05/22/2022
I hear too many sad stories from folks that didn't know this...Every place that sells gift cards should have a warning like this. Those of you that already know about this, spread the word. You might save someone a lot of money...maybe even their life savings!
"According to the Federal Trade Commission (FTC), scammers have gained quite a foothold in the U.S. over the past few years through the use of gift cards. "Both the number of reported gift card scams and total losses have increased every year since 2018," the agency warned in a Dec. 2021 report. The FTC also released data showing that in the first nine months of 2021 alone, around 40,000 people had reported $148 million stolen through gift cards. And this is hardly even the full scope of the problem, as the agency said most incidences of these types of scams actually go unreported.
"Scammers favor gift cards because they are easy for people to find and buy, and they have fewer protections for buyers compared to some other payment options," the FTC explained. "Scammers can get quick cash, the transaction is largely irreversible, and they can remain anonymous."
