At this time of the year, we all shop online to give and receive gifts. Gift cards are an increasingly popular option, so you can buy and give gift cards this holiday season.
It is thought that gift cards will have a large share in the global market in the coming years and will turn into a huge market of 2 trillion dollars by 2027. The popularity of gift cards hasn’t gone unnoticed by cybercriminals and online scammers, who have created an underground industry focused solely on gift cards.
Some scammers use cards to trick users into sharing sensitive personal and financial information. In some cases, scammers masquerade as government officials seeking payment with gift cards. Whatever the type of scam, you should be familiar with these tactics for your online safety this holiday season.
ESET experts gave information about the things to be considered in online shopping, taking into account the upcoming Christmas shopping. He examined the methods cybercriminals can use, especially drawing attention to the increasing popularity of gift cards.
Why Are Gift Cards Popular With Scammers?
The reasons gift cards are popular with cybercriminals are the same reasons they are popular with consumers. Gift cards are currency in stores almost everywhere that can be used to purchase a wide range of products and services. When summarized with a few items;
It’s easy for consumers to purchase gift cards online or in-store.
Many retailers and large firms now offer gift cards in various forms.
Less protection for the purchaser than ordinary payment cards.
Just like cash, when the balance on the card expires, the card also loses its function.
The scammer does not need to specify a bank account for payment; only the gift card PIN/code is sufficient.
In a recent incident, a threat actor sold 900,000 gift cards worth almost $38 million on a darknet site. These cards were stolen from an online discount card shop called Cardpool and are redeemable at thousands of brands including AirBnB, Amazon, American Airlines, Chipotle, Dunkin Donuts, Marriott, Nike, Subway, Target and Walmart.
Top 5 Attack Tactics to Consider
An “officer” menacingly asks for money
In this tactic, scammers masquerade as an official of a government official, a service provider, or other organization. They threaten the victim with payments such as unpaid taxes or a large bill and indicate that payment is urgent. This is a classic example of social engineering designed to rush the victim through the decision-making process.
The scammer can reach the victim through a phishing email or message, or even a phone call (also known as “voice phishing”). The payment is requested by gift card, and the scammer specifically states the type of card they want used for payment. These are the tips you should pay attention to. No real company or government accepts payment via gift cards.
Bots steal your balance
Sometimes malicious people directly target your account and reach your account digitally through the gift card issuer. How do they do this? They use automated bots to infiltrate the bank-related IT systems of retailers and other organizations to access information on card balances and card numbers. Thanks to this information, they can use the card as if they are the official owner of the card. Considering that there are $15 billion worth of unused gift cards and loans in the United States alone, this is an area open to abuse, according to the study.
Interfering with cards in the store from outside
You’ve won an award!
In another category of scams, a reward is promised to trick the user into paying a fee using the gift card. An unverified message from the scammer tells the victim that they have won a large reward, but the victim must make a small payment to receive this reward. This reward could be anything from a car to a vacation. Of course, there is no such award in fact.
Phishing attempts to steal your data
Gift cards can be used to trick users into sharing their personal information. This is similar to a classic phishing attack. The recipient is offered a large gift card balance by contacting them via email, message or social media. In order to receive this gift card, the recipient must share some personal and possibly financial information. Scammers can then sell this information on the dark web or use it for identity scams.
How Can We Avoid Gift Card Scams?
A big part of tackling gift card scams is raising users’ awareness. These tips can greatly help you with security online:
- Buy cards from retailers that keep gift cards in locked boxes
- If you are buying gift cards online, buy directly from retailers instead of discount stores
- Buy gift cards with PIN code feature
- Be skeptical; Remember, if an offer is too good to be true, it probably isn’t.
- Note that no company or government official will ask for payment by gift card
- Never share personal and financial information with anyone who unintentionally contacts you online
- Use the cards as soon as possible
- Double check the card balance as soon as you receive the card
- Keep in mind that malicious people are constantly looking for new ways to monetize stolen data. The dangers are not limited to these. But you have to start somewhere.
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