Digital Gift Card Fraud is on the rise.
Vesta's CIO, Tan Truong shares his thoughts with The Total Retail on the topic of eGift card fraud during the COVID-19 era
Vesta CIO, shares his thoughts on what steps ecommerce merchants can take to protect themselves from digital gift card fraud.
With the holiday shopping season the corner, retailers are bracing for a 25 percent to 35 percent increase in e-commerce orders vs. last year, driven by the COVID-19 pandemic. This is having a major impact on one of the most popular gift options: gift cards.
Digital redemptions increased from 30 percent of the gift card market in 2018 to 45 percent in 2019, according to National Gift Card. The pandemic is now accelerating that shift. However, while they're convenient for both consumers and retailers, digital gift cards are also attractive to fraudsters and cybercriminals.
Read the full article on the The Total Retail website here.