Worse, many of these scams involve a catfish pretending to be someone else, when their only real intent is to scam you out of money, at all costs! Other times, you will fall victim to a gift card scam through someone you know a fake online company a threatening caller as part of an email scheme or via an algorithm designed “bot”. While the specific amount lost to gift card scams can be small ($5, $10, $20) or large (in the thousands), the total yearly amount reported for 2018 (January to September) was $53 million when all reported loss was combined. How much money do consumers lose to gift card scams? Unfortunately, many people are victims of gift card scams both domestically, in the United States, and worldwide. While it is great to buy or receive a gift card from a friend, family member, or coworker, no one wants to be scammed out of money or tricked online. Scammers, whether domestic or foreign, regularly develop innovative schemes involving gift cards, resulting in annual earnings of millions of dollars. Among the top concerns for both online and offline theft, gift card scams rank highly. Do you feel confident that you know all of the tricks that scammers use? Think again!ĭespite staying current with the latest trends, consumers should remain cautious, as scammers and online thieves frequently devise new tactics to defraud individuals.
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