Exchange gift cards for bitcoins definition
From a financial point of view, this would have actually been a very smart thing for granny to do. In fact, according to recent data , bitcoin has been profitable for While dealing with cryptocurrency might seem daunting to some at first, the entire process is actually much more straightforward than you might think. Be advised, however, these cryptocurrencies might not be available on many of the apps and exchanges listed in this guide.
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Exchange gift cards for bitcoins definition
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- How to Buy Bitcoin With Amazon Gift Card?
- CardCash to Start Rolling out Mobile App for Gift Cards, Offer Bitcoin-Only Discounts
- 18 Platforms To Trade Gift Cards With Bitcoin And Cash in Nigeria and Around The World
- Sell Gift Cards at High Price on CoinCola
- Decentralize Daily
- Why iTunes? A Look into Gift Cards as an Emerging BEC Cash Out Method
- Where to Buy Bitcoin With Gift Card – Convert Gift Card To BTC
- It’s still too hard to give crypto this holiday
- Bitcoin as a Medium of Exchange
How to Buy Bitcoin With Amazon Gift Card?
One of the trends that has been slowly creeping up across the BEC threat landscape is that actors are using other techniques in order to get money outside of an organization. The use of gift cards as a cash out method has been a burgeoning trend in the BEC threat landscape over the past year.
Data from the Federal Trade Commission FTC indicates that in , just seven percent of scam victims reported losing money via gift cards. By the end of , though, more than a quarter of all scams used gift cards as a cash out mechanism. An October report from IC3 shows that the frequency of BEC gift card scams was minimal until the first quarter of , when the prevalence of these attacks skyrocketed and continued to rise throughout the year. Frequently, we see that once a BEC target has been victimized, a scammer comes back again with subsequent attacks.
In the example below, which occurred during one of our active defense engagements , after thinking that a requested wire transfer is pending, the scammer immediately asks our persona to purchase Apple iTunes gift cards for client gifts. First, successful collaboration between industry researchers, financial institutions, and law enforcement has made the identification and mitigation of suspected mule accounts more impactful, shortening the effective lifespan of these accounts. Using gift cards, cyber threat actors are able to receive illicit funds in a way that does not come into contact with accounts that could get shut down.
Second, by using gift cards, cybercriminals eliminate the need for a middleman to receive and redirect stolen money. Money mules are individuals that are generally located in the same country as a victim company and help a scammer launder stolen proceeds through their bank account.
For their part in the scheme, money mules typically keep a percentage of the stolen funds. Using gift cards, a BEC actor is able to bypass this process and receive the stolen funds directly.
One of the biggest downsides of using gift cards as a cash out mechanism, though, is that the financial gain for an individual attack is typically significantly less than a successful wire transfer. Of course, gift cards are not what BEC scammers are actually after. So how to scammers convert the gift cards they collect from victims into cash? The methods used by Scarlet Widow are identical to those used by a number of other West African cybercriminal groups we have tracked.
The primary service used by BEC threat groups to monetize gift cards is Paxful. Paxful is a US-based peer-to-peer marketplace that allows users to buy bitcoin from other users using hundreds of different payment methods, including dozens of different types of gift cards.
To trade gift cards on Paxful, though, sellers take a significant hit when it comes to exchange rate.
For example, most Apple iTunes gift cards are traded at 40 to 80 cents on the dollar. Example of Google Play gift cards posted for trade on Paxful. After a gift card has been traded for bitcoin, the funds are deposited into a wallet, but the cryptocurrency still needs to be converted into cash.
To do this, Scarlet Widow moves bitcoin from their Paxful wallet to a wallet on another peer-to-peer cryptocurrency exchange: Remitano. On Remitano, users are able to advertise their bitcoin for sale and a buyer can purchase the Bitcoin for a specified price via bank transfer. One cybercriminal we are tracking successfully traded iTunes gift cards obtained from successful BEC attacks on Paxful during a six month period in The entire laundering process for illicit gift cards is surprisingly fast.
