Gold seller JM Bullion hacked to steal customers' credit cards

[btc_angela]

According to this report:

Precious metal online retailer JM Bullion has disclosed a data breach after their site was hacked to include malicious scripts that stole customers' credit card information.

JM Bullion is an online retailer of gold, silver, copper, platinum, and palladium products, including coins and bullion.

https://www.bleepingcomputer.com/news/security/gold-seller-jm-bullion-hacked-to-steal-customers-credit-cards/

Just about time for precious metal investors to shift to bitcoin, as you can totally protect your own assets as you own the private key. Yes, there are still dangers from hackers, but if you practice safe hygiene and storing your seed and private keys offline, highly chance that no credit card an don personal information can be stolen from you. (except if exchanges are hack and you have your info there).

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[1714855699]

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[oHnK]

I don't think that JM Bullion's mistake will cause gold investors to switch to bitcoin because they think bitcoin can be a safer investment than gold itself. This is a pure mistake that JM Bullion made for not being able to protect their site from hackers. And the impact of this loss will absolutely have an impact on JM Bullion itself because customers will lose confidence in it and will move to its competitors. However, with this incident, I don't think it will have a significant effect on increasing interest in bitcoin. Because bitcoin remains an investment that also has a vulnerability to hackers.

[Oshosondy]

The issue we are considering now are the governments, with their kyc of a thing, cryptocurrencies are no more safe like before when people only prefer noncustodial way but many are ignorant about this now, what is safe about bitcoin is to have and protect your private key. It is much more better ways than fiats and other forms of money. This type of news is not new, it is common, many organisations like that will make mistake and result to hack. If and exchange can be hacked and money stolen, I think it will be easy for data to be hacked a.d stolen also. The best I have seen is to have our own money ourselves, protect it our selves, if we are good and consious of online security, and protect our funds, bitcoin is the best way about safe keeping and also not custodial but self-custodail.

[Jating]

I'm not really sure if goldbugs or precious metals holders are going to move to bitcoin just because JM Bullion was hacked. But maybe they will have to think twice though, there are so many advantage of bitcoin but it will be difficult to really convince them to abandon what they have love for many years, hence they are called gold bug.

Overall, hackers are everywhere now, from corporate or government agencies to even individuals, they are here the online world. For crypto, exchanges are also being targeted so it doesn't makes any difference, we are all vulnerable to data theft one way or another.

[LeGaulois]

The comparison is totally unrelated.

The same thing could happen with persons buying bitcoins with their cards. The site can also be the victim of a data breach.
So what's the difference? Yes with Bitcoin you own the private key, but if you buy bitcoins on a website and pay with your card the risk is the same as your example (no matter if you use a card, or a bank account by the way)

You're mixing the risk of using a 3rd party to buy and the security of Bitcoin itself. (You have no choice to use a 3rd party website to buy bitcoins with a card). Can your gold be stolen while using a website? Nope. A hacker can't go under your bed and take the gold by injecting a script into a website, and there is no personal information on gold bars/coins.

People will no longer have confidence (or less) in the platform, but this will not change their point of view on gold.

[Leviathan.007]

JM Bullion is famous gold seller and buyer in all over the world and made a good reputation for himself. But, seeing jm bullion hacked to steal some credit cards can make people to stop using this company for trading gold and other valuable metals, but this can't be the reason for people to switch to bitcoin from gold, because gold market is much bigger than jm bullion or similar companies even if they have tons of liquidity this won't have any positive or negative effect on bitcoin or gold price.  

[LeGaulois]

But, seeing jm bullion hacked to steal some golds can make people to stop using this company for trading gold and other valuable metals,

If you read the discussion correctly, especially the original post, it's a data breach with customers' credit card information, not a hack to steal some gold.
Secondly, you can not store gold on the website because JM Bullion doesn't store gold on behalf of their clients. They only ship to the customer's address  

[Leviathan.007]

But, seeing jm bullion hacked to steal some golds can make people to stop using this company for trading gold and other valuable metals,

If you read the discussion correctly, especially the original post, it's a data breach with customers' credit card information, not a hack to steal some gold.
Secondly, you can not store gold on the website because JM Bullion doesn't store gold on behalf of their clients. They only ship to the customer's address  

Yes, obviously you can't store physical gold on a company unless they give the safebox services or use the gold stable coins such as digital gold. However, by stealing golds I meant stealing cc. just a little typo error. however the error is fixed now. thanks.

[20kevin20]

Just about time for precious metal investors to shift to bitcoin, as you can totally protect your own assets as you own the private key.

I get what you're trying to say, but even if you switched to BTC and paid using it, your address will likely be stored under JM's database and with one little hack, it could be easily linked to your identity. As long as you're ordering stuff and using centralized platforms, information about you will always be available for bad actors to steal. Welcome to the Internet - it's a quite dangerous place.

