As gift cards are becoming increasingly popular with consumers and retailers, criminals also want a piece of Christmas cake. As criminals get smarter, they discover new gaps they can take advantage of, and e-gift cards are increasingly becoming a lucrative means of committing fraud and money laundering.
It is the season of shopping and online business for the growing gift card industry. With the gift card industry hitting $ 160 billion in 2018, gift cards are no longer popular during Christmas.
Meta Bank has launched the MyPrepaidCenter in the United States of America to help out to the residents to make their financial life easy.
The users can easily clear all their payments of purchases by using the MyPrepaidCenter Cards.
MyPrepaidCenter is one of the best options for people who don’t want to wait in the long queue to clear their bills. MyPrepaidCenter portal can be securely accessed on the official website MyPrepaidCenter.com.
This online portal is an extremely secure option for the people who wish to clear all their payments within a few seconds. MyPrepaidCenter has been working like a charm for the users and the Meta Bank.
It is necessary to know the expiry date of the MyPrepaidCenter to avoid any sort of inconvenience while making the payments.
Gift cards are an easy and convenient way to get something special for your loved ones. However, in markets where gift cards are sold at a discount, there are numerous options that make them even more attractive.
As gift cards are becoming increasingly popular with consumers and retailers, criminals also want a piece of Christmas cake. As criminals get smarter, they discover new gaps that need to be exploited, and electronic gift cards are increasingly becoming a lucrative means of committing fraud and money laundering.
Is MyPrepaidCenter a genuine option of payment?
Gift card fraud is rampant online and increases between Black Friday and Christmas. Based on data from hundreds of millions of retail stores worldwide for Christmas 2014 and 2015, electronic gift cards have the highest rate of fraud attempts. In 2015, 9.5% of all online fraud attempts were made with downloadable electronic gift cards.
The increase in online shopping was one of the main growth engines in the segment. Many buyers abound online. Recent Black Friday online sales have reached an estimated spend of $ 3.34 billion, an increase of 21.6% year-over-year. With so many vacation orders, retailers can risk canceling a legitimate order or chargeback, which can lead to lost sales and a trail of unsatisfied customers if they’re not well prepared for the volume of the order.
Gift card fraud is also part of billions of dollars worldwide: money laundering. Only Canadian authorities estimate that organized crime uses the difference between gift cards to launder between $ 5 and $ 55 billion a year.
It is clear why this is an attractive form of money laundering: there is relative anonymity without buyers having to reveal their identity. This saves money without leaving a trace on a gift card. Unlike Canadian banks and financial institutions that are required by law to trade more than $ 10,000 through FINTRAC, gift cards are not considered monetary instruments. Therefore, merchants or sellers are not required to track, record, or report suspicious transactions.
This means that someone can carry a gift card with them to launder thousands of dollars, transport them across Canada without explanation, without legal effect, or most of all allow authorities to confiscate the gift card.
While the difference between gift cards is a growing problem, the introduction of comprehensive industry tuning rules and the obligation of customers to bypass tires to purchase gift cards may not be the solution. Additionally, the vast majority of gift card violations have been reported in small quantities, and the introduction of prohibitive cost rules will be costly not only for merchants but also for legitimate customers.