{"id":1883,"date":"2023-09-15T09:58:51","date_gmt":"2023-09-15T13:58:51","guid":{"rendered":"https:\/\/timothydimoff.com\/?p=1883"},"modified":"2023-09-15T09:59:19","modified_gmt":"2023-09-15T13:59:19","slug":"gift-card-fraud-closer-look","status":"publish","type":"post","link":"https:\/\/timothydimoff.com\/2023\/09\/15\/gift-card-fraud-closer-look\/","title":{"rendered":"Gift Card Fraud: A Closer Look"},"content":{"rendered":"\n
As we approach the holiday season, gift cards are often an attractive gift for the hard-to-buy person or a relative who lives far away. However, there are risks with gift cards, as noted below.<\/p>\n\n\n\n
Gift card fraud is a burgeoning concern in retail and finance. Unfortunately, as convenient and versatile as gift cards are for consumers, they present an attractive opportunity for fraudsters. To better understand and combat this issue, we need to look closer at the current statistics, the reasons behind its prevalence, and what retailers, banks, and consumers can do to safeguard themselves.<\/p>\n\n\n\n
Gift card fraud has been on the rise for several years. With the proliferation of online shopping, fraudsters have found more avenues to exploit these cards. Major retail chains are often the primary targets, but no business is immune. Especially vulnerable are those retailers that allow immediate online use of gift cards after purchase. The losses incurred due to gift card fraud run into the millions annually.<\/p>\n\n\n\n