Scam alert! Save yourself from a last-minute holiday shopping disaster with this tip
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The holiday season is a time of joy, generosity, and, unfortunately, an increased risk of scams.
From fake websites and fraudulent charities to package theft, the holiday season has become a prime time for scammers to strike.
One of the most common scams during this period involves gift cards, a popular and convenient choice for last-minute shoppers.
According to Visa's Holiday Edition Threats Report, many shoppers are particularly vulnerable to fraud during the holiday season due to increased spending and last-minute shopping habits.
'Procrastination is, quite frankly, one of the keys to success for crooks,' Paul Fabara, Chief Risk Officer at Visa, claimed.
'They assume that you’re going to fall for that last-minute offer that guarantees delivery of the product within 24 hours, or even the same day, at a discounted price.'
Gift cards are a veritable treasure trove for criminals. Their popularity with scammers stems from their easy accessibility and the lack of buyer protection compared to other payment options. Similar to cash—once the card is used, the money is gone.
Experts caution that gift cards may be compromised by criminals even before they're purchased from retail racks. These cards are then drained of their value as soon as they're activated.
In addition to artificial intelligence scams, which are set to increase as technology advances, scammers are also becoming increasingly skilled at convincing their victims that gift cards are legal tender for various financial obligations.
The Better Business Bureau (BBB) advises holiday shoppers to be extra vigilant when dealing with companies that accept gift cards as payment.
Legitimate organizations and authorities typically do not request payment in gift cards.
This warning is particularly pertinent for those who leave their shopping until the last minute or are desperately searching for a popular gift or toy.
Melanie McGovern, spokesperson for the International Association of Better Business Bureaus, warned that notices and pop-ups advertising in-demand products at low prices should raise alarm bells.
As always, if a deal seems too good to be true, it probably is. Be wary of websites that offer such deals.
In addition to gift card scams, Visa has identified five general types of scams to watch out for over the holiday season:
The holiday season should be a time of joy and celebration, not stress and financial loss. By being aware of potential scams and taking steps to protect yourself, you can ensure a happier and safer holiday season.
Have you ever encountered a gift card scam, or do you have tips for avoiding them? Share your experiences and tips in the comments below!
From fake websites and fraudulent charities to package theft, the holiday season has become a prime time for scammers to strike.
One of the most common scams during this period involves gift cards, a popular and convenient choice for last-minute shoppers.
According to Visa's Holiday Edition Threats Report, many shoppers are particularly vulnerable to fraud during the holiday season due to increased spending and last-minute shopping habits.
Gift card scams become popular during the holidays. Image source: Freepik.
'Procrastination is, quite frankly, one of the keys to success for crooks,' Paul Fabara, Chief Risk Officer at Visa, claimed.
'They assume that you’re going to fall for that last-minute offer that guarantees delivery of the product within 24 hours, or even the same day, at a discounted price.'
Gift cards are a veritable treasure trove for criminals. Their popularity with scammers stems from their easy accessibility and the lack of buyer protection compared to other payment options. Similar to cash—once the card is used, the money is gone.
Experts caution that gift cards may be compromised by criminals even before they're purchased from retail racks. These cards are then drained of their value as soon as they're activated.
In addition to artificial intelligence scams, which are set to increase as technology advances, scammers are also becoming increasingly skilled at convincing their victims that gift cards are legal tender for various financial obligations.
The Better Business Bureau (BBB) advises holiday shoppers to be extra vigilant when dealing with companies that accept gift cards as payment.
Legitimate organizations and authorities typically do not request payment in gift cards.
This warning is particularly pertinent for those who leave their shopping until the last minute or are desperately searching for a popular gift or toy.
Melanie McGovern, spokesperson for the International Association of Better Business Bureaus, warned that notices and pop-ups advertising in-demand products at low prices should raise alarm bells.
As always, if a deal seems too good to be true, it probably is. Be wary of websites that offer such deals.
In addition to gift card scams, Visa has identified five general types of scams to watch out for over the holiday season:
Have you ever encountered a gift card scam, or do you have tips for avoiding them? Share your experiences and tips in the comments below!
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