AARP Fraud Watch Network report warns scammers are using gift cards to target victims
PORTLAND, Ore. (KOIN) — Gift cards can be a lifesaver if you aren’t sure what to get a loved one, but a new report from the AARP Fraud Watch network warns America’s favorite gift has become a “goldmine for criminals.”
According to the latest AARP Gift Card Scams report, there has been a spike in cases of gift card fraud, as now one-in-three U.S. adults claim they or someone they know has been targeted by scams seeking payment by a gift card.
Just last year the Federal Trade Commission (FTC) found 73 million adults reported they had experienced gift card-related fraud, which resulted in more than $233 million in total losses – and those statistics only reflect the reports that were made.
And although scammers are always developing new ways to take advantage of unsuspecting victims, AARP warned “Criminals love gift cards because they are extremely difficult to track and readily available, enabling them to convert the money to cash or cryptocurrency and move large sums of money in small pieces.”
Additionally, AARP said these types of money scams can be especially devastating for those targeted, as the report revealed most victims were not able to reconcile their losses or receive a refund.
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