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Stay Safe While Spreading Joy: How to Avoid Gift Card Scams
Gift cards are trendy—to give as well as to get. Using one is a convenient way to treat someone to dinner at their favorite restaurant, to purchase at their favorite store, or to give them cash. Unfortunately, scammers also love gift cards and have come up with creative ways to convince you to purchase cards for them.
In 2021, consumers reported over $148 million lost to gift card scammers. Consumers have reported being contacted by the IRS, Social Security, and power companies and told they owed penalties. Others say Amazon or Apple got them to pay to continue service. Some say they were contacted by law enforcement and told to pay a fee to avoid a warrant. The reasons are endless.
In most cases, the scammer attempts to scare or alarm you, claiming that something terrible will happen if you don’t pay them immediately. They want you to act quickly so you don’t have time to think it through or check the issue further. You are told payment must be made using a gift card instead of a check or online payment, and you don’t need to mail the card; simply tell them the serial and personal identification numbers on the back.
Here are a few more scenarios gift card scammers use:
Relative in distress
You receive a call from someone claiming to be a loved one, usually a grandchild. They tell you they have had an accident or are stuck in a foreign country, unable to get home. They ask you to send money immediately using a gift or a prepaid card.
Clergy members
They claim they are raising money for a worthy cause. They contact you by phone, text, or email, ask you to purchase gift cards, and give them the numbers.
Resale or auction sites
Once you have shown interest in an item, the scammer will offer a discount if you buy it with a gift card. You give them the number and never get the item you purchased.
Tip: Be suspicious if a government agency, legitimate company, or loved one asks you to pay them with a gift card. If you’re unsure, contact the agency or company using their official website, not a number provided in the questionable message. If someone claims to be a relative, contact the immediate family and ask them to verify that a payment is needed.
Like cash, getting the money back is difficult once a gift card is given to someone. You are not protected from fraud like you are with major credit cards.
What to do if you gave a gift card to a scammer
If you bought a gift card and gave someone the numbers off the back of the card, that’s a scam. Use your gift card and gift card store receipt for these next steps:
- Report the gift card scam to the gift card company right away. No matter how long ago the scam happened, report it. Use the How To Contact Gift Card Companies list below.
- Ask for your money back. Some companies are helping stop gift card scams and might give your money back. It’s worth asking.
- Tell the FTC at ReportFraud.ftc.gov. Every report makes a difference.
Be safe and enjoy this holiday season!
Want to know more? Read additional Mid Oregon blog articles about online security and fraud protection.
As a reminder, Mid Oregon will never initiate a call asking for personal or account information via phone, text, or email.
Shop with confidence—holiday season security tips
Well, we once again made it through Black Friday, Small Business Saturday, and Cyber Monday.
Even after those few crazy days of holiday shopping madness, you can still find some great deals. Unfortunately, the cyber thieves are lurking around trying to make a profit off everyone else’s holiday cheer.
However, there are some things you can do to lower the risk that your personal payment information is stolen.
They do exist!
Brick and mortar stores do still exist, believe it or not. And if you are so inclined to shop at them, you have a few options. One is to use a payment card. If you are given the option to use your card as debit or credit, choose credit. While you still have protections when using it as debit, the possibility of your card being re-created and used at an ATM increases when the thieves also have your PIN. If they can use it as debit, they can also drain your account and it may take some time to get the money back.
If you have the choice of using a payment card with a chip, use that over the one that only has the magnetic strip (those still exist too). It’s a little tougher to duplicate the chip and to get the information from them, should malware be lurking in the retailer’s system.
The best of the card options, however, is to use Apple Pay or Google Pay, or some other service you may have available to you that hides your card number. Many retail locations (and online businesses) have these options these days, so take advantage if you can.
Small businesses are still a risk
Shopping local is a great way to support your small community businesses, but beware of getting a false sense of security because they are “mom and pop” stores. Cybercriminals are targeting these smaller businesses more often these day for various reasons. Use the same safeguards you would for any retail purchase.
