83-year-old Mae fell victim to $8 billion in gift card scams targeting seniors in 2021, with federal regulators failing to provide consumer protections.
83-year-old Mae was one of many victims of gift card scams, with an estimated $8 billion stolen from seniors in 2021 through such fraud. Gift card fraud is increasing, with older adults reporting it as a leading fraud payment method. Federal regulators have failed to provide gift cards with consumer protections like those afforded to credit and debit cards, allowing gift card companies, retailers, and fraudsters to profit from this secretive, rapidly evolving payments industry. The technology companies that facilitate the gift card economy, which are privately held and release limited information, are best positioned to halt criminality but do not, as there is no legal requirement to do so.
August 22, 2024
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