The U.S. Department of Homeland Security (DHS) has revealed that Chinese organized crime groups are laundering large amounts of money through U.S. gift cards, transferring funds to China. Investigations show that criminals use stolen gift cards in the United States to purchase high-value electronics, which are then shipped back to China for resale. The resulting profits are converted into cryptocurrency and transferred through Chinese payment platforms.

The DHS noted that losses from related fraud have exceeded $1 billion over the past two years. The networks involved purchased stolen card numbers in bulk through platforms like WeChat, using them in conjunction with SMS scams and SIM farming. (Bloomberg)