Walmart, Target and Best Buy collaborate to curb gift card fraud.
Walmart, Target and Best Buy took steps to curb Gift Card fraud. Walmart Inc. (WMT.N), Target Corp (TGT.N) and Best Buy Co (BBY.N) have made changes to their gift card program to reduce fraud risk when consumers enter the holiday shopping season.
Barbara Underwood and Josh Shapiro, attorneys general of New York and Pennsylvania, announced changes on Tuesday, as part of an initiative of more than a year to hinder scam artists.
These changes include reducing the purchase limit on gift cards branded stores in one transaction, limiting how much can be loaded onto the card, and prohibiting the exchange of store-branded gift cards for other gift cards.
Walmart, Target, and Best Buy also support training to help employees find fraud and warn potential victims.
“By working with these retailers, we have created a way for businesses to take proactive steps to prevent fraud,” Underwood said in a statement.
The National Retail Federation said gift cards were the most popular item on the consumer’s wish list for the 12th year, requested by 60 percent of the 7,313 people surveyed.