Chargebacks911® COO Monica Eaton’s Latest Feature for Grit Daily
The holiday season is a busy—and lucrative—time for retailers. However, gift card fraud threatens to put a damper on the season’s festivities. In her latest feature for Grit Daily, Chargebacks911 COO Monica Eaton examines this fast-growing and costly threat source.
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Gift card fraud is already a threat that most retailers will be familiar with. The problem compounds, though, when you bring business-email compromise (BEC) into the mix. “It’s a serious problem for retailers…” Monica explains, “as a fraudster can use BEC tactics to accomplish a variety of goals. For example, a bad actor may trick your employees into transferring funds into an illicit account or handing over sensitive customer information.”
The anonymous nature of gift cards makes them a perfect opportunity to convert information gained through BEC into cash.
“According to the newly-released Q3 2019: Email Fraud and Identity Deception Trends report by Agari, gift card fraud now accounts for two-thirds of BEC attacks. Given that BEC tactics have resulted in $26 billion in losses over the last three years, we’re talking about several billions of dollars in gift cards each year.”
