Over $5 million worth of gift cards for retailers like Target and Sephora were stolen when thieves gained access to a system called Nexus.
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While Staples was under the impression that Nexus could not be accessed from beyond its own network, hackers found that not to be the case. They then "performed multiple heap dump requests," a process that captures all of the data held in an app's memory. That information gave the hackers the tools they needed to hijack logged-in sessions of Staples customer service employees. From there, they were able to issue gift cards at will.
Once the gift cards had been issued, the crime group sent runners to physical retail stores to spend them before they were identified and canceled. Target found that 35 gift cards were used at a New Hampshire store, with high-value products from Apple, Bose, and Beats all bought. All 35 cards were used within a period of just a single hour, although not all of them were obtained via this hack.
In total, Target told investigators that 3,850 gift cards worth over $140,000 were used across 85 different stores in just two days. Sephora was hit for $58,600 worth of sales, while Lowe's saw $226,000 spent across online and in-store purchases. In total, 4,630 stolen gift cards were used with a value of around $425,000.
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Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/tech-industry/cyber-security/SPONSORED_LINK_URL
- https://www.tomshardware.com/tech-industry/cyber-security/chinese-crime-ring-steals-millions-of-dollars-in-gift-cards-from-staples-customer-service-system-group-acquired-more-than-15-000-gift-cards-worth-more-than-usd5-million#main
- https://www.tomshardware.com/membership
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Informational only. No financial advice. Do your own research.