Fraud is known and feared evil in the world of digital commerce, especially when it comes to gift cards.
Nearly 10% of all online fraud attempts are made on downloadable e-gift cards. Fraudsters love them – they’re instantly delivered, easily transferrable, require no shipping address, and retain value on the secondary market.
Using stolen credit cards is the most popular method of gift card fraud, but it doesn’t stop there. Other methods involve taking advantage of data breaches with leaked gift card numbers, using the auto-load on gift cards to access customers’ bank accounts and jumping on programming loopholes to load more money than actually paid for.
Imagine the losses from a large gift card purchase made using a stolen credit card. You’ll have to refund the purchase and accept the loss of revenue and of any merchandise purchased with the fraudulent gift card.
Picture the headache and reputation harm that would result if honest customers are harmed by purchasing your stolen (and now invalid) gift cards on the secondary market, or by having their balance used or bank account drained through a gift card data hack.
Don’t take chances. Use Rise’s technology to protect your reputation and revenue at every turn.