Surge in Fake Gift Card Scams Targeting Trusted Brands

• •Over 1,000 incidents of gift card scams have been reported globally.
• •Scammers impersonate trusted brands to lure victims into fake reward portals.
• •Victims risk personal data exposure and unwanted subscriptions through deceptive verification processes.

CTM360 has reported a significant increase in fraudulent gift card scams impersonating well-known brands like PlayStation, Sephora, and Walmart. These scams lure victims through deceptive ads promising free gift cards in exchange for completing verification steps. Over 1,000 incidents have been identified globally, with threat actors utilizing social media to spread these scams. Victims are often redirected to fake reward portals where they are manipulated into providing personal information or signing up for unwanted subscriptions. The scams exploit consumer trust and familiarity with established brands, using cloned logos and fabricated testimonials to appear legitimate. The report emphasizes the need for awareness and caution among consumers and organizations to avoid falling victim to these schemes.