Gift card scam: The National hunter fraud prevention service recorded a 34% increase in fraud rate during the lockdown period in the US. The Nigeria inter-bank settlement system also recorded a 173% increase in online fraud. This online space in recent times has a lot of hooks looking for fishes to catch. That is why one has to be careful and up to date with various red flags to look out for when carrying out a trade or transaction online to avoid falling into the hands of scammers. Due to the increase in the usage of gift cards, the scam rate channeled to it has been high although, they can be easily spotted.
Why Gift Cards?
You’ll have thoughts running through your mind about why gift cards can be a target when there are supposedly other ways scammers can carry out their operations. Gift cards are targets because they are difficult or impossible to trace, so it seems one of the best mediums for carrying out their activities without being caught. A credit card scam can be traced easily or a cheque because they are tied to someone while a gift card isn’t, which has made it very difficult to lay claims or trace. Majority of these fraudulent acts are carried out online, while a few of them are offline/physical.
Though scammers can be tricky, you should be able to avoid been scammed by following the following step
1) Third-party platforms claiming to help you check your gift card balance;
Wanting to know your gift card balance after an initial usage through third-party platforms is one reason people get into gift card scams. Gift cards can be purchased physically (at a supermarket or a store or directly from the card issuer) or online. Checking balance, however, takes place mainly on the official website of the card issuer. Listed below are some valuable links to checking your gift card balance.\
Get the play store app
Go to your account
Select gift card and view the balance on any of your accounts.
Note: Some of the websites listed above are location selective (not available in some countries). For more information for other cards, contact our CardVest customer representative on the live chat, and you will be appropriately directed.
2) Check for broken seals;
One way gift card issuers protect their customers is by sealing the personal identification numbers panel to avoid being revealed to third parties. You would want to check the packaging of your gift card well, either when delivered or when purchased physically at a store, to avoid it been tampered with by scammers. Once you notice it tampered with, do well to pick another one.
3) Asking to double your gift card value;
One popular method scammers adopt is presenting double value for your current gift card as a reward for performing a particular task or completing a survey. Majority of those that embrace this medium want to get your gift card codes trickily.
4) Converting gift cards to cash;
Usually, people want to convert unused gift cards to money and in the process, they get to fall into the hands of scammers. Due care has to be taken to ensure that whatever platform you are trading your gift card on is a trusted platform. Different trusted platforms buy and sell gift cards, but CardVest stands out to be unique because we offer the best rate to trade your gift card and also provide fast and swift services.