New investigation:
U.S. consumers lose an estimated $5 billion a year to fraud involving gift cards, while the industry exploits regulatory loopholes and delays solutions.
Our new #investigation teamed up a fraud and forensic accounting professor and a Pulitzer Prize-winning reporter.
We tell the story through 83-year-old victim Mae, who was brave enough to share her story of losing thousands of dollars:
#news #journalism #fraud #MediaIndustry
Where the government has failed:
The investigation shows that federal regulators have not protected the public from gift card fraud and Congress has largely deferred to regulators.
State and federal efforts to rein in the industry have been opposed by lobbyists and gift card trade groups. And gift card retailers are often not helpful in assisting law enforcement to track down the criminals.
The ‘fear bubble’:
You might read stories like Mae’s and believe you would never fall victim, but the AARP warns people of a ‘fear bubble’ – an induced state of panic that makes rational thought difficult.
Under stress, anyone can fall victim.
https://theconversation.com/gift-card-scams-generate-billions-for-fraudsters-and-industry-as-regulators-fail-to-protect-consumers-and-how-one-83-year-old-fell-into-the-fear-bubble-236439
#investigation #news #crime