March 27, 2007
Research says better gift card security needed
By Matthew L. Brown
Needham-based TowerGroup said recent gift card fraud related to the TJX Companies Inc. debacle points to the need for stricter fraud control on such cards.
TowerGroup's research highlights the vulnerability of store branded gift cards, and particularly their anonymous nature, which has been the crux of recent criminal activity.
Recently, a ring of thieves was arrested at a Wal-Mart near the University of Florida after attempting to use gift cards converted from stolen TJX credit card account numbers.
Early this year, Framingham-based TJX, parent of TJ Maxx, Marshalls and others, admitted that the credit card information of millions of customers had been stolen.
TowerGroup's research highlights the vulnerability of store branded gift cards, and particularly their anonymous nature, which has been the crux of recent criminal activity.
Recently, a ring of thieves was arrested at a Wal-Mart near the University of Florida after attempting to use gift cards converted from stolen TJX credit card account numbers.
Early this year, Framingham-based TJX, parent of TJ Maxx, Marshalls and others, admitted that the credit card information of millions of customers had been stolen.
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