SINGAPORE, Aug. 11, 2022 /PRNewswire/ — Recently, the first Global Gift Card Transaction Security Seminar was successfully held. As one of the industry leading organizers, Tbay, invited Gloria, a well-known practitioner in the industry, to jointly conduct an in-depth discussion on the “Global Gift Card Transaction Security Status”.
Gloria said, “A quarter of all gift cards traded worldwide fail, and almost every user who sells a gift card has experienced gift card scams, but they can’t do anything about it”.
Why is gift card transaction fraud so prevalent? In the current transaction mechanism, a gift card must go through at least 3-5 people from the seller to the end use, any one of them has the opportunity to steal the card. To combat this problem, Tbay has taken measures to ensure safe gift card usage.
First, Tbay imposes extremely high requirements on gift card vendors. In addition to a USD10,000 deposit, strict qualification review is conducted and an exclusive cooperation agreement is signed to ensure the threshold set for those vendors.
Second, for vendors whose service quality does not meet standard or complained by customers, they are regularly penalized and publicized. Once it’s determined that this is a gift card fraud behavior, the vendor’s account will be permanently banned.
Besides, Tbay’s vendors are required to conduct transactions in a 360° monitoring environment so that screenshots and videos can be provided for each transaction or disputes. With this monitoring system, the transaction disputes have decreased 50%.
Finally, Tbay will launch a self-service transaction function in the near future. In this mode, card sellers can check gift cards balance by themselves, which is expected to solve the common industry problem.
Eric Jin, CEO of Tbay said that if vendors scam the gift card from customers, it harms the interests both of users and the platform. Tbay has the strict and systematic rules to supervise vendors on platform, creating the secure and fair trading conditions for every customer, that’s why they choose Tbay to sell gift cards.
Tbay has won the trust of 200,000 users since its launch 2 years ago. It supports transactions for over 30 kinds of gift cards and payments directly in Naira, always providing users with safe, fast and high-value services.