Jake Bernstein – The Conversation

Gift card rack at Target IMG.

September 3, 2024

How one 83‑year‑old fell into a fraudster’s fear bubble – and how gift cards played a key role

Dr. David P. Weber, Salisbury University and Jake Bernstein, The Conversation

Consumers lose more than $5 billion a year to fraud involving gift cards, while the industry exploits regulatory loopholes and delays solutions.

Banking regulations haven’t caught up with gift cards, which fraudsters are using to steal money from people in ways that are difficult to trace or reverse. The Conversation

August 22, 2024

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’

Dr. David P. Weber, Salisbury University and Jake Bernstein, The Conversation

Consumers lose more than $5 billion a year to fraud involving gift cards, while the industry exploits regulatory loopholes and delays solutions.

National currency secured by bonds and issued by the First National Bank of Cleveland in 1863. U.S. Office of the Comptroller of the Currency

August 22, 2024

Why gift cards fall into a gap in the 2‑tier banking regulation system − and a brief history of why that gap exists

Dr. David P. Weber, Salisbury University and Jake Bernstein, The Conversation

Regulation over banks that issue credit cards, debit cards and gift cards is piecemeal. The customer loses.