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Fraudsters Stocking Up On Gift Cards

Fraudsters Stocking Up on Gift Cards

Oct. 19, 2018 — The holidays are still months away, but scammers are increasingly demanding that they be paid in gift cards, according to the Federal Trade Commission. The FTC said gift cards and reloadable cards were reported as a payment method in 26 percent of the fraud reports from January through September, up from 7 percent in 2015.

Gift cards— particularly for iTunes and major retailers—are the top method of payment for impostor scams, in which fraudsters pose as well-known businesses, family, or government agencies to compel payment. They like these cards because they can quickly and irreversibly access the funds while remaining anonymous, the FTC said.

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