Polymarket US Platform Hit by Stolen Debit Card Fraud, Losses Exceed $10 Million

BlockBeats news, September 20, according to The Wall Street Journal, prediction market platform Polymarket mishandled debit card theft fraud during its rapid U.S. business expansion.

In February of this year, the company processing debit card transactions for Polymarket's U.S. platform discovered that a large number of fraudsters were linking stolen debit cards to accounts, attempting to place bets and withdraw funds to accounts they controlled, with at least $10 million involved. At its peak, over 80% of deposits were flagged as fraudulent, far above the industry standard of about 1%.