Image courtesy of KTNV
KTNV Las Vegas interviewed Arkose Labs COO Frank Teruel on the mechanics of gift card fraud, noting that the $200 billion gift card industry saw roughly $200 million in fraud losses in 2023. Teruel explained that scammers steal card numbers from store racks and wait for buyers to load funds — a window that can last weeks — then drain the balance before the recipient ever tries to use the card.
