The Gift Card spread has skyrocketed in recent years due to which people are selling gift cards on a regular basis for instant cash.
If you are also a regular user of gift cards then you must be left with many unused gift cards. This puts pressure on you and could lead you to sell gift card instantly. It could further lead to loss of money since you may not get the whole value for your gift card. Many people are ignorant about their unused gift cards and usually forget about them. This leads them to become expired and hence wastage of money.
You don’t have to let this happen and sell unwanted gift cards for cash instantly in haste. When you sell your gift cards for cash online, there is always a potential risk involved. But, there are certain steps discussed below that you can take to strike out the risk while selling gift cards online.
Risks Of Selling Gift Cards And Strategies To Mitigate Risks
Lets see some potential risks involved and strategies to avoid them.
Your Personal Information Can Be Misused
This usually happens when you go to an unreputable source. While filling in your gift card details, the website keeps the record of the information that you entered. Your name, mobile number, account number and even your location is at risk.
This risk could be eliminated if you are extra cautious while filling in the details. Keep an eye on any suspicious activity or request during the transaction. Go on trustworthy websites like Cash for Gift Card. They do not keep the record of your information which helps you dodge any scammer sitting out there waiting for your details
Chance Of Buyers Scamming Sellers
If you are the seller and want to sell your gift card for cash instantly then WAIT! Your buyer could be a big fraud! Even after receiving the benefit of the card, he can still claim that your gift card has already expired or you don’t have a minimum balance so you can’t redeem.
No one could be trusted easily now-a-days!
Ways in which sellers can be scammed:
1. Faking payment- Sometimes buyers pretend to purchase a gift card with a fake payment method while Seller [you] have already given out your gift card information. Their fake payment method will be declined later and you will be left with no card and no money.
2. Phishing- In this scammers pretend to send an email or a message and ask the seller to directly click on the email or message. This many a times results in losing all the money from your account or your confidential details.
3. Manipulation of card- Scammers will try to purchase your gift card and will change the card information to increase the balance or change the expiry date and then RESELL it at a higher price.
To avoid such scams you must choose a secure payment method only like Paypal, Venmo, Cash App, Zelle or Google Pay. Also, do not click on any doubtful message unless confirmed otherwise.
Romancing While Scamming
Sometimes a fraudulent person chats and romances with you. You never met this person in real life but on a dating site. They weave a story and trick you into sending them gift cards. STOP RIGHT THERE even if they first send you the money. It’s a legitimate scam.
To avoid this type of scam, keep your money matters out of your love life.
Do you know? Gift cards are often a target for fraud. According to the National Retail Federation(ref), gift card fraud is estimated to cost retailers over $1 billion per year.
Elderly individuals and those who are less technologically savvy are often targeted and scammed in gift card scams. Scammers use various tactics, such as claiming to be a government agency or a legitimate company like Apple or Amazon, to trick individuals into purchasing gift cards and providing the card information to the scammer.
It is important to be cautious and not give out personal information or make payments through gift cards unless you are certain of the legitimacy of the request.
What To Do If You Are Scammed?
Keep the card and receipts with you so that you are able to inform the respective company. Even after taking many precautions you still got cheated on!?
Don’t worry
Keep the contact information of the gift card companies and inform them as soon as a fraud happens.
OR
You can visit the Federal Trade Commission (FTC) and report it there.
Conclusion
It's important to note that the risk of fraud or other issues is higher for sellers who sell gift cards without the authorization of the original retailer.
It is therefore recommended that sellers sell gift card instantly only to reputable sources and follow all laws and regulations regarding gift card sales. Sellers must keep reminding themselves while selling a gift card to take necessary measures to protect themselves.
PRO TIP - Some gift cards are not redeemable at all locations or online, which limits the options of the person who holds the card. Cash for Gift Card is a valuable source who takes all the precautions. They have partnered with 700+ brands like Amazon gift card and many more. They will transfer the amount within 10 to 60 minutes.