Our investigation shows that federal regulators haven’t protected the public from gift card fraud, and Congress has largely deferred to regulators.
Wednesday morning, the day before Thanksgiving, Mae awoke, set her hair in curlers and switched on her laptop. A message appeared. It said her Safari web browser had encountered a problem, and a link offered to connect the 83-year-old to the Apple Computer Company. Mae clicked it.each year, had fallen into the grip of fraudsters. Over the next 10 hours, the criminals would try several methods to steal her money.
The investigation shows that federal regulators haven’t 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.
The woman who answered said her name was Alivia, from the M&T Bank Fraud Unit. Alivia told Mae that a European pornographer and scammer had tried to gain access to her account and withdraw $20,000 during the night. A hold had been placed on the withdrawal, but Mae needed to come down to the bank and retrieve the money before the fraudsters did.
In Maryland, the bank had no option but to give Mae her money. That’s not the case in other states. In Florida, a state that contends with elevated incidents of fraud on seniors, thein May allowing financial institutions to delay transactions to people over 65 if there is a well-founded belief of exploitation.
But at the Food Lion supermarket, a manager who knew her refused to sell her any gift cards. Ross gave up and instructed her to go home but not tell anyone what had transpired.in 2009. This eliminated many fees on gift cards, prohibited them from expiring for at least five years and allowed state law to preempt federal law. But it didn’t extend existing credit and debit card consumer fraud protections.. Rules it issued in 2016 and 2018 exempted most gift cards from regulation.
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