Giant Food Sees Giant Card Fraud Spike
Summary: Giant Food, a Landover, Md.-based grocer with 169 supermarkets in the Washington, D.C. metro area, stopped accepting credit cards for Visa, MasterCard and American Express gift cards and general-purpose reloadable or prepaid cards as of March 2016, requiring cash or bank PIN-based debit instead. The company cited a large increase in fraudulent gift card purchasing, and the article describes card-fraud runners using stolen cards to buy prepaid gift cards at grocery and convenience stores as a common cash-out method.
Key Takeaway: A single grocery chain's gift-card aisle was enough of a laundering channel that it changed its payment rules, and the article notes the crooks caught in these cash-out schemes are typically found carrying dozens of counterfeit credit cards.
Read the original at Krebs on Security ↗
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