The holidays are over, and a stack of gift cards might be lingering in a drawer. Don't let them become silent victims of a growing, insidious fraud – gift card draining. It’s a subtle threat, far removed from the brazen demands for payment you might hear about, but equally capable of emptying your wallet.
The most common tactic preys on simple forgetfulness. You vaguely remember a balance, so you head online to check it. But beware: many websites promising balance inquiries are cleverly disguised traps, designed to harvest your card number and security code for later misuse. Always go directly to the retailer’s official website, the one printed on the back of the card, or contact them directly by phone or in person.
Another deceptive scheme offers to *buy* your unwanted gift cards, often at a slight discount. A $100 card for $90 might seem appealing, but it’s a mirage. These sites rarely intend to pay you; they’re solely focused on stealing your card information and draining the funds before you ever see a dime.
Proactive protection is key. When you receive a gift card, immediately record the receipt, the initial balance, and consider registering the card with the retailer. If possible, transfer the funds to your existing account. Changing the PIN, if the card allows, adds another layer of security, and using the funds promptly minimizes the risk.
The danger doesn’t begin with online checks; it can start right in the store. Scammers are increasingly tampering with physical gift cards, adding stickers over the barcode to redirect your payment to their own accounts. The recipient will receive a card with a zero balance, unaware of the deception.
They also meticulously record card numbers and activation codes, reseal the packaging, and return the compromised cards to the rack. Once activated by an unsuspecting buyer, the scammers swiftly drain the funds. Examine every card carefully for any signs of tampering – added stickers, damaged packaging, or disturbed scratch-off coating.
Purchasing gift cards directly from the merchant’s website is the safest option. Steer clear of deeply discounted cards offered on social media or deal sites; these are almost always fraudulent. If you suspect a card has been compromised, report it immediately to the issuer.
While recovering funds isn’t always guaranteed, reporting the incident is crucial. Resources like the Federal Trade Commission offer lists of fraud contacts for major gift card retailers, providing a starting point for resolving the issue and potentially mitigating your losses.
