Duncan Douglass Quoted in Transaction World Magazine
In the Press
7 March 2008
Duncan Douglass was quoted in the March 2008 issue of Transaction World Magazine in the article titled, “The Red Hot Pursuit of Consumer Identity Theft And Other Fraudulent Activities.” The article discussed new categories of identity theft of cards and transactions, namely gift cards. Douglass commented on the issue of gift card theft from a security standpoint, “Even in the fraud context, gift cards tend to be lower risk products than traditional debit and credit cards because gift cards tend to have much lower balances and typically do not give the fraudster access to any account (checking/savings or line of credit) held in the cardholders individual name – the cardholder’s risk of loss is generally limited to the amount of the gift card.” However, he also added that gift cards are not covered by the fraud loss protections afforded by the Federal Reserve Regulations E and Z.