Gift Cards Feel Pressure of Rules
If you are planning on purchasing gift cards any time soon, plan on paying cash or buying smaller denominations. That’s because retailers are now responsible for fraudulent purchases. The rule kicked in back in October, but still many stores lack chip-enabled readers that are an extra layer of protection against fraud. So instead of flipping a thief’s bill, stores without chip-enabled debit and credit card readers are asking for cash or limiting how many gift cards can be purchased in a 24-hour span. According to the National Grocers Association, fraudulent gift card purchases cost retailers nearly four-billion dollars in 2014.