Gift Cards: An Infamous Way For Fraudsters To Steal Money

Gift cards are incredibly popular, courtesy of their versatile and open-ended nature. Unfortunately, they are also an unpleasant way that scammers use to steal money. Often, banks such as columbia bank Washington Township have resources about different forms of scams. You can approach your bank and request details and guidance. 

Read on to find out how scammers today target you via gift cards and how to avoid it.

Paying a fraudster with a gift card: How to identify a gift card scammer

Gift cards are quite similar to cash- if someone utilizes a gift card you bought, you will not be able to get your money back. If there is someone who asks for payments through gift cards, you should identify them as a scammer.

Many imposters might contact you via phone calls, claiming to be legitimate authorities. They will pressurize you to make urgent payments by wiring money but often asking for gift cards from popular services or stores.

As a follow-up, they demand you to reveal the card number and the PIN, acquiring all the money you put into it. If you receive a phone call and it plays out like this, do not follow the instructions. It is a gift card scammer.

Columbia Bank
407 Hurffville – Cross Keys Rd, Sewell
NJ 08080, United States
Phone: +1 856-218-1220

What to do if you paid a scammer with a gift card?

If you fall victim to a scammer and pay via gift card, you must communicate this to the company instantly. You must let them know that someone used the card you bought for a fraudulent purpose.

If your money is on the card, the company may refund it back to you. However, you should take quick action.

You can always report gift card scams to companies if you retain the card and the receipt.

The world of financial transactions is rife with imposters and fraudsters. While phishing, identity theft, and others are commonly-known frauds, gift card scams are not. It is why you must be aware of their prevalence and avoid them at all costs.