December 24, 2016
'Tis the season for online shopping, and business is booming for the gift card sector. With the gift card industry expected to reach $160 billion by the year 2018, gift cards are only going to become more popular during the holiday season.
Gift cards are not only an easy and convenient way to get a little something special for loved ones, but there are endless options on marketplaces where gift cards are sold at a discount, making them even more appealing. Not to mention the appeal of not having to jostle with hoards of crowds during the holiday season and lining up to pay.
As gift cards become more popular with consumers and merchants, criminals also want a piece of the holiday pie. As criminals get savvier, they are finding new loopholes to exploit, and e-gift cards are increasingly becoming a lucrative way to commit fraud and to launder money.