Polymarket faces $10M fraud scheme involving stolen debit cards

Polymarket was exposed to at least 10000000 dollars in attempted fraudulent payments using stolen debit cards on its U.S. platform. Attackers funded bets with stolen debit cards and attempted to withdraw winnings to accounts or cards under their control. Seven users led the scheme, with one user attempting over 4000 deposits. The fraud rate for Polymarket deposits processed by Checkout.com exceeded 80%, prompting Checkout.com to demand tougher controls after a warning from Visa. Following an internal report, CEO Shayne Coplan instructed employees to focus on growth and address fines later. The incident resulted in the resignation of Chief Compliance Officer Andrew Clifford and the replacement or dismissal of several senior executives, including the CEO of the U.S. entity.

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