Gift Cards & Money Laundering

I came across and interesting article about the dark side of gift cards and how they are being used by criminal elements to launder money. These aren’t the store brand gift cards, bur the credit card bank affiliated gift cards that can be reloaded with money at any ATM. The problem is that there is no need for a bank account or any identifying information with these gift cards thus making the money put on them difficult, if not impossible, to trace and a convenient way to launder money:

Law enforcement officials say these newer cards, many of which can be reloaded online or at checkout counters, are an ideal tool for credit-card thieves, drug rings, and even terrorist cells. “It

...

[Continue Reading at SavingAdvice.com]

This entry was posted in Credit Cards, Miscellaneous, X Files. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>