Online shopping bonanza!
Online shopping is a great way to do your holiday shopping and many websites make it very easy for you to spend money. Using your payment card as credit is still the advice, but there are different security considerations as well.
Don’t store your payment card details in the websites or on your browser. Yes, it’s a bit annoying to type it in every time you make a purchase, but it’s more secure to do so.
Yes, we’re talking about password reuse again. This is a problem and is still catching people off guard. So, do yourself a favor and use unique passwords for each account.
While you’re thinking about passwords, if you haven’t changed your online account passwords lately for your favorite retailers, take a moment to do so. You know the advice to change your smoke detector batteries every New Year’s Day? Well, maybe you can start a good habit of changing your retail shopping passwords every year around this time. It’s recommended that passwords be changed regularly. If you can do it every quarter, even better. After all, there is some big retail event at least once a quarter (Memorial Day, Independence Day, Labor Day, etc.).
Malware runs rampant all year long.
Any more, it’s not just at this time of year when malware hiding in advertising is running amok. Beware of malicious advertising pretty much everywhere you look when online. Cyber criminals are inserting malware into ads catching unsuspecting ad clickers off guard. It is safer to go directly to the website being advertised rather than clicking an ad.
However, if you like clicking those ads, be sure to have anti-virus and anti-malware software installed and kept updated on every device used to do shopping and turn on the security features of your preferred browsers. Most of them have a malicious website detection feature. Pay attention to those warnings.
If you don’t care for the ads flashing all over the screen, consider ad-blocking software and apps to prevent accidentally clicking on them.
Have fun this season, no matter how you plan to spend it. With the above tips, you can be safer too.
Want to know more? Read additional Mid Oregon blog articles about online security and fraud protection.
Content based on an article by Stickley on Security
Strategies for making saving a habit
While inflation persists and recession rumors continue, it feels as though it’s harder than ever to stretch your dollar and keep your savings goals in sight.
Two significant ways to do this is to spend less and save more. Seems simple, right? However, sometimes the hardest thing about saving money is just getting started.
Whether you’re a millennial building a retirement fund, a family of four living paycheck to paycheck or a 50-something paying off their mortgage, these strategies can help you save.
Make a savings goal
To start your savings journey, setting clear and achievable goals is essential. Whether saving for a new home, a dream vacation, or building an emergency fund, defining your goals will give you a sense of purpose and direction. You can track your progress and stay motivated along the way by having specific targets. If you see a tax refund or a work bonus in your future, use part of that money to give yourself a head start.
To track how much you should save each month, use a savings goal calculator—there are plenty of free ones online. Mid Oregon offers a free online Savings Goal widget in Digital Banking.
To keep it interesting, set a small, achievable short-term goal for something fun beyond your monthly budget, such as holiday gifts or season ski passes (check out Mid Oregon’s Savers Club Certificates below). Reaching smaller goals—and enjoying the reward you’ve saved for—can give you a psychological boost, making the payoff of saving more immediate and reinforcing the habit.
Whatever you want to save for, set a goal and work toward reaching it.
Pay yourself first
It may seem unrealistic to talk about paying yourself first when facing many other financial obligations. Yet, while paying all your bills on time is critical, saving for your future can’t always take the back seat. Set aside a portion of your monthly income as soon as you receive it. Setting up automatic transfers is one way to make paying yourself a priority. Transfer a percentage to a savings or investment account when your paycheck hits your account.
Paying yourself first is one way to find room for investing and to prioritize saving for emergencies, retirement, and major purchases.
Automate your savings
One simplest yet most effective way to save money is by automating your savings. Set up automatic transfers from your checking account to a separate savings account. This way, a predetermined amount will be moved into your savings without any effort. It eliminates the temptation to spend and ensures consistent progress toward your financial goals.
Setting up automatic transfers with Mid Oregon is safe and simple.
