Retailers Restrict Gift Card Buys
Restrictions include limiting gift cards’ denominations, requiring cash-only purchases and no longer selling “open-loop” gift cards that can be used anywhere. The crackdown is aimed at fraudsters who buy gift cards with stolen credit-card information.
RL’s take: This is an attempt to get tougher on fraud in the wake of the strains between retailers and financial institutions over the adoption of the EMV card. But it’s hard to see how this could be more than a cosmetic gesture.