Impact of Loyalty and Gift Card Fraud
01 Estimated value of rewards fraudulently redeemed each year: $1 billion
02 The FTC estimates an 88% increase in gift card scams in 2021 based on 64,000 consumer complaints that amount to a collective loss of $233 million.
03 Any data breach involving loyalty management applications could potentially attract regulatory fines under the provisions of the California Consumer Privacy Act (CCPA) and GDPR
How Can Retailers Minimize Loyalty and Gift Card Frauds?