[Charles-Tim]

Not long I made a topic about bitcoin, how it is not vulnerable like other money, but people just need to know how to perfectly control their bitcoin by practicing self-custody in a way they will control their private keys themselves rather than depending on custodial services as 20kevin20 commented already. And also, someone need to have privacy both offline and especially online, protecting your bitcoin against scammers generally. With these, bitcoin is the perfect version of money.

https://bitcointalk.org/index.php?topic=5284117.msg55442126#msg55442126
Money vulnerable to theft and depreciation until the onset of bitcoin
Before the onset of bitcoin, all types of money were either vulnerable to theft or depreciation, there was a time in the past when there was money but no bank, people will still think of a way to protect their money, but at the time, money were vulnerable to theft. So, later comes bank, to help individual to keep their money, fiats was adopted and was accepted by all countries of the world, and money centralized regulation evolved. Now, fiats are manipulated, the manipulations are from governments because fiats are centrally regulated and due to this, money owned by individuals are manipulated and making fiats to be a depreciative asset. 
Money like gold that are physical are more vulnerable to theft while fiats kept in banks are more vulnerable to governmental manipulations. All these do not make money characteristics to be completely fulfilled until the onset of bitcoin that created indirect bridge known as blockchain between fiats and cryptocurrencies. Now, people can hold bitcoin in a way to do away with theft and central (governmental) manipulations.

Conclusion
Bitcoin is money, the first successful decentralized digital currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts, thereby, fulfilling what early days money can not fulfill.
[/quote]

[crwth]

I hope everyone affected by this hack will get verified and immediately call their respective banks to cancel their credit cards. I didn't know that they would keep data about their payment information? Like they store what they initially receive when typed on their website? This is one reason I like to use PayPal because You will Not input Any sensitive information anymore. It should be standard practice to be aware of possible hacks that could occur around you. It's relatively easy if you make an effort.

I doubt this will affect the market of Gold, though?

[Ucy]

Seems the hacker stole just the customers credit card information and not with their precious metals. Or did the hack also affect the precious metals? Will probably suggest they use well decentralized cryptocoins to purchase physical precious metals for self custody or in secure public vault they can control/own the keys.

[exstasie]

You're mixing the risk of using a 3rd party to buy and the security of Bitcoin itself. (You have no choice to use a 3rd party website to buy bitcoins with a card). Can your gold be stolen while using a website? Nope.

It's still an important distinction to make, and not just for the safety of your personal documents, but the safety of your funds. Credit cards and debit cards operate using a "pull" model: you trust the payment processors and merchant to debit your account correctly, and not steal your money. And then you trust them to keep your data safe from hackers.

Bitcoin (or gold) operate using a "push" model. The payee only has access to the amount the payer pushes to his private key, or in the case of gold the amount of bullion placed in his hand. There is no data that can give the merchant or payment processor access to your funds.

Bitcoin, of course, is much more useful than gold for payments given its divisibility and portability and electronic nature. But that's a separate discussion.

[wheelz1200]

According to this report:

Precious metal online retailer JM Bullion has disclosed a data breach after their site was hacked to include malicious scripts that stole customers' credit card information.

JM Bullion is an online retailer of gold, silver, copper, platinum, and palladium products, including coins and bullion.

https://www.bleepingcomputer.com/news/security/gold-seller-jm-bullion-hacked-to-steal-customers-credit-cards/

Just about time for precious metal investors to shift to bitcoin, as you can totally protect your own assets as you own the private key. Yes, there are still dangers from hackers, but if you practice safe hygiene and storing your seed and private keys offline, highly chance that no credit card an don personal information can be stolen from you. (except if exchanges are hack and you have your info there).

How is the related to holding bitcoin?  Many companies get "hacked" including crypto companies.  Your personal information is on certain exchanges or crypto type businesses its the same thing.  The world isn't going away from credit and debit cards anytime soon so its this type of nonsense that you just have to deal with.

[20kevin20]

Not long I made a topic about bitcoin, how it is not vulnerable like other money, but people just need to know how to perfectly control their bitcoin by practicing self-custody in a way they will control their private keys themselves rather than depending on custodial services as 20kevin20 commented already. And also, someone need to have privacy both offline and especially online, protecting your bitcoin against scammers generally. With these, bitcoin is the perfect version of money.

While you are right and self-custody is the best way to do it, it still does not really come as a solution against what happened with JM Bullion. At least not entirely. Personal information can still be easily stolen - it's just that instead of credit card names, numbers and security codes, they'd get the BTC addresses instead and from there on, it just goes down to a game of blockchain analysis and dust attacks.

