According to Apple, “The victim receives a call instilling panic and urgency to make a payment by purchasing iTunes Gift Cards from the nearest retailer (convenience store, electronics retailer, etc.). After the cards have been purchased, the victim is asked to pay by sharing the 16-digit code on the back of the card with the caller over the phone.”
However as Apple notes, iTunes gift cards are only good for use within Apple’s own ecosystem, meaning that they can only be used to purchase items within the iTunes Store, App Store, iBooks Store, or for an Apple Music membership. This means that if someone tries to scam you by saying you can use an iTunes gift card to pay for your electricity bill, your rent, car repair service, and so on, they would be wrong.
In any case hopefully none of you guys have been scammed so far, but in case you do receive some kind of call regarding iTunes gift cards, be aware!