Security Boulevard