Why Gift Cards and Crypto Are the Preferred Payout

Gift cards are popular gifts, which makes them a popular scam vector too. Fraudsters trick people into buying them for fabricated reasons, or drain the balance before the card is ever gifted. According to the FTC, consumers reported losing at least $212 million to gift card scams in 2024 alone, and a 2024 AARP survey found more than a quarter of consumers had given or received a gift card with zero value on it.

As Melanie McGovern of the Better Business Bureau put it, once the money moves through a gift card, it’s gone for good. Jennifer Pitt of Javelin Strategy & Research adds a simpler reason scammers reach for gift cards specifically: most people already know how to use one, unlike cryptocurrency, which still has a learning curve for a lot of victims.

When Scammers Borrow Someone Else’s Identity

The scams that actually move money almost always lean on a stolen or fabricated identity to build trust fast. A few patterns show up repeatedly.

Celebrity impersonators. No, Bill Gates or Richard Branson will not double your bitcoin if you send it to “them” first. A scammer poses as a well-known figure who claims they can multiply any cryptocurrency sent their way. Clicking an unexpected link from one of these accounts, or sending crypto to a “celebrity’s” QR code, sends that money straight to a scammer, permanently.

Fake investment managers. An “investment manager” reaches out unprompted and promises to grow your money, but only if you buy cryptocurrency first and transfer it into their account. The investment platform they send you to often looks completely legitimate. It isn’t, and neither are the returns.

AI voice cloning in family emergency scams. A scammer poses as a friend or family member in urgent need of money. With voice cloning, they can now sound exactly like the person they’re impersonating, close enough to take full advantage of the victim’s trust and keep the exchange fully confidential. This is identity impersonation in its most literal form, and it’s becoming harder to catch by ear alone. The same technique shows up in corporate settings too; see our breakdown of executive impersonation and deepfake voice fraud for how this plays out when the fake voice sounds like a CEO instead of a relative.

Fake bonus codes and proof-of-win scams. Scammers bait victims with fabricated proof that they’ve already won something, often using a fake website mimicking a real platform’s branding. The voucher or bonus code might even display correctly on screen. It isn’t real money, and any attempt to withdraw it triggers a request for more money as “verification,” which the scammer pockets.

Other Common Playbooks Worth Knowing

Not every gift card scam involves impersonating a specific person or brand, some just impersonate authority in general. A few worth recognizing quickly: government imposters claiming to be the IRS, Social Security Administration, or law enforcement demanding immediate payment (no real government agency accepts gift cards as payment, ever); tech support fraud where someone claims to be from Microsoft or Apple and asks for remote access to fix your computer; utility company threats claiming your service will be cut off without instant payment; and fake overpayment checks, where a scammer sends a check for more than expected and asks you to deposit it and send back the difference on a gift card, right before the check bounces.

Protecting Yourself

Be highly suspicious of any request for payment via gift card, for taxes, fines, tech support, or anything else. No legitimate business or government agency accepts payment this way, period. Before purchasing a card, check that it hasn’t been tampered with, especially around the area where the code is hidden. And if a request suddenly involves a celebrity, an unsolicited investment opportunity, or a familiar voice asking you to keep something secret, treat the identity behind that request as unverified until you’ve confirmed it through a separate channel.

Reporting Fraud

If you or someone you know has been targeted, acting quickly matters. In the US, report to the FTC at ReportFraud.ftc.gov, or for internet-related crimes like crypto phishing, to the FBI’s Internet Crime Complaint Center at ic3.gov. In the EU, contact your local police or Europol’s European Cybercrime Centre at europol.europa.eu.

Impersonation is the common thread running through nearly every version of this scam, whether it’s a stolen celebrity identity, a cloned voice, or a fake investment brand.

See how PhishFort detects and takes down impersonation campaigns that target your brand or your leadership team →