Why gift card fraud is thriving

+ Walz's salty language; optimizing mood with food US Edition - Today's top story: Does Democratic VP candidate Walz swear too damn much? [View in browser]( US Edition | 25 August 2024 [The Conversation] [The Conversation]( Happy Sunday − and welcome to the best of The Conversation U.S. Here are a couple of our recently published stories: - [The Polaris Dawn mission to Earth’s orbit will test SpaceX’s capabilities for a commercial space program]( - [No, the world isn’t heading toward a new Cold War – it’s closer to the grinding world order collapse of the 1930s]( Gift cards are a great present when you don’t know what someone wants but you want to give something other than money. And while they may seem as good as cash, they’re a lot murkier than you may think. One problem is people leaving money on the table. Earlier in my career, I wrote a story about gift cards that looked at how retailers were more aggressively booking their unredeemed value as profit, which at the time, in 2006, amounted to about $7 billion a year – or 10% of all gift cards sold. But increasingly a bigger problem with gift cards is how they’re being used to steal billions more from unsuspecting consumers, particularly seniors. [That’s the main finding from an investigation]( we just published by forensic accounting professor David P. Weber and investigative journalist Jake Bernstein. Together, they explore “how cracks in the financial regulatory system dating to the Civil War have been exploited by fraudsters and corporations.” “The investigation shows that federal regulators have consistently failed to protect the public from gift card fraud and have failed to give gift cards consumer protections like those afforded to credit and debit cards,” they write. “In gift card fraud, everybody but the victim makes money: fraudsters, gift card companies and retailers.” It’s a long read but perfect for a Sunday morning over a cup of coffee. [ [Get perspectives from around the world with our weekly global newsletter](. ] Bryan Keogh Managing Editor Readers' picks [Does Democratic VP candidate Walz swear too damn much?]( Roger J. Kreuz, University of Memphis Kamala Harris’ running mate sprinkles ‘damn’ throughout his speeches, even doing it in his acceptance speech at the Democratic National Convention. - [Treating Nord Stream blasts as a whodunit misses the point – and plays into Russia’s plan to distract and divide]( Keith Brown, Arizona State University Since saboteurs blew up the Russia-Germany gas pipelines in September 2022, theories have swirled about who was responsible. German prosecutors recently issued a warrant for a Ukrainian. - [75 years ago, the KKK and anti-communists teamed up to violently stop a folk concert in NY]( Nina Silber, Boston University Racist mobs attacked a 1949 concert in Peekskill, NY, helping raise anti-communist fervor after World War II and illustrating how hatred could gain legitimacy amid today’s political turmoil. - [Politicians step up attacks on the teaching of scientific theories in US schools]( Ryan Summers, University of North Dakota A growing number of states are passing laws that call scientific theories into question. - [Democratic Party’s embrace of organized labor in 2024 elections has long roots that had started to wither]( Robert Forrant, UMass Lowell Both sides took this marriage for granted until Southern Democrats, concerned that labor unions would organize Black workers across the South, joined pro-business Republican colleagues in Congress. Editors' picks [Gift card scams generate billions for fraudsters and industry as regulators fail to protect consumers − and how one 83-year-old fell into the ‘fear bubble’]( Dr. David P. Weber, Salisbury University; Jake Bernstein, The Conversation Consumers lose more than $5 billion a year to fraud involving gift cards, while the industry exploits regulatory loopholes and delays solutions. - [What links aging and disease? A growing body of research says it’s a faulty metabolism]( Melanie R. McReynolds, Penn State Targeting the key players that help your body regulate metabolism could reverse disease progression, including cognitive decline related to Alzheimer’s disease. - [US voters say they’re ready for a woman president − but sexist attitudes still go along with opposition to Harris]( Adam Eichen, UMass Amherst; Jesse Rhodes, UMass Amherst; Tatishe Nteta, UMass Amherst Sexism played a key role in Democratic presidential nominee Hillary Clinton’s defeat − and Donald Trump’s victory − in 2016. Has America become more accepting of a woman leader? Not exactly. - [Blood sugar fluctuations after eating play an important role in anxiety and depression]( Mary Scourboutakos, Eastern Virginia Medical School High-carb diets, especially of ultraprocessed foods, create blood sugar spikes, while diets high in leafy, green vegetables and whole grains are absorbed more slowly and produce smaller fluctuations. - [Rural voters don’t necessarily love Walz, despite the camo hat and small-town upbringing]( Nicholas Jacobs, Colby College It takes more than camo hats, hot dish and a rural-friendly image to get the votes of America’s rural residents. News Quiz 🧠- [The Conversation U.S. weekly news quiz]( Fritz Holznagel, The Conversation Test your knowledge with a weekly quiz drawn from some of our favorite stories. This week, see if you can recall some head-scratching headlines. - - More of The Conversation Like this newsletter? 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