AP Now Episode 91: The Gift Card Scam: What Accounting & Accounts Payable Need to Understand

The Gift Card Scam has been wreaking havoc in companies everywhere, especially in their accounts payable and accounting departments. In this episode, AP Now’s Mary Schaeffer explains exactly how gift card fraud is perpetrated. By understanding how the gift card scam works you can protect your employees and organization.

This fraud targets any and all employees. The #GiftCardScam is yet another variation of Business Email Compromise (#BEC) fraud. With this #fraud, the crook impersonates the boss and sends either an email or text to the employee instructing them to purchase gift cards. Once the employee has the gift cards, they are instructed to scratch off the back covering. They then are either asked to share the data or send the data to the crooks. The fraudsters then use this information to cash in the gift cards. Once the cards are damaged, they cannot be returned.

This episode on Gift Card Scams also contains advice from the FBI on how to ensure your employees can identify such phony requests. The Gift Card Scam has done untold damage.

Host: Mary Schaeffer (www.ap-now.com)

Credit: Music: https://www.purple-planet.com