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December 19, 2023

Scammers are reportedly targeting gift cards with elaborate schemes draining customers of money and creating unwanted chaos during the holiday season.

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The Better Business Bureau is reporting a 50% increase in gift card fraud this year compared to last, Fox News reported. The problem is so bad some retailers have been forced to innovate.

And a victim of so-called “card draining” the current scam authorities are warning about spoke to the outlet about her own ordeal, which nearly cost her $200.

Suzanne Gdovic told “Fox & Friends First” Monday she had purchased a Target gift card for $200 to give to a friend. At the time of purchase, she had no idea scammers had already compromised the card.

When the recipient went to use the gift card to buy items for a baby, there were no funds left on it.

“She was told there was a zero balance on the card and was also told that the gift card was assigned to another person’s account,” Gdovic said. “There was no money there for her to use for all of the things that she was buying for the new baby.”

Scammers reportedly took information from the gift card and siphoned off the money.

Gdovic spoke to a store manager, who clued her in on the scam. People with nefarious goals will grab the card information by scratching off the silver lining concealing the protective security code. Once they have the code, they will return the silver lining and return the card to store shelves.

Then, they can use the code to track when people add money to the card. That money is then strategically taken and used by the scammers.

Gdovic was able to get her money back, but she recommends people take photos of all receipts and cards to make sure there’s no problems if and when they become victims of the scheme.

This isn’t the only gift card scam, though, as the Pinole Police Department in California recently recorded a video explaining a similar way people are stealing money.

“Scammers are using various tactics to trick people into purchasing gift cards that have the security code cut off, which would allow them to use your money,” the department said in a Facebook statement.

Patrol Sergeant Barry Duggan then showed people in a video how scammers are cutting off the top of gift cards and then sealing them back up. Once returned to the stores and placed back on shelves, thieves gain access to any funds potentially added to these now-defunct cards.

“Somebody was taking all these cards from the store taking them home,” Duggan said, noting the envelopes would be heated up, the cards removed and cut, and then placed back inside.

The officer recommended people feel the outside envelopes to ensure a full gift card is inside before purchasing, or, with the store’s permission, open the envelopes as they check out to ensure everything is intact.

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World

Ukraine war: Zelenskyy warns partners not to let Putin ‘deceive’ them on ceasefire

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Ukraine war: Zelenskyy warns partners not to let Putin 'deceive' them on ceasefire

Volodymyr Zelenskyy has called on Ukraine’s partners to make sure Russia doesn’t “deceive” them over a ceasefire.

After breakthrough talks between Ukrainian and US officials in Saudi Arabia, Kyiv said it was ready to accept a proposed 30-day ceasefire with Russia.

But his nightly address on Wednesday evening, a day after the Jeddah summit, President Zelenskyy said, “we must move toward peace” – but issued a warning to allies.

“The key factor is our partners’ ability to ensure Russia’s readiness not to deceive but to genuinely end the war,” the Ukrainian leader said. “Because right now, Russian strikes have not stopped.”

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From Tuesday: Ukraine backs ceasefire plan

‘Calling Moscow’s bluff’: Sky News correspondents’ views as Ukraine accepts ceasefire deal
Who is the real estate mogul tasked with brokering peace in Ukraine?

The focus has now switched to Vladimir Putin’s response to the proposed ceasefire. President Trump said the US had received “some positive messages” adding: “We have people going to Russia right now”.

However, he warned Moscow: “In a financial sense, yeah we could do things very bad for Russia, would be devastating for Russia.”

More on Russia

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Will Russia go for ceasefire deal?

European defence ministers, meeting in Paris, said now was the time for Moscow to show it was serious about ending the war.

UK Defence Secretary John Healey was among those attending, and had a direct message for Russia’s president: “I say to president Putin, over to you, you want to talk, prove it.”

Mr Healey called on Russia to accept the ceasefire and end the war, adding, “the pressure is now on Putin”.

For his part, President Putin has been playing to his domestic audience with a visit to Kursk, where Russian troops finally seem to be gaining the upper hand against Ukrainian forces who seized territory in the Russian region last year.

The Russian line is approaching Sumy from Kursk Oblast
Image:
The Russian line is approaching Sumy from Kursk Oblast

Dressed in camouflage, the Russian president called for his forces to defeat the enemy and completely liberate Kursk, in remarks reported by the Interfax news agency.

