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Credit card fraud is on the rise, especially as the holiday season gets into full swing.
Fraudsters deploy a variety of tactics to carry out such fraud, including using credit card skimming machines to deploy fake messages about fraudulent or fraudulent charges.
Especially during the holiday season, “scammers are taking advantage of people looking for bargains by creating fake websites that appear to be selling their favorite brands at unbelievable prices.” said Michael Jabara, Visa's global head of fraud services. fox business.
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Over the past four months, Visa has seen a 284% increase in fake and spoofed sales sites compared to the previous four months, Jabbara said.
“These websites may appear to be identical to the merchants they are spoofing, so it is critical that consumers independently verify that they are visiting the website they think they are.” Jabbara added.
Over the past four months, Visa has seen a 284% increase in fake and spoofed sales websites over the past four months. (/ensemble)
Fraudsters posing as legitimate charities have also increased dramatically. Some scammers create spoofed versions of legitimate charities, while others create fake charities with plausible names.
Consumers should also be on the lookout for text messages that claim there has been an unauthorized charge on their credit card.
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When a consumer receives a text informing them of a suspected scam, the scammer typically asks for a passcode or other information via text.
“Credit card companies would never do this over email or text message,” Ted Jenkin, co-founder of oXYGen Financial, told FOX Business. “The easiest way is to pick up your phone, call the 800 number on the back of your card, and see what you receive on your phone.”
The American Bankers Association also warns consumers about “card cracking,” where consumers respond to online solicitations for a quick and easy way to get money.
Criminals use social media platforms like Instagram to recruit consumers and convince them to share their debit card or bank account information to withdraw fake check deposits.
Instead, criminals use mobile deposit to deposit worthless checks and immediately withdraw funds at ATMs, according to the ABA.
Another thing consumers should be aware of are ATM skimmer devices that are inserted into card readers or placed inside terminals.
Skimmers can also be installed above card readers in terminals or along exposed cables in free-standing ATMs. Fraudsters may use pinhole cameras placed at or around ATMs to record customer PIN entries, or use keylogging keypad overlays that record customer keystrokes.
Skimming, along with phishing and identity theft, are the three most common credit card frauds that securities attorney Andrew Stoltman has dealt with over the years.
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“One of the most common scams is receiving a text message that appears to be from UPS or FedEx. You then click on it and it gives you access to your phone or you can use your credit card to actually use it. You will be asked to verify your credit card to make the purchase,'' he said, adding that this is “especially persuasive during the holiday season, when so many people are sending packages.''
