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Gift card fraud can be a gateway to even more complex cyber fraud. In the worst-case scenario, thieves can move on to stealing your payment details, draining your bank account and even...
Once a scammer hijacks your gift card, they can drain its value effortlessly — but that’s just the beginning. Gift card fraud can be a gateway to even more complex cyber fraud.
For gift card fraud, retailers are prone to be exploited by fraudsters in their attempts to steal gift cards via bot technology or through stolen credit card information. In the context of fraud, using stolen credit card data to purchase gift cards is becoming an increasingly common money laundering tactic. Another way gift card fraud occurs is ...
A few examples of credit card fraud include account takeover fraud, new account fraud, cloned cards, and cards-not-present schemes. This unauthorized access occurs through phishing, skimming, and information sharing by a user, oftentimes unknowingly.
In the first nine months of 2021, more gift card fraud was reported than in all of 2020. One in three Americans has fallen victim to gift card fraud, according to a survey by AARP.
The most common form of gift card fraud is committed through the act of stealing card information for activated cards with an existing balance by attacking a retailer's systems which store gift card data.
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