Monica Eaton-Cardone Discusses Gift Card Fraud for CEOWORLD
Business leaders know to be wary of cyber threats. As Chargebacks911® COO Monica Eaton-Cardone points out in her latest feature for CEOWORLD, though, the greatest threats may not show up where you expect them.
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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.
“This isn’t speculation; it’s a well-documented problem in the e-commerce market,” Monica explains. “One report recently released by Agari shows that gift cards are connected to roughly two-thirds of all BEC attacks. And, considering that BEC has resulted in $26 billion in losses since 2016, that translates to several billion dollars every year.”
As a merchant, you need to confront this problem from two fronts: attacking the threat to your email, and to your gift cards. It’s a specialized strategy, designed to complement your existing efforts…not replace them.