Wouldn’t work for money laundering. As far as AML regs (and banks) are concerned a small business is indistinguishable from a personal retail account. This makes sense from a business point of view because a lot of small businesses are just one guy, and small business owners tend to mix their personal finance with their business finance. From an AML point of view, a lot, perhaps most money laundering is done with registered business entities. It’s easier to create a numbered corporation than a whole person.
I'm sure they're not all scammers, but what's the upside to the consumer? Why not just give the money directly? Seems to me like all the upside is on the company, and all the risk is on the user.
Which I find obnoxious - they're taxable benefits, so I'd really rather just have the cash.
Are people really declaring the $30 amazon card they got for Christmas?
Seems like restricting their purchase to companies would be an easy way to prevent fraud.
Wouldn’t work for money laundering. As far as AML regs (and banks) are concerned a small business is indistinguishable from a personal retail account. This makes sense from a business point of view because a lot of small businesses are just one guy, and small business owners tend to mix their personal finance with their business finance. From an AML point of view, a lot, perhaps most money laundering is done with registered business entities. It’s easier to create a numbered corporation than a whole person.
In the US, gift cards seem to be popular with consumers.
I regularly see people in line at the supermarket, buying gift cards. I notice, because it’s a discrete workflow, that stands out.
I doubt they are all feeding scammers.
I think that charities often solicit gift cards.
I'm sure they're not all scammers, but what's the upside to the consumer? Why not just give the money directly? Seems to me like all the upside is on the company, and all the risk is on the user.
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