Gift card fraud is becoming increasingly prevalent in Canada, causing concern among consumers. Despite being sold as activated, gift cards can be drained of their funds by sophisticated scammers. Joan Oanes and Martin Paquette both experienced these issues with Lululemon and Sephora gift cards, respectively. Experts highlight the booming gift card market, projected to reach $14 billion by 2028, as an attractive target for fraud. Scammers exploit retail kiosks to copy card details before customers purchase them, leading to substantial financial losses for unsuspecting consumers.
Joan Oanes expresses her frustration with a drained $50 Lululemon gift card, raising concerns about gift card security, despite having an activation receipt.
Martin Paquette's $50 Sephora gift card for his daughter was also emptied of its value, indicating potential gift card fraud, especially around Christmas.
Joe Aversa, a retail management expert, emphasizes the complexity of gift card theft, noting the increasing sophistication of criminals involved in such scams.
Experts reveal various methods used by thieves to steal gift card balances, primarily through tampering and monitoring cards at retail kiosks.
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