Retailers Can't Keep Scammers Away From Their Favorite Payment Form: Gift Cards

Retailers are struggling to rein in the proliferation of scammers tricking Americans into buying thousands of dollars' worth of gift cards. From a report: The Federal Trade Commission estimates that Americans lost at least $217 million to gift card scams last year. That number is likely higher, given many victims are too embarrassed to report to law enforcement. Cracking down on gift card scams was a hot topic this week at the National Retail Federation's (NRF) cybersecurity conference in Long Beach, California. Some gift card scams start with texts from people pretending to be tech support, your boss, the government or a wrong number. Eventually, those conversations lead to someone asking the victim to buy gift cards on their behalf and send the barcode number to them via text. Others involve criminals in physical locations, tampering with a gift card to access the barcode information and then stealing the funds without taking the actual card. Each scam targets vulnerable populations: elderly, less-tech savvy people; those who are lonely and work from home; and even young kids, experts say.

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