He also said enemy troops captured in the region will be treated as terrorists, as Russia’s chief of the general staff told Mr Putin that Ukrainian forces in the region are surrounded.

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US

Ukraine war: Zelenskyy warns partners not to let Putin ‘deceive’ them on ceasefire

Published

on

By

Ukraine war: Zelenskyy warns partners not to let Putin 'deceive' them on ceasefire

Volodymyr Zelenskyy has called on Ukraine’s partners to make sure Russia doesn’t “deceive” them over a ceasefire.

After breakthrough talks between Ukrainian and US officials in Saudi Arabia, Kyiv said it was ready to accept a proposed 30-day ceasefire with Russia.

But his nightly address on Wednesday evening, a day after the Jeddah summit, President Zelenskyy said, “we must move toward peace” – but issued a warning to allies.

“The key factor is our partners’ ability to ensure Russia’s readiness not to deceive but to genuinely end the war,” the Ukrainian leader said. “Because right now, Russian strikes have not stopped.”

Please use Chrome browser for a more accessible video player

From Tuesday: Ukraine backs ceasefire plan

‘Calling Moscow’s bluff’: Sky News correspondents’ views as Ukraine accepts ceasefire deal
Who is the real estate mogul tasked with brokering peace in Ukraine?

The focus has now switched to Vladimir Putin’s response to the proposed ceasefire. President Trump said the US had received “some positive messages” adding: “We have people going to Russia right now”.

However, he warned Moscow: “In a financial sense, yeah we could do things very bad for Russia, would be devastating for Russia.”

More on Russia

Please use Chrome browser for a more accessible video player

Will Russia go for ceasefire deal?

European defence ministers, meeting in Paris, said now was the time for Moscow to show it was serious about ending the war.

UK Defence Secretary John Healey was among those attending, and had a direct message for Russia’s president: “I say to president Putin, over to you, you want to talk, prove it.”

Mr Healey called on Russia to accept the ceasefire and end the war, adding, “the pressure is now on Putin”.

For his part, President Putin has been playing to his domestic audience with a visit to Kursk, where Russian troops finally seem to be gaining the upper hand against Ukrainian forces who seized territory in the Russian region last year.

The Russian line is approaching Sumy from Kursk Oblast
Image:
The Russian line is approaching Sumy from Kursk Oblast

Dressed in camouflage, the Russian president called for his forces to defeat the enemy and completely liberate Kursk, in remarks reported by the Interfax news agency.

He also said enemy troops captured in the region will be treated as terrorists, as Russia’s chief of the general staff told Mr Putin that Ukrainian forces in the region are surrounded.

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Technology

Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges $2 billion

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Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges  billion

The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023.

Justin Sullivan | Getty Images

Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange’s first institutional investment and the “single largest investment” ever paird in crypto.

In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the “largest investment ever” paid in cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typically with a peg to a fiat currency. 

Abu Dhabi launched the MGX investment firm last year with a focus on AI technology. In September, MGX partnered with the likes of BlackRock and Microsoft to launch a more than $30 billion AI fund, but it had yet to invest in the cryptocurrency industry and blockchain sectors. 

“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, managing director and CEO at MGX, said in a statement.

The press release added that “by partnering with the leading industry player, MGX aims to enable innovation at the intersection of AI, blockchain technology and finance.”

Binance and MGX did not immediately comment on the size of the stake or what stablecoin would be used for the payment. Binance has not responded to an inquiry on whether the deal had been completed.

As part of the UAE’s broader ambitions to become a global technology leader, it has been growing into a regional crypto hub

Binance, the largest cryptocurrency exchange in the world, has grown its Middle East footprint as it faced regulatory hurdles and enforcement measures in other jurisdictions in recent years, 

According to the press release, Binance employs approximately 1,000 of its roughly 5,000 global workforce in the UAE. It adds that it now boasts over 260 million registered users and has surpassed $100 trillion in cumulative trading volume. 

Binance CEO Richard Teng is scheduled to take part in a panel session at CNBC’s CONVERGE LIVE in Singapore at 2:40 p.m. local time (2:40 a.m. ET) on Thursday.

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