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Gift Card Risks...

Friday, December 21, 2012 - 9:23 AM
From Smartmoney.com:

http://www.smartmoney.com/spend/d...d_featStor

"But there's a new risk on the horizon. The potential for fraud on gift cards -- particularly stolen card numbers being used for online purchases -- is a growing concern as their popularity and value increase, Riley says. Issuers' systems can't easily recognize a fraudulent transaction, because they don't track buyer and recipient, he says. There's no law requiring that they offer recompense, either."

I am particularly concerned about MC/Visa GCs, which can be turned into cash immediately. 
7
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,425
1. Monday, December 24, 2012 - 9:19 AM
From Smartmoney.com:

http://www.smartmoney.com/spend/d...d_featStor

"But there's a new risk on the horizon. The potential for fraud on gift cards -- particularly stolen card numbers being used for online purchases -- is a growing concern as their popularity and value increase, Riley says. Issuers' systems can't easily recognize a fraudulent transaction, because they don't track buyer and recipient, he says. There's no law requiring that they offer recompense, either."

I am particularly concerned about MC/Visa GCs, which can be turned into cash immediately. 
 

Thanks and thumbs up.  Appreciate the dopeslap.  Bought a Visa gift card just yesterday, but it's Christmas and I forgot it.  Read your post, ran and got the card, opened it, and registered it.  Should have done that yesterday.  Better late than never.  Registered cards make things somewhat more difficult for thieves.
2
KaightKaight24 posts since
Dec 5, 2011
Rep Points: 602
2. Monday, December 24, 2012 - 2:47 PM
Thanks.

Yes, I would suggest registration immediately after GC purchase since some cards may be tempered already.  In addtion, make sure that you keep all the GC purchase receipts.  Store requires it if anything (e.g., amount) should go wrong with it.
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,425
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