Recorded Future’s Insikt Group has described electronic gift cards as part of the activity it investigated around Tajin Group, a vendor operating in Chinese-language Telegram-based guarantee marketplaces. The original research was published September 15 and examines conduct observed before that date. [S01]

Its gift-card section describes advertisements seeking bulk purchases of Selfridges electronic gift cards. Insikt assesses that associates very likely use stolen payment-card details to buy the gifts, send them to addresses supplied by the group and feed a resale chain. That is the researchers’ assessment, not an independently established account of every purchase.

Advertisements show an offer, not settled proceeds

The report records an advertised payout equal to 45% of card value. The figure describes the group’s offer as observed by the researchers. It is not a verified settlement rate, a gift-card market benchmark or a measurement of money successfully laundered. [S01]

The report’s observation that a legitimate retailer supports electronic gift delivery does not establish a technical vulnerability or a breach of Selfridges systems. Nor does it prove merchant cooperation in the alleged misuse of payment credentials.

A specific investigation with unquantified gift-card outcomes

Insikt combines observations of marketplace postings with transaction analysis and proprietary payment-card research in its wider investigation. The gift-card section does not disclose a verified number of fraudulent cards, successful redemptions, affected recipients or attributable monetary losses. [S01]

Other fraud cases and financial figures discussed elsewhere in the report concern different activity and should not be transferred to this gift-card chain. A single vendor investigation also cannot establish the prevalence of gift-card laundering across the industry.

The report illustrates how legitimate electronic delivery can sit within an alleged chain beginning with stolen payment credentials and ending in resale. The commercial distinction is between the original funded purchase and the subsequent buyer of the restricted value; neither stage is quantified as a completed gift-card loss in the published findings.