Retailers Face Threat Of Gift Card Fraud
Anne D'Innocenzio reports for the Associated Press on a presentation made at the National Retail Federation's annual conference in New York City by Paul Cogswell, vice president of loss prevention and risk services at Comdata Stored Value Solutions. Among some of the techniques discussed, Cogswell noted that "thieves steal credit cards and then buy gift cards with [those cards]. That helps the crook "extend the life of a credit card," since most victims of stolen credit cards will immediately report a missing card."
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