With spring in full swing, many homeowners are making the rounds to Lowe’s and Target to stock up on products to refresh their living spaces. The two retailers have thousands of stores spread across the U.S. that pull in millions of shoppers every single day. But all those consumers need to heed one new warning that has come from both companies concerning a major scam that is costing some customers thousands of dollars. Read on to find out what problem Lowe’s and Target are alerting you of now.
READ THIS NEXT: The One Thing You Should Never Buy at Lowe’s, Shopping Experts Warn.
According to the Federal Trade Commission (FTC), scammers have gained quite a foothold in the U.S. over the past few years through the use of gift cards. “Both the number of reported gift card scams and total losses have increased every year since 2018,” the agency warned in a Dec. 2021 report. The FTC also released data showing that in the first nine months of 2021 alone, around 40,000 people had reported $148 million stolen through gift cards. And this is hardly even the full scope of the problem, as the agency said most incidences of these types of scams actually go unreported.
“Scammers favor gift cards because they are easy for people to find and buy, and they have fewer protections for buyers compared to some other payment options,” the FTC explained. “Scammers can get quick cash, the transaction is largely…
