(FOX BUSINESS) – While consumers can fall victim to a variety of scams, experts say gift card draining was one of the most common scams that affected people's lives in 2023. What's worse, just about any gift card is vulnerable.
Card draining occurs when a thief tampers with a gift card and "drains" the money before the funds are used by the consumer. AARP reported last year that 23% of U.S. consumers had given or received gift cards that did not have money on them.
Advertisement - story continues below
These so-called card-draining scams are easy to execute because scammers "have easy access to the technology" used to carry them out, specifically bad bots, according to Arkose Labs CEO Kevin Gosschalk, whose cybersecurity company specializes in bot mitigation and consumer account security.
TRENDING: Death of an American hero
Support the originator by clicking the read the rest link below.
