Canonical URL: https://giftcard.news/fraud-security/visa-free-gift-crypto-scams-retail-fraud-report-2023/ --- description: Visa’s 2023 report identified deceptive gift offers and expanding attacks on retailers. title: Visa Warns of Free Gift Crypto Scams as Retail Fraud Tactics Evolve image: https://giftcard.news/images/social/v1/visa-warns-free-gift-crypto-scams-retail-fraud-tactics-evolve-3327779a11efe25389ed7cb93510c6c0.jpg --- 1. [Home](https://giftcard.news/) 2. [Fraud & Security](https://giftcard.news/fraud-security/) # Visa Warns of Free Gift Crypto Scams as Retail Fraud Tactics Evolve Visa’s 2023 report identified deceptive gift offers and expanding attacks on retailers. By [Daniel Brooks](https://giftcard.news/author/daniel-brooks/) September 7, 2023 1 min read Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Ffraud-security%2Fvisa-free-gift-crypto-scams-retail-fraud-report-2023%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Visa%20Warns%20of%20Free%20Gift%20Crypto%20Scams%20as%20Retail%20Fraud%20Tactics%20Evolve "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Ffraud-security%2Fvisa-free-gift-crypto-scams-retail-fraud-report-2023%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial "LinkedIn") [ ](https://wa.me/?text=Visa%20Warns%20of%20Free%20Gift%20Crypto%20Scams%20as%20Retail%20Fraud%20Tactics%20Evolve%20https%3A%2F%2Fgiftcard.news%2Ffraud-security%2Fvisa-free-gift-crypto-scams-retail-fraud-report-2023%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial "WhatsApp") ![Visa logo](https://giftcard.news/images/variants/v1/visa-warns-free-gift-crypto-scams-retail-fraud-tactics-evolve-logo-w1200.webp) Photo: Source: usa.visa.com [Visa](https://giftcard.news/company/visa/) highlighted deceptive cryptocurrency gift offers in its Fall 2023 Biannual Threats Report, released on September 7, alongside growing threats to online retailers. The findings principally covered January through June 2023, when Visa said it helped block $30 billion in fraud. The company described pop-ups promising a gift that instead induced wallet holders to authorize transactions exposing their cryptocurrency to theft. Other retail schemes involved imitation shopping sites, malicious advertising and merchants that established a legitimate processing history before submitting fraudulent transactions and disappearing. Online merchants accounted for 58% of fraud and breach investigations, compared with 20% for physical retailers. Enumeration attacks, which attempt to identify usable payment credentials, rose 40% against the preceding six months. Visa also cited nearly 460 ransomware attacks in March 2023. Chief Risk Officer [Paul Fabara](https://giftcard.news/person/paul-fabara/) emphasized both the value of prevention technology and criminals’ increasing sophistication. Visa also described cooperation with law enforcement, including the May 2023 Try2Check disruption and April’s Genesis Market operation, which resulted in 119 arrests. ## Sources and documents ExpandCollapse * [Visa Research Highlights Emerging Fraud Schemes in Retail and eCommerce](https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.19886.html?utm%5Fsource=giftcard.news) — Visa ## In this article ### Companies * [Visa](https://giftcard.news/company/visa/) ### People * [Paul Fabara](https://giftcard.news/person/paul-fabara/) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Ffraud-security%2Fvisa-free-gift-crypto-scams-retail-fraud-report-2023%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Visa%20Warns%20of%20Free%20Gift%20Crypto%20Scams%20as%20Retail%20Fraud%20Tactics%20Evolve "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Ffraud-security%2Fvisa-free-gift-crypto-scams-retail-fraud-report-2023%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial "LinkedIn") [ ](https://wa.me/?text=Visa%20Warns%20of%20Free%20Gift%20Crypto%20Scams%20as%20Retail%20Fraud%20Tactics%20Evolve%20https%3A%2F%2Fgiftcard.news%2Ffraud-security%2Fvisa-free-gift-crypto-scams-retail-fraud-report-2023%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial "WhatsApp") ![Portrait of Daniel Brooks](https://giftcard.news/images/variants/v1/daniel-brooks-editorial-portrait-w320.webp) About the author ## [Daniel Brooks](https://giftcard.news/author/daniel-brooks/) Journalist — Payments, Security & PCI DSS Daniel Brooks covers payment networks, financial technology, payment security, gift card fraud and PCI DSS for Gift Card News. From reading to building ## Your next move in gift cards. Tell us what you’re building. We’ll help you explore suitable providers. 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