The JM Bullion scenario could be repeated onto a lot of websites with BTC. Imagine a malicious script was suddenly placed on paper wallet or seed generating websites. The hackers would just scrap data off whoever uses the website and have full control over their newly-generated keys/seeds.

[The Sceptical Chymist]

I don't think that JM Bullion's mistake will cause gold investors to switch to bitcoin because they think bitcoin can be a safer investment than gold itself.

No, not at all.  I think most people know businesses are vulnerable to these types of hackings, since they've happened to big companies like Target, Sony, and probably quite a few others.

I think it's fantastic that JM Bullion accepts bitcoin, though.  At least if you ordered items from them and paid in bitcoin, there's really  nothing for any hackers to steal.  That's a big plus in my pros/cons book of bitcoin.  But just as an aside, if you wanted to buy metals with bitcoin from JM Bullion, APMEX, or Provident Metals right now, the network fee is ridiculous and if you don't include a high enough fee, you might be waiting days for the first confirmation--and that's a huge negative in my book.

How is the related to holding bitcoin?

Probably because JM Bullion accepts both credit cards and bitcoin, and it points out certain advantages of using crypto instead of a credit/debit card.

[wheelz1200]

I don't think that JM Bullion's mistake will cause gold investors to switch to bitcoin because they think bitcoin can be a safer investment than gold itself.

No, not at all.  I think most people know businesses are vulnerable to these types of hackings, since they've happened to big companies like Target, Sony, and probably quite a few others.

I think it's fantastic that JM Bullion accepts bitcoin, though.  At least if you ordered items from them and paid in bitcoin, there's really  nothing for any hackers to steal.  That's a big plus in my pros/cons book of bitcoin.  But just as an aside, if you wanted to buy metals with bitcoin from JM Bullion, APMEX, or Provident Metals right now, the network fee is ridiculous and if you don't include a high enough fee, you might be waiting days for the first confirmation--and that's a huge negative in my book.

How is the related to holding bitcoin?

Probably because JM Bullion accepts both credit cards and bitcoin, and it points out certain advantages of using crypto instead of a credit/debit card.

Yeah I guess it does point out the pros versus using credit cards but its not a game changer right.  I mean every big time place has been hacked and people still use credit and debit cards that won't end.  I'd like to see one day to move towards payment systems that you have more control of your data like crypto but its still a long road to get there

[sunsilk]

Hacking of credit card information has always been there. People who own and use it will never think of security because it should be the company that should protect their data for their customers. If they will always be lousy with their security, they're more prone to hacks.

Article makers and those known personalities are just pushing the hacking incidents towards crypto and exchanges but they will never have a say on this matter. They're always biased although they know the reality about this type of hacking.

[so98nn]

[...]
Just about time for precious metal investors to shift to bitcoin, as you can totally protect your own assets as you own the private key. Yes, there are still dangers from hackers, but if you practice safe hygiene and storing your seed and private keys offline, highly chance that no credit card an don personal information can be stolen from you. (except if exchanges are hack and you have your info there).

Thats sad for the customers who were victim for this act. I assume that they might have already communicated with those customers whose data was breached, and if they have not then the whole user base will need to work out the new credit card application n their side. It's big chaos and JM bullion surely will larger user support now.

Just about time for precious metal investors to shift to bitcoin, as you can totally protect your own assets as you own the private key.

Yes, on the contrast there is high chance they will shift into new way of investing.

~But~

It is we who think that they and we are already crypto enthusiast. The investors bullion may not be thinking the same way. They could shift to more secure mutual funds, or may be physical gold for that matter.

Its just speculative statement to see them coming on our way really.

[DrG]

The stolen credit card numbers just get sold on the black market to somebody who could use that database of info for something more nefarious than simple credit card theft. There's quite a few people who keep precious metals at home and don't bother to even store them in a decent safe. Wouldn't be surprised if there was some blackmail/extortion involved with this on the list as well.

[Wind_FURY]

How ironic it would be if the hackers installed ransom-ware in their computers to demand payment in Bitcoin. JM Bullion would, sell Gold to buy Bitcoin.

[Fortify]

It's inevitable that bullion specialists like JM Bullion would be targeted for things like this, however it will have absolutely no impact on whether someone wants to buy bullion or a crypto currency. The exact same thing can happen with a cryptocurrency exchange, so it is nonsense. The only impact it could possibly have is to move bullion buyers over to a different company who arguably might take their responsibility to protect customer information more seriously.

[darewaller]

These days there are banks offering virtual cards, and if you are banking with one of them it would be safe to create as much virtual cards as you want and then store only the funds you want to use for investing in one of those virtual cards before investing. That way if the exchange you’re using should eventually be hacked, there wouldn’t be any funds for them to collect from the virtual card information they will be stealing from there.

