Gift Card Fraud at All Time High

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The National Retail Federation (NRF) is warning consumers and businesses alike to be aware of gift card scams during this holiday season. The NRF specifically tells businesses to carefully watch and monitor transactions involving gift cards.

“Retailers continue to deal with increasing challenges and complications surrounding organized retail crime,” NRF Vice President of Loss Prevention Bob Moraca said. “These criminals find new ways to expand their networks and manipulate the retail supply chain every day. The retail industry is fighting this battle by upgrading technology, improving relationships with local law enforcement and taking steps such as tightening return policies, but it is a never-ending battle.”

In a study titled the National Retail Security Survey the NRF discovered that organized retail crime (ORC) is at an all time high. Seven in ten retailers seeing a need for federal laws to help put a stop to ORC. Most states have laws against organized retail crime, but retailers in those 34 states say it’s not enough. They say in this study that federal laws are the only way to cut down on organized retail crime.