Create a budget
Budgeting is the cornerstone of effective financial management. It lets you understand your income, expenses, and potential savings areas. Begin by tracking your spending habits and identifying areas where you can cut back or make adjustments.
Begin by writing it all down—every dollar you spend. From the daily coffee to treats for our four-legged friends and monthly subscription costs, it all adds up. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. Remember to allocate a portion of your income towards savings and prioritize it as a non-negotiable expense.
Mid Oregon offers a Financial Wellness widget in Digital Banking, providing an accurate snapshot of your finances. Your transactions are automatically categorized, allowing you to stay on top of your spending and budget. See how much and where you spend, giving you control of your finances and access at a glance.
Pick the right savings account
If you want to build your savings, start with your local financial institution. Whether you’re hoping to maximize your returns or want flexibility for unexpected expenses, Mid Oregon offers a variety of savings account options that pay competitive dividends.
Share Certificates—Enjoy higher investment returns and keep your money safe and local.
Saver’s Club Certificate—Set your goal and the monthly amount you want to save. It’s ideal for saving for something special or not being caught short during the holidays.
High Yield Savings Accounts—Savings account with a variable dividend rate that increases as the balance increases (minimum balance $1,000).
Pay down debt
High-interest debt can be a significant obstacle to saving money. Prioritize paying off debts, starting with those with the highest interest rates. Consider consolidating your debts with Mid Oregon’s share-secured loans or credit-builder loans that help you leverage your savings for a better rate and an improved credit rating, helping you get better rates on loans in the future. Minimizing debt will free up more money for savings, relieve financial stress, and provide a solid foundation for your future financial stability.
Mid Oregon’s VISA credit cards have something for everyone. Whether you are looking for a card with a low interest rate for emergencies and special purchases, or it’s all about earning reward points on everyday spending, we have the card for you. Ask us about our no balance transfer fees!
Embrace your inner Scrooge
Saving often starts with spending less. Adopting a frugal mindset doesn’t mean living a life of deprivation. It’s about making conscious choices and finding joy in simpler things. Look for opportunities to save money by finding discounts, using coupons, buying second-hand items, or exploring free or low-cost entertainment options—most people can find things to trim from their budgets. Small, mindful choices can add up to significant savings over time.
Don’t leave your new-found savings easily accessible (i.e., in your wallet or checking account), where you’ll likely spend the money on something else. Instead, put the extra money to good use by paying down a debt or transferring it to a savings account where it’ll be out of reach.
Pass on unnecessary purchases
It’s easy to lose track of how much money you spend on items you do not need. It might be on sale or “fit perfectly on the table corner.” Keep in mind that these unnecessary purchases can affect your bottom line. Get disciplined by identifying your needs vs. wants. Do you need the newest smartphone, or do you merely want it? Think about giving yourself a 24-hour cooling-off period between the time you see an item and when you make the purchase.
Turning down something you want now may be difficult, but the reward will be more significant savings later.
Take advantage of your retirement savings plan
If your employer offers a 401(k) match, try to take full advantage of it or you may miss out on free money. Talk to your HR department to set up an account. If you don’t have much discretionary income, work with HR to find the “sweet spot” amount that will reduce your tax liability, but only have a small affect on your take-home pay.
Watch your savings grow
Review your budget and check your progress each month—this will help you stick to your personal savings plan and identify problems quickly. Understanding how to save money and watching your balance grow may inspire you to find more ways to save and hit your goals faster.
Don’t be afraid to ask for help
If you feel overwhelmed with your finances, please contact us—our experienced Mid Oregon team can offer helpful insights.
Your savings journey is within reach if you approach it with intention and a commitment to simplicity. Remember, a goal without a plan is just a wish. You can pave the way toward your short- and long-term goals by setting clear goals, creating a realistic budget, automating savings, embracing frugality, and minimizing debt. Remember, the small, consistent steps lead to significant progress. Start today and watch your savings grow!