1. 1 day agoFor criminals, gift cards are an easy and fast way to convert stolen funds into untraceable cash or goods. For merchants: Set caps on bulk purchases. Require manual reviews for high-value transactions or ones with suspicious patterns. 4. Pressure to Pay With Gift Cards & Requests From "Management"
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  3. digitalcommerce360.com

    Gift card cards are an incredibly popular option for gift-givers and recipients, with global sales projected to hit $2 trillion by 2024. Unfortunately for merchants and their customers, gift card fraud is on an upward trend, too, creating $240 million in losses as the most-reported kind of payment fraud in the U.S. since 2018. This trend is terrible for consumers and merchants.
  4. The man read the gift card redemption codes over the phone to a scammer, who then instantly gave the information to criminals in Southern California via a Chinese-owned messaging app called WeChat. That team dispatched a runner to use the gift card information to buy an $862 tablet at a department store in Chino, California.
  5. Here's a closer look at some of the most common types of gift card fraud: Card tampering: Criminals manipulate gift card packaging to steal the card information before the card is sold. They then place the tampered cards back on store shelves. When a consumer purchases and loads money onto the card, the criminal quickly drains the funds ...
  6. theknoble.com

    Aug 27, 2024Gift card fraud presents an ideal use case for developing a collaborative model between banks and merchants when debit and credit cards are used to purchase gift cards. By working together, they can more effectively track abnormal activity and potentially identify and dismantle criminal rings involved in gift card scams.
  7. fastcompany.com

    Aug 24, 2024The gift card and reloadable card industry also doesn't keep data on the amount of money consumers lose through the criminal use of its products. At the same time, many gift card companies are ...
  8. Criminals may demand payment via gift card or steal the value of cards at retailers. Here's how you can avoid getting scammed. ... In one, scammers want you to use gift cards to pay them. Scammers insist you buy gift cards and read them the serial and personal identification number (PIN) on the back to quickly pay off a debt, buy something or ...
  9. theregreview.org

    In perhaps the simplest scenario, criminals could use dirty cash to pay for a prepaid gift card, or to reload one, and then withdraw the funds at an ATM or issue a check via the Bill Pay function. FinCEN has already issued a final rule that addresses the use of prepaid gift cards to launder domestically. The rule requires that sellers of ...
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