The holiday season is around the corner, and cybercriminals are already targeting users with fake shopping deals and scams. A report from the U.S. Federal Trade Commission (FTC) revealed that Americans lost $148 million to gift card scams during the first nine months of 2021, which is an increase compared to last year.
The report stated that over 40,000 consumers used gift cards to pay a scammer in that time frame. Most consumers also paid fraudsters impersonating large companies or government agencies.
“Since 2018, both the numbers of consumers filing reports in which gift cards were the form of payment to scammers and the amount they have reported lost have increased steadily. Scammers favor gift cards because they are easy for people to find and buy, and they have fewer protections for buyers than some other payment options. Scammers can get quick cash, the transaction is largely irreversible, and they can remain anonymous,” the report said.
Top Gift Card Brands Impersonated by Hackers include:
Also Read: 3 Common Online Frauds to Watch Out in 2022
“Gift cards are far more frequently reported than any other payment method for fraud, and the numbers have reached staggering new highs compared to past years. Scammers favor gift cards because they are easy for people to find and buy, and they have fewer protections for buyers than some other payment options. Scammers can get quick cash, the transaction is largely irreversible, and they can remain anonymous,” the report added.
The post U.S. Consumers Lost $148 million to Gift Card Scams in 2021 appeared first on CISO MAG | Cyber Security Magazine.
Click to Open Code Editor