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Get access to essential strategic content, in-depth reports, industry intelligence, and exclusive data. Forgot your password? Rafael Lourenco, executive vice president, ClearSale. Gift cards are some of the most popular tools for fraudsters. Just about any merchant can be hit by an attack that involves gift cards.
There are many ways for organized criminals to exploit gift cards, from simple frauds that leave merchants stuck with chargebacks to hacking merchant gift card databases. But some of the things that make these cards such popular gifts also make them appealing to everyday scammers and organized criminals. The November Strategy Insights report details more than a dozen strategies to fight fraud during the coronavirus pandemic, including how to prevent fraud on digital gift card sales. Plus, what all online retailers need to know about Magecart. First, gift cards are anonymous and basically untraceable.
Each gift card is like digital cash, with no permanently linked information that could tie it to one person. Legitimate gift card holders can shop with their cards or sell them at a discount online. Criminals can buy merchandise for resale or trade the card value for cryptocurrency.
Gift card sales peak during the holiday shopping season. All those gift card transactions provide cover for fraudsters. They also know that many merchants loosen their fraud controls during major shopping seasons, to prevent order-approval bottlenecks and to maximize sales.
Gift cards are not bound by the same industry standards for their activation, tracking and use. That means scammers have the freedom to get creative with gift card schemes, which is why gift card fraud ranges from simple purchases made with stolen data to in-house fraud gangs to international organized crime.
Preventing gift card fraud is not a simple process, because there are so many fraud modalities and because the gift card lifecycle often combines online and brick-and-mortar retail. However, there are a few key steps merchants can take to reduce their gift card fraud risk.
By taking these steps, your company can identify fraudulent gift card activity, spot internal fraud, protect your brand, reduce gift card theft and keep your gift card data safe from hackers.
Together, these steps can make your business a much less tempting target for fraudsters and encourage them to move on. ClearSale provides online retailers with fraud-prevention technology and services deed to protect against chargebacks. Stay on top of the latest developments in the ecommerce industry by ing up for a complimentary subscription to our newsletter, Digital Commerce Retail News. Subscriptions Advertise with Us. Into Digital Commerce Forgot your password? Not a Digital Commerce member?
for free. Share This Story:. Rafael Lourenco Jan 9, Some of the things that make gift cards so popular with consumers and retailers also make them appealing to everyday scammers and organized criminals. Industry Resources. Get the Resource. Presented by Vertex and DMA. Jun 09,am ET.
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