cyberlaundering with a twist

What's the latest in Internet-based money laundering of stolen credit cards? It is called e-fencing, and works like this: Criminals take the numbers from stolen credit cards and purchase gift cards online. Then they immediately offer to sell the gift cards at a deep discount on any one of the Internet's many private sale websites. A thrifty purchaser, thinking he or she has found a great bargain, snaps up the gift card and redeems it, or sells to to another unsuspecting consumer. The criminal pockets his profit, and moves on to another stolen credit card number. Have you ever purchased something on the Internet at a deep discount? Didn't you ever think that it might be stolen, or purchased with stolen money?
The gift card scam is so effective, because it converts the stolen credit card number into an item that can be easily vended. Even after the card is cancelled, the gift card purchase generally has neither been discovered, nor cancelled. This method effectively extends the usable life of the stolen credit card number past its cancellation by the owner.So, how to ensure that you do not, unwittingly, take part in this illicit scheme?
Easy; do not buy any form of financial instrument, like a gift card, from a private source, no matter how much you trust the website. if you want a gift card, go to the store, or to the official store website.
When something offered to you is too good to be true, it is usually tied into a criminal act, a fraud, a counterfeit, or something else you do want to deal with. Purchasing anything at a deep discount, obviously below cost, is dangerous and could ultimately hurt you far more than the cheap purchase price.
Be cautious whenever something offered to you is brand-new. It may have been illegally purchased just prior to being offered to you.Cyberlaundering continues to evolve; watch out for new developments as they surface.