Gift Card Fraud - How to Prevent It
Gift cards are popular purchases for holidays and special occasions. They are in demand all year because they make gift-giving simpler and more cost-effective. They are convenient to give as they present the gift of choice. Recipients can also find the best gift card rate and exchange theirs for cash. However, you and your recipients are not the only ones who like gift cards. Scammers and fraudsters like them, too. They’re ready to take advantage of these simple gifts to steal money and prevent opportunities. That’s why you should be vigilant and be wary of gift card fraud and any possible scams. Types of gift card fraud A gift card can be subject to fraudulent activities such as card number theft, physical tampering, account takeover, and refund scams. Stolen debit and credit cards; can be used to purchase gift cards. Then, scammers will try to find the best gift card rate and convert them to cash. Gift cards are hard to...