Three Fraud Trends to Watch for this Holiday Season
December 3, 2020
- Hacked Accounts
From social media and email accounts to online banking apps, it is important to keep your passwords and login information protected against third-party hackers. Victims have reported a variety of loss, including stolen payment details, money taken out of accounts, and reward points removed.
- Curbside Pickup
Because many retailers are now offering curbside pickup, scammers have identified this process as a point of weakness with loose in-person authentication protocols.
- eGift Cards
While this type of fraud is nothing new, it is an ongoing concern. Kount reports that each year scammers steal $950 million via this channel. Methods fraudsters use include purchasing gift cards with stolen payment data and instead of getting cash or an exchange, asking for return credit in form of a gift card.
- Use unique, strong passwords for each of your online accounts.
- Use multi-factor authentication when available on eCommerce sites.
- Set up eAlerts for your accounts using your financial institution’s mobile app.
- Check your accounts and credit card statements regularly for fraudulent charges.
Tags: Security, Tips and Tricks, Money Management