Business, Finance & Tech
Gift Card Fraud Costs Consumers Millions: How to Protect Yourself
Every year, thousands fall victim to gift card fraud, with millions of dollars lost annually. Experts warn that Christmas is the most common day for such scams, as unsuspecting consumers buy or receive compromised gift cards.
According to the Federal Trade Commission, over $200 million was lost to gift card fraud in 2023 alone. Scammers use various techniques, from tampering with physical cards on store shelves to creating fake websites for card registration, and capturing credit card details in the process.
"Fraud happens quickly and at a massive scale," explains Frank Teruel, a fraud expert with Arkose Labs. For instance, scammers can tamper with cards in stores by scratching off security codes, enabling them to drain funds once the card is activated.
Victims like NBC Palm Springs employee David Neuendorff shared their experiences. He purchased gift cards only to discover later that the funds were stolen despite the cards being sealed.
Experts recommend checking gift cards for signs of tampering, using secure payment methods when purchasing them, and immediately reporting incidents to the merchant, the FTC, and law enforcement. While recovery is rare, vigilance is key to avoiding these costly scams. For more tips, visit our newsroom section online.
By: NBC Palm Springs
December 26, 2024
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