To protect against fraud and money laundering, Gift Cards are limited to $1,000 maximum per card purchase and are not reloadable or returnable. In addition to this limit, is important to be on the lookout for money launderers that may attempt to use gift cards.
When selling gift cards in studio, it is important that you have in place reasonable policies and procedures to prevent the sale of $10,000.00 of prepaid access to any one person in any one day.
Key Guidelines:
- All Gift Card sales should not be above $1,000.
- Never exceed $10,000 in gift card sales to one person in one day. Protect yourself and be on the lookout for anyone making large gift card purchases.
- Gift cards should only be sold to someone with a verified identify. The best protection is to always collect consumer identifying information whenever you sell a gift card. Ask for ID and create a customer profile with address and phone numbers for any large purchases.
Learn more: Best Practices: Gift Card Protection Fraud