EBT cards, commonly known as benefits or SNAP cards, are becoming a frequent target for scammers. These cards do not have the encrypted chips and fraud detection services that most credit and debit cards come with, making them easy targets for skimming devices and fraudulent transactions.
The podcast discusses the topic of carding, which involves using stolen credit card details to make purchases, either digitally or through counterfeited physical cards. The speaker expresses fascination with this criminal activity and how it opened his eyes to the reality of its existence in the world.
Subscription businesses often benefit from people who sign up and forget that they're paying for a service, resulting in essentially free money. However, this can also lead to unhappy customers who haven't used the service in a long time and are still being charged.
The guest explains how building financial products with directly encoded values can exclude people with poor credit histories from these services, even if they may have a lot of money in the bank.
Sim swapping involves stealing money from bank accounts through the use of leaked email-password combinations. Cybercriminals target individuals who have cryptocurrency as it is easier to steal.
Alec Ehrlich and Edward Murdoch allegedly used money designated for settlements to pay personal credit card bills and write checks to themselves, family members and associates. Murdoch further convinced a family friend that his settlement money was needed to pay for a medical insurance lien and took $85,000 for himself.