WASHINGTON--(BUSINESS WIRE)--Babel Street, a leader in advanced AI, data, and analytics solutions for threat and identity intelligence, today announced one of the nation’s leading national hardware retailers has selected Babel Street to help combat the growing issue of gift card fraud. This collaboration aims to protect both consumers and the retailer's extensive network by leveraging Babel Street Insights advanced technology to combat organized retail crime (ORC).
Gift card fraud is a pervasive challenge, costing retailers and consumers millions of dollars annually. In 2021 alone, consumers reported losses exceeding $148 million due to gift card scams, with criminals favoring gift cards due to their ease of use and fewer buyer protections compared to other payment methods. These fraudulent activities often start with scammers impersonating well-known businesses or government authorities to deceive victims into purchasing and sharing gift card information.
Through this partnership, Babel Street will enhance the retailer’s fraud detection and prevention capabilities, enabling the identification of ORC actors, tracking suspicious activities, mitigating risks, and safeguarding the integrity of its gift card program.
“Safeguarding the public and our customers from harmful or fraudulent activity is an important part of our mission,” said Jennifer Snell, CMO of Babel Street. “We are excited to work in tandem with major retailers to combat the growing scourge of gift card fraud.”
Babel Street offers unparalleled capabilities with publicly available and hard-to-reach data and analytics to deliver the most relevant insights that matter for threat detection, allowing businesses to stay ahead of evolving fraud tactics. This partnership will focus on monitoring and analyzing gift card transaction patterns, identifying anomalies, and implementing proactive measures to prevent fraudulent activities before they impact the retailer and its customers.
The retailer, renowned for its commitment to customer service and innovation, sees this collaboration as an important and innovative step in enhancing its security protocols and maintaining consumer trust. While remaining anonymous, the retailer underscores its dedication to providing a safe shopping environment for its customers and recognizes the importance of Babel Street’s expertise in data intelligence and fraud prevention.
The retailer has already started using Babel Street Insights to combat fraud, seamlessly integrating the software with its existing security operations with investigations and mitigation strategies. This comprehensive approach will ensure ongoing monitoring and quick response to any potential fraud, significantly reducing the risk of financial losses and maintaining the integrity of the retailer’s gift card program.
For more information about Babel Street and its innovative solutions, please visit www.babelstreet.com.
About Babel Street
Babel Street is the trusted technology partner for addressing identity and threat intelligence challenges. Our AI-powered ecosystem delivers advanced data and analytics solutions to close the Risk-Confidence Gap. We provide automation and multilingual tools that transform diverse data sources into actionable insights, helping organizations identify risks and connect crucial information about people and companies. Our versatile API-based solutions support critical use cases across sectors, including AML/KYC identity processes, border security, law enforcement investigations, competitive market analysis, supply chain integrity, and executive and event protection.
Babel Street is headquartered in the U.S., with an established presence in Australia, Canada, Israel, Japan, and the U.K. For more information, visit babelstreet.com.
