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May 09, 2023New law requires businesses to post a notice warning consumers about potential gift card fraud
Jul 03, 2023CLIFTON PARK, N.Y. — New York Secretary of State Robert J. Rodriguez recently reminded businesses of a new law to protect consumers from potential gift card scams. Effective June 20, 2023, all businesses selling gift cards must display a notice at or near where any gift card or gift certificate is displayed or sold to caution consumers about gift card fraud. Requesting gift cards as payment has become increasingly popular with scammers as funds are nearly impossible to trace. According to the Federal Trade Commission in 2022, nearly 65,000 consumers filed a complaint related to gift card scams, equating to a total loss of $228.3 million. More information is available here.
"With the number of gift card scams on the rise, it's more important than ever to educate consumers so they know that gift cards should only be used for gifts, not to make payments," New York Secretary of State Robert J. Rodriguez stated in a news release. "This new law requiring warning signage where gift cards are displayed or sold will help to reduce the success rate of these scammers and protect consumers’ hard-earned money."
"Given the regularity with which customers shop our stores for vital goods and services and the trust they place in us to help them take care of themselves and their families, we are pleased to work in partnership with the State of New York to protect consumers from fraud. With signage at every register in the store where gift cards can be purchased, we are well-positioned to help deliver this important message," Mona Golub, VP Public Relations & Consumer Services for Price Chopper/Market 32 commented.
"Over the years, we have observed many kinds of fraud where payment by gift card is demanded by the scammers and have even published an investigative study report about this problem. We are gratified to see that New York will now require warning notices to be placed at the point-of-purchase for gift cards; consumers need to be reminded about the potential dangers," Claire Rosenzweig, President and CEO of Metro New York's Better Business Bureau®, added.
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