In this piece with Retail TouchPoints Vesta shares ways to avoid digital gift card fraud
Fraud and gift cards go hand in hand. Since their inception in 1930, many have been caught up in scams or fraud, and according to anAARP survey, around one in 10 people will fall victim to gift card scams and fraud. Retailers around the world rely heavily on gift card purchases. In fact, the number of digital gift cards U.S. retailers sold in November 2020increased 25% year-over-year, with an additional increase of 106.1% year-over-year in December 2020.
Cybercriminals are always looking to target new victims, convincing them that they need to purchase a gift card, sometimes called an electronic voucher, to pay bills, taxes or other financial obligations. With the increase of mobile wallets and more consumers hopping on the e-gift card bandwagon, merchants must practice a heightened sense of vigilance around issues of gift card fraud.
For the full Vesta contributed article please visit Retail TouchPoints here.