It never seems you’ll be the one to fall for the cheap tricks of scammers, especially ones involving payment by gift cards. Until you actually get scammed. We must understand that there are thousands of scams happening every day. It’s a numbers game for the scammers.
According to the Federal Trade Commission, fraud losses top 10 billion dollars each year. Fraudsters make more money than some legitimate industries. They have fine-tuned some clever ways to separate you from your money. The best strategy is to learn how to spot them.
Why Gift Cards Are Used by Scammers?
Gift cards are a preferred payment method for scammers and are becoming more and more popular each year. Gift cards can be virtual or physical to represent a pre-paid amount that is topped up in a card and can be exchanged for goods and services.
Open-looped gift cards can be filled up multiple times and used at different stores. They are usually distributed by banks and other financial institutions. These are not the cards scammers often use.
