MONEY MULE SCAM - INFORMATIVE DEFCON TALK - RELEVANT TO BITCOIN

[TECSHARE]

I found this DEFCON 27 talk covering what is called a "money mule" scam. This is a popular method of fraud you often see on the forum here as Bitcoin provides a convenient semi-anonymous outlet for the defrauded funds. One of the more popular ways they do this is direct shipping items from Amazon for example, using fraudulent credit cards or other methods. I thought this was something the users here should be aware of so they can protect themselves, as they would be legally receiving stolen property and potentially could personally be held accountable for these activities by unknowingly participating in this scam.

https://www.youtube.com/watch?v=2IT2oAzTcvU

[DaCryptoRaccoon]

There seems to be another slightly different variation on this thing going on here these days how it works is they offer users access to low KYC compliant cards such as revolute, wirex and some other providers that allow crypto deposits and offer access to the visa network users buy these accounts from the scammers and once they load funds onto them the scammers spend the funds on the cards by adding the account to a well known provider of anonymous one time use CC number providers.

There have been some cases where a user buys a KYC card from the scammers and the card accepts SWIFT or IBAN transactions into the account once the user starts to use the card the scammer will transfer a fairly large amount into the card then quickly spend it by linking the card to one of these anonymous CC providers the usually these accounts have been setup with stolen KYC data or obtained via identity theft.

If the cards do not support inbound transactions from the Swift or Iban network what the scammer do is wait for the buyer to start depositing there crypto to the account then they just sweep it away to there own account.

I have seen a rise in this type of post on the forum offering these accounts as most of them can be classed as Fraud as a service we should all make sure to report and have them removed if you see them.

[crwth]

Watching the video led me to think about how people could have possibly sold it a lot cheaper. I always wonder those online sellers that they say they have an item that is 50% cheaper compared to the original price and could this be it? The thing I have been wondering about. I have no way to verify but it's definitely worth acknowledging. Thanks for sharing this!

Triangulation Fraud is worth knowing and understanding.