Venmo is a mobile payment service owned by PayPal that allows users to transfer money using a mobile phone app or web interface. Threat actors have been noted purchasing reloadable gift cards online with stolen bank funds, and then transferring the money into a Venmo account. From the Venmo account, the actor will execute a wire transfer to another account, often an offshore bank in a country with lax banking rules. Venmo significantly reduces the time it takes to cash out stolen funds, which makes it harder for victim banks to stop illicit transfers. Financial sector scrutiny of the Venmo service is recommended.
Wapack Labs has cataloged and reported extensively on wire transfer scams in the past. An archive of related reporting can be found in the Red Sky Alliance portal.
Cryptocheck (Cc) is a dubious Russian based payment system discovered in recent collections. Cc heralds a safe and anonymous way to transfer money online. Cc combines electronic vouchers, traditional payment systems and cryptocurrency. This payment service is used in many Russian speaking forums; however, Cc has also been found in a number of English speaking forums. Cc promoted their service as a combination of all the best cyber payment systems that exist using cryptocurrency. Personal user data is not requested or used in Cc. Cc provides payments with unique check and code numbers. The check number can have 58^6 combinations and the code number consists of 58^9 possible combinations, offering anonymity.
Wapack Labs has cataloged and reported extensively on payment services in the past. An archive of related reporting can be found in the Red Sky Alliance portal.
Venmo is a mobile payment service owned by PayPal that allows users to transfer money using a mobile phone app or web interface. Threat actors have been noted purchasing reloadable gift cards online with stolen bank funds, and then transferring the money into a Venmo account. From the Venmo account, the actor will execute a wire transfer to another account, often an offshore bank in a country with lax banking rules. Venmo significantly reduces the time it takes to cash out stolen funds, which makes it harder for victim banks to stop illicit transfers. Financial sector scrutiny of the Venmo service is recommended.
