From Futurism · Joe Wilkins · · 50s
Polymarket Fraud Scheme Targets Stolen Debit Cards
Fraudsters use prediction markets to launder millions via stolen debit cards.
In brief
Fraudsters use prediction markets to launder millions via stolen debit cards. Polymarket's payment processor rejected 80% of transactions as fraudulent due to stolen card fraud. Originally reported by Futurism.
Fraudsters exploit prediction markets
Gambling platforms like Polymarket are being used by fraudsters to make wagers with stolen debit cards.
“in the regulated space, this kind of thing does not happen”
Massive fraud detected
A payment processor flagged a surge in bets using stolen cards, triggering $10 million in potential fraud.
Payment processor rejection
The processor rejected 80 percent of transactions as fraudulent, far exceeding the industry norm of 1 percent.
CEO ignores warnings
Polymarket CEO Shayne Coplan instructed his team to continue accepting fraudulent transactions.
Regulatory experts warn
Former CFTC attorney Joe Konizeski says this level of fraud is unprecedented in regulated markets.
What to remember
Polymarket's payment processor rejected 80% of transactions as fraudulent due to stolen card fraud.
