What is being done to prevent gift card fraud?

Gift card fraud is a big problem, and now Walmart, Target, and Best Buy have made changes to their gift card programs to reduce the risk of such an issue. Barbara Underwood and Josh Shapiro, the attorneys general of New York and Pennsylvania, announced the changes recently, as part of a more than year-long initiative to thwart scam artists. The changes include reducing purchase limits on store-branded gift cards in a single transaction, limiting how much can be loaded onto the cards, and prohibiting the redemption of store-branded gift cards for other gift cards. Walmart, Target and Best Buy also added training to help employees spot scams and warn potential victims. Regulators said scammers often use retail gift cards to buy third-party cards such as iTunes, Steam and Google Play that can be resold on the black market, and impersonate other people to swindle their victims. They also said consumers should not volunteer gift card numbers to people they don't know, and should contact state consumer officials or law enforcement if they believe they were targeted.

 

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