Digital fraud economy sees rise in gift voucher use and AI-powered scams
Credit card fraud and social engineering schemes are increasingly using gift vouchers to launder stolen money, making it harder to trace the beneficiaries of these crimes. Chad Thomas of IRS Forensic Investigations noted that vouchers, including retail, music, and betting options, have become a prevalent method for money laundering due to their semi-anonymous nature and increased scrutiny on traditional banking transactions. This trend is partly driven by South Africa's efforts to strengthen financial crime controls and exit the Financial Action Task Force greylist, pushing criminals to find alternative methods. The digital fraud economy is growing by an estimated 40% annually, with older and less digitally savvy individuals often targeted. Criminals exploit trust and technology, using sophisticated banking terminology and victim information to legitimize calls and trick individuals into divulging one-time passwords OTPs. The problem is further complicated by artificial intelligence and deepfakes. Thomas cited cases where victims believed they were speaking to family members, such as grandchildren needing urgent financial help after an accident, only to discover the voice was a deepfake. These scams require preparation, including obtaining voice samples and understanding victims' financial access. Thomas emphasized that victims should not be dismissed as gullible, as professional criminals are highly skilled at manipulation.