From the moment the victim sent the first gift card to the group, they were immediately posted for trade on Paxful and the entire laundering process occurred in parallel as the victim continued to send pictures of additional cards. At the end of the day, if you get a request from your CEO to buy gift cards for a client or employees, confirm the request with them in person first before making the purchase. One of the best ways to prevent BEC attacks within your organization is to set up a formal internal process for handling requests for financial transactions so if a request diverges from this process, red flags will be raised.
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December 1, John Wilson. Here are…. November 30, Mike Jones. Email Security Blog Why iTunes? Example of Google Play gift cards posted for trade on Paxful After a gift card has been traded for bitcoin, the funds are deposited into a wallet, but the cryptocurrency still needs to be converted into cash.
Timeline of Scarlet Widow gift card laundering process At the end of the day, if you get a request from your CEO to buy gift cards for a client or employees, confirm the request with them in person first before making the purchase.
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CardCash to Start Rolling out Mobile App for Gift Cards, Offer Bitcoin-Only Discounts
December 3, An illustration of a Bitcoin sign in Hong Kong. Investors' interest has been piqued by the cryptocurrency's surging value At Melt Bakery, a hole in the wall that sells ice cream sandwiches in New York's upscale Manhattan neighborhood, you can pay for your guilty pleasure in bitcoin. And while a few swipes of a mobile app are all it takes to fill your electronic wallet, the novelty, for now, comes at a hefty cost. Melt is one of several small stores in America's biggest city now accepting the bitcoins, hailed by some as the future of currency. Investors' interest has been piqued by the virtual currency's surging value while industry insiders see it as an alternative instrument for consumers who want to shop online but don't have access to traditional instruments like a credit card.
18 Platforms To Trade Gift Cards With Bitcoin And Cash in Nigeria and Around The World
Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy. In this article the authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it. The level of complexity—technological, regulatory, and social—will be unprecedented. Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries.
Sell Gift Cards at High Price on CoinCola
One of the trends that has been slowly creeping up across the BEC threat landscape is that actors are using other techniques in order to get money outside of an organization. The use of gift cards as a cash out method has been a burgeoning trend in the BEC threat landscape over the past year. Data from the Federal Trade Commission FTC indicates that in , just seven percent of scam victims reported losing money via gift cards. By the end of , though, more than a quarter of all scams used gift cards as a cash out mechanism.
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Why iTunes? A Look into Gift Cards as an Emerging BEC Cash Out Method
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Where to Buy Bitcoin With Gift Card – Convert Gift Card To BTC
Do you know that with gift cards, you can buy bitcoin? Buying bitcoin has never been so easy. But the huge demand for bitcoin and other digital currencies, however, has led to several payment options made available. Today there are different ways of buying bitcoin or any other cryptocurrency.
It’s still too hard to give crypto this holiday
With mainstream firms such as PayPal and JPMorgan also lending legitimacy to the cryptocurrency by investing it it and adding it to their platforms, industry experts say that this time bitcoin might be here to say. At its most basic level, bitcoin is a decentralized digital currency. Invented in by Satoshi Nakamoto — a pseudonym for an unknown person or group of people — bitcoin's appeal has long been its decentralized platform. That means that it's not under the purview of any national government, and can be resistant to the effects inflation has on traditional currency. Unlike ordinary money, which can be printed by a country's government, bitcoin can only be created by powerful computers through a process called "mining. Unlike traditional currencies which are backed by things like gold and silver, bitcoin's value comes from the trust that investors have in the blockchain network it is built on.
Bitcoin as a Medium of Exchange
A heartwarming story recently emerged on Reddit on the impact that this could have. All the way back in December , a pizza delivery driver was given a 0. But how do you go about gifting someone crypto? Here are your options. This method might be a little bit more expensive, but it could be ideal if you know that your loved one is interested in crypto investing. Some devices support dozens of cryptocurrencies, and they can even come with small displays where you can check up on the current balance. Bitcoin gift cards are a straightforward, easy-to-understand way of giving crypto as a present.
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