Scammers prefer gift cards, but not just any card will do

Dec 8, 2021 · Gift cards are an easy way to give. Reports to the FTC’s Consumer Sentinel show they’re also an easy way to take. About one in four people who report losing money to fraud …

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FTC Data Show Major Increase In Gift Cards As Scam Payment …

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Dec 8, 2021 · A new Federal Trade Commission data spotlight shows that in the first nine months of 2021, consumers reported losing $148 million in scams where gift cards were used as the …

ftc.gov

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FTC: Americans Lost $148 Million To Gift Card Scams This Year

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Dec 12, 2021 · The US Federal Trade Commission (FTC) said Americans reported losing $148 million to gift card scams during the first nine months of 2021 following a major increase …

bleepingcomputer.com

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As Consumers Lose Millions To Gift Card Scams, Lawmakers Pressure ...

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Apr 15, 2024 · In 2023, card draining and other gift card-related fraud made up $217 million of the record-high $10 billion in money lost from scams nationwide, according to the latest data …

stateline.org

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FTC: Gift Card Scams Are Costing Consumers Hundreds Of Millions …

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Jun 26, 2023 · According to the FTC, people lost $125 million dollars to gift card fraud in 2020. The number jumped to $233 million in 2021. By 2022, victims reported losing $228 million and …

news12.com

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FTC Report: Gift Card Scams Increased This Year - Forbes

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Dec 9, 2021 · The Federal Trade Commission saw more gift card scam reports in the first nine months of 2021 than it did in all of 2020. ... nearly 40,000 consumers reported losing $148 …

forbes.com

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Gift Card Scammers Are Costing Shoppers And Retailers This Holiday …

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Dec 2, 2024 · Last year, consumers reported losing $217 million dollars in gift card fraud, according to the Federal Trade Commission.

abcactionnews.com

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FTC: Gift Card Scams Are Costing Consumers Hundreds Of Millions …

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Jun 26, 2023 · However, these types of scams are costing consumers hundreds of millions of dollars. According to the FTC, people lost $125 million dollars to gift card fraud in 2020. The …

news12.com

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Gift Card Scams Make Billions As Regulators Fail To Protect Consumers

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Aug 22, 2024 · The average reported amount lost is $1,000, but more than 100 consumers have reported gift card fraud losses to the Federal Trade Commission in excess of $400,000 each …

yahoo.com

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Gift Card Scams A Top Consumer Complaint Locally As FTC Issues …

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Dec 20, 2022 · The Federal Trade Commission reports $233 million was lost in reported gift card scams in 2021 and losses this year are expected to surpass that number. This prompted a …

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FAQs about Scammers prefer gift cards, but not just any card will do Coupon?

How many gift card scams were reported in 2021?

In the first nine months of 2021, nearly 40,000 consumers reported losing $148 million in gift card scams, according to a new report from the Federal Trade Commission (FTC). That’s more than what was reported in all of 2020, and may be a mere fraction of the problem as fewer than 5% of gift card scam victims report the crime. ...

How much money did gift card fraud cost last year?

Last year, consumers reported losing $217 million dollars in gift card fraud, according to the Federal Trade Commission. When shopping for a gift card this holiday season, shoppers may want to pick one from the middle or towards the back of the rack as scammers have found ways to drain the balance on cards. (Scripps News Baltimore) ...

Are gift card scams on the rise?

Commissions do not affect our editors' opinions or evaluations. Gift card scams are on the rise—and they may be happening just feet from your place in the checkout line. In the first nine months of 2021, nearly 40,000 consumers reported losing $148 million in gift card scams, according to a new report from the Federal Trade Commission (FTC). ...

What does the FTC do about gift cards?

Yet, to date, their actions concerning gift cards are spotty at best. The FTC is the original consumer protection agency. It can regulate "unfair or deceptive" acts or practices in commerce and provides annual statistics of consumer reports of fraud in all products and services. ...

How many people use gift cards to pay a scammer?

That amount is more than was reported in all of 2020. Nearly 40,000 consumers reported using gift cards to pay a scammer in that time frame, according to the spotlight, which draws from fraud reports submitted to the FTC by consumers. Most often, consumers reported paying scammers who were impersonating large companies or government agencies. ...

How much money does a gift card scam cost?

In 2018, the median amount victims lost to a gift card scammer was $700. This year, it’s $1,000. Older people are more susceptible to these scams, according to FTC data. Of Americans aged 50-59, 19% of fraud reports involved gift cards or reloadable cards. For Americans age 80 and up, that number jumps to 30% of all fraud reports. ...