Social engineering is one of the most successful tools in an attacker’s bag of tricks. Successful bad actors are gaining people’s trust to the tune of scamming more folks out of $5,000 or more. The FTC reports these losses increased to about 14% (up from 8%) so far in 2021, and on average losses increased from $700 per scam to $1,000.
Target cards seem to be the most popular brand of gift card with a reported loss of $2,500 per scam in the first nine months of the year.
Remember: Gift cards are for gifts, not for payments. For more information about gift card scams, or what to do if you are a victim, visit FTC’s Consumer Protection site.