A leading North American retailer with online ecommerce and brick & mortar stores worldwide, selling clothing, accessories and gift cards for online shopping.
Gift cards have become a growing target for cyber thieves because they have a lower profile than credit card theft and can still rack-up financial gains. Retailers, card providers and customers are often unaware of the risks involved. Cyber thieves can use gift cards to purchase merchandise, transfer points and credits to other cards, and even cash-in gift cards for actual money.
IntSights discovered that the company’s gift cards were being sold on the black market and alerted the company about this on the IntSights dashboard.
Raised awareness. IntSights raised company awareness of gift card theft in the online retail world.
Creation of ongoing alerts. IntSights continued to support the company by monitoring such threats on an ongoing basis, in order to prevent future fraud.
Promotion of better security. The awareness of gift card fraud enabled the company to implement better gift card security measures, such as security number validations, blocking of cards listed on the black market and making the cards harder to forge.
Prevention of money laundering. The reduction in black market activities reduced money laundering via stolen gift cards.
“We weren’t aware of the extent of illegal activities around our gift cards. IntSights allowed us to take measures to prevent the underground trade in our company gift cards, which protects both our bottom line and our reputation.”