As holiday shoppers scoop up the last of their presents, a stern warning has emerged from the Ohio Department of Commerce Division of Financial Institutions: gift card scams are a serious threat this festive season. The Ohio Department of Commerce Division of Financial Institutions's news release details that a significant section of Ohioans will likely offer gift cards as gifts, with stats pointing that about 44% of consumers are considering this convenient present option, trailing just behind clothing.

However, the heightened popularity of gift cards has also attracted the attention of fraudsters. The Federal Trade Commission (FTC) revealed that Americans were hoodwinked out of nearly $217 million in gift card scams last year. Scammers masquerading as respected businesses or official agencies pressure victims to settle payments through gift cards.

To counter this, the Ohio Department of Commerce counsels consumers only to buy gift cards from reputable sources, thoroughly check the cards before buying, and retain all receipts. This guidance hopes to reduce instances where scammers make a windfall off these now-traditional gifts.

Amid the holiday rush, shoppers are encouraged to exercise vigilance. Simple steps like inspecting gift cards for tampering or keeping a purchase proof can go the distance in fraud prevention. The department's release offers a wealth of tips and descriptions of scams to keep consumers safe and informed during this holiday season.