Personally I have up to three bank accounts; one is the main place I keep my money, then the second one I only transfer money to it when I want to buy things online or invest and other things like that, the third one is just there to be used whenever I feel like. People should always practice safety.

[LeGaulois]

Yes, that's true, but I was only considering a similar situation, a website allowing people to buy bitcoins with a card, to follow @OP thinking, and to show him/her the error.
Even if you're buying bitcoins (with your card) it uses the "pull" model you described. Hence I found the comparison in the original post not relevant

Just as a note JM Bullion accepts payments in BTC

[wheelz1200]

How ironic it would be if the hackers installed ransom-ware in their computers to demand payment in Bitcoin. JM Bullion would, sell Gold to buy Bitcoin.

Lol that would be funny actually.  At least they are close enough to the bitcoin world to deal with that, i feel bad for the hospitals and institutions that don't deal with bitcoin, they probably get ripped off on the buy as well

[ChiBitCTy]

Well this is unfortunately all too common a case these days, hell even credit reporting companies who are supposed to keep this info protected above any other type of company, are being hacked.  But this has absolutely nothing to do with precious metals themselves, and not to mention there is no reason to compare bitcoin to precious metals.  They are two totally different things.

[DrG]

Well this is unfortunately all too common a case these days, hell even credit reporting companies who are supposed to keep this info protected above any other type of company, are being hacked.  But this has absolutely nothing to do with precious metals themselves, and not to mention there is no reason to compare bitcoin to precious metals.  They are two totally different things.

They are separate items but if you look at the user base between gold buyers and the user base between crypto you'll see they overlap quite a bit. If you drew a ven diagram the confluence would be significant. As such the information stolen has more value for identifying a good target group by criminals as opposed to random credit card reader scam at a gas station.

[Johnyz]

JM Bullion should be liable on this one especially if those credit cards will be used without the knowledge of its card holder but this doesn't mean that those card holders will shift right away to cryptocurrency as this market is also vulnerable to the hackers. If you have previous transaction on JM Bullion site, better to cut your credit card now and ask for the replacement, you'd better to do it now before its too late.

[Salauddin1994]

Gold seller jm boolean has hacked customers to steal credit cards because they usually steal based on your card identity or information it can happen in different ways fraudsters steal information from your card's magnetic strip with a data skimming device when you insert the card into the card reader slot. as well as somewhere nearby they put the camera to steal your pin these unpleasant incidents can happen when you insert the card but it takes time to get out or get stuck in it but there are many differences between crypto and gold.

[NotATether]

JM Bullion should be liable on this one especially if those credit cards will be used without the knowledge of its card holder but this doesn't mean that those card holders will shift right away to cryptocurrency as this market is also vulnerable to the hackers. If you have previous transaction on JM Bullion site, better to cut your credit card now and ask for the replacement, you'd better to do it now before its too late.

The thing is, most data breaches go unaccounted for unless it is a huge hack like what happened to Equifax and Capital One. There would also need to be people suing JM Bullion, and it really depends on whether enough people sue to make a class-action lawsuit. Otherwise they are just dealing with isolated, small claims cases.

[el kaka22]

I never understood buying gold digitally, I understand that it is possible and I get that there are laws that allows people to do that and companies and banks helping you have gold amount in your bank account just like having gold amounts or you could just pay with your credit card and get gold online but delivered physically as well if you want to, but none of that makes sense to me at all.

First of all there are gold companies all around the world, gold shops and so forth that you could go to and buy gold, most places are selling it for whatever the market price is because they usually bought way back when price was lower so they buy it that way and the difference is not bad but they make it work as a shop thanks to it as well. Why not go there and buy directly? Why buy online from others without even seeing it?

[btcltcdigger]

I never understood buying gold digitally, I understand that it is possible and I get that there are laws that allows people to do that and companies and banks helping you have gold amount in your bank account just like having gold amounts or you could just pay with your credit card and get gold online but delivered physically as well if you want to, but none of that makes sense to me at all.

First of all there are gold companies all around the world, gold shops and so forth that you could go to and buy gold, most places are selling it for whatever the market price is because they usually bought way back when price was lower so they buy it that way and the difference is not bad but they make it work as a shop thanks to it as well. Why not go there and buy directly? Why buy online from others without even seeing it?

Yeah, to me that's like trading indexes.
I personally buy physical gold/silver when i'm able, and prefer to pay via virtual revolut credit card (the one that changes numbers after every purchase)
So they can hack away, but my CC number is worthless to them. Besides, revolut being "prepaid card", i never have on it more than i'm going to spend in the next 30 mins