The holidays can be a wonderful time of joy and giving, but did you know it’s also a time for increased fraud? Consumers are often targeted during the holiday rush with a variety of scams, including ‘card draining’ gift card scams, fraudulent texts and more. Protect your finances and yourself this holiday season by being aware of the following common schemes.

Gift card scams

One fraudster-favorite for scamming money is through ‘card draining’ gift cards, which render purchases at major retailers worthless. By accessing the information on the back of the card and replacing the silver lining on the security code, the money loaded on the card goes directly to the bad guy.

A fraudster may also utilize phone calls to pose as a loved one, friend, relative or retailer and ask for payments in gift cards. Prompted by false urgency, consumers can fall victim to handing over their information … and hundreds of dollars.

Spam texts and calls

Phishing texts and calls spike around the holidays, too. Fraudulent schemes trick people into sharing their financial and personal information by such things as posing as fake charities, offering counterfeit goods, asking for account information and more.

Spotting a scam can be difficult with fraudsters becoming more and more creative. A scammer may claim to be your bank, alerting you to an issue related to your account or cards, then asking you to provide account information over the phone or online.

These are only a portion of the types of scams you may see around the holidays. It’s important to keep vigilant and look for ways to protect yourself from potential fraud. Remember, we will never ask for your account or debit/credit numbers, Online Banking credentials, MFA codes or other identifying information like your PIN or CVV code.

How to protect yourself from fraud

What’s a great way to avoid falling victim to fraud? Do nothing. Step back. Be cautious. Many scams urge you to take action immediately. Flustered, you may miss key warning signs.

When getting a call from an unknown number, it may be best to not answer. Some fraudsters even have the ability to spoof phone numbers, including ours. If the call is important and requires your attention, it’s likely the caller will leave a voicemail. Or, better yet, don’t answer, look up the phone number online and call that back.

You should never use gift cards or wire transfers as a method of payment—authorized establishments will never ask you to send money this way.

For text message scams, ask yourself if the text is unsolicited, were you contacted out of the blue? Also look to see if the link included in the message is shortened or scrambled, as this could be a key indicator the message is a phishing attempt.

Our options for fraud protection

Ge the tools you need to keep yourself and your finances safe from scammers. Consumers has a dedicated security team looking out for you, but you can also take action by accessing our fraud article and podcast resources, as well as recently reported scams. Round out your “fraud readiness regimen” by learning how to set up security alerts and always keep track of your accounts.

Don’t let scammers ruin your holiday cheer—safeguard your finances and personal information by being aware of common fraud schemes and taking precautions.