Consumers have filed a class-action lawsuit against Visa. They are accusing the credit card giant of negligence in addressing security vulnerabilities that make its prepaid “Vanilla” gift cards susceptible to a card draining scam.
The lawsuit, led by Ira Schuman in the White Plains, New York federal court, alleges that Visa, along with Vanilla card issuers Incomm Financial Services and Pathward Financial, failed to implement adequate security measures.
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Background: Card Draining Scam
The scam used on the Vanilla gift cards is known as “card draining.” Since 2022, 73 million Americans have fallen prey to similar gift card scammers.
