Gold seller JM Bullion hacked to steal customers' credit cards

[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.

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[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