Black Friday – one of the busiest shopping days of the year – is here this week. Although Black Friday deals should help consumers save some money while they shop, it also leaves them vulnerable to scams.
Guy Williams, president of Gulf Bank and Trust, described a particularly concerning one this week when he visited with WWL’s Newell Normand.
“There are a couple that are... hardy perennials,” he explained. “One is the gift card scam. And what crooks will do is go to a big box retailer at Target or Walmart, take the gift cards off the rack, not buy them, but edge off the label, get the number, put the little silver back on and put them back on the rack. And you think, well, why would they do that?”
It might take a few days for the scammers to get their payout, but once a customer does buy the card, they can use the information to divert the money somewhere else. Williams said thieves who work this scam almost never get caught.
“It’s a risk-free scam for the crooks,” he told Normand.
Shoppers can protect themselves by paying close attention to gift cards they pick up off the rack in stores by making sure that edges and labels haven’t been tampered with. Better yet, Williams recommends buying gift cards online or at a financial institution.
“I wish we never had to talk about scammers, but the crooks have holiday, too,” he said.
Listen to Williams’ full conversation with Normand here.
They also discuss seasonal workers, demand for office space and other scams to look out for this holiday season.