Beware This Growing Gift Card Fraud Tactic Targeting Email Addresses

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.

CEOWORLD magazine is the world’s leading business magazine for CEOs, CFOs, high-level executive professionals, business leaders, and high net worth individuals. They’ve built their reputation through in-depth executive interviews, which profile some of the world’s foremost business leaders and CEOs. The insights, opinions, and ideas offered by these esteemed leaders motivate their audience to think differently and challenge the status quo.

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.