Officials warn of new card draining scam - How to protect yourself - video Dailymotion

Police departments across the country are warning of a new scam involving empty gift cards.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange and here's a look at what we

00:03 are watching on the street today.

00:05 Stocks are coming off a record-setting rally which saw the Dow climb to 37,000, its highest

00:11 level ever.

00:12 This comes after the Federal Reserve left rates unchanged for the fifth consecutive

00:16 month marking the final interest rate decision of 2023.

00:20 The central bank also indicated plans to cut rates three times in 2024 and four times in

00:25 2025.

00:27 Wall Street is also reacting to retail sales data today.

00:30 Consumers showed unexpected strength in November with retail sales climbing .3 percent compared

00:36 to the .2 percent decline seen in October.

00:39 In other news we're following today, federal regulators are warning about a new scam this

00:43 holiday season, card draining.

00:46 It's a popular scheme where gift cards are drained of all their cash leaving the purchaser

00:50 with an empty balance on the card.

00:52 However, there are at least a few ways to protect yourself from this scam.

00:56 Officials recommend making sure the gift card is in sealed packaging with no clear signs

01:01 of tampering and of course to keep the receipt.

01:04 If you find that the card balance is drained, immediately report it to the store to request

01:08 a freeze on the card.

01:10 Some officials suggest avoiding purchasing gift cards altogether this holiday season.

01:15 The stark warning comes after a California man was arrested for illegally draining over

01:19 5,000 Target gift cards.

01:22 That'll do it for your daily briefing.

01:24 On the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

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