Visa report highlights emerging scams targeting consumers and travelers

A new report from Visa sheds light on the emerging situation scams targeting consumers and travel, which included new twists on old tactics to defraud victims.

Visa’s State of Scams: Fall 2024 Biannual Threats Report found that there has been a resurgence of physical theft over the past six months, with criminals purchasing gift cards or physical products using stolen payment information that can be resold or using the card number. for money transfers.

A new style of physical theft, known as “digital pickpocketing,” has also become increasingly common over the past year, according to the report. Fraudsters commit the theft using a mobile device at the point of sale, which they touch to an unsuspecting consumer’s wallet to initiate a payment, often in crowded areas where contact may go unnoticed.

Michael Jabbara, SVP and Global Head of Fraud Services at Visa, told FOX Business that, “Consumers should protect themselves against digital pickpocketing by being aware of their surroundings. around them, making tourists in congested areas a prime target.”

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“People should also consider enabling real-time purchase alerts for their accounts. That way, if they become a victim of digital pickpocketing, they can immediately notify their bank, helping not only themselves but also others who may fall victim to the scammer. Jabbara added.

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Scammers are also ramping up single-password phishing scams as a means of bypassing two-factor authentication protocols aimed at preventing unauthorized access to an account. The Visa report noted that scams have become more compelling, in part because of their prevalence artificial intelligence (AI) and using it to perform reconnaissance on victims to include more convincing emails or other communications.

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Visa found that threat actors are also looking to take advantage of a busy travel season by exploiting consumer productivity travel plans. The report noted that a common scam involves fraudulent websites that “spoof” or mimic those of major airlines and seek to lure consumers with discounted deals, who make purchases and then are lured by additional service fees of flight before the scammer interrupts. victim.

Scammers also impersonate airline officials to send fake cancellation emails that also request the person’s payment information so a new flight can be booked.

Jabbara said that in addition to being aware of such scams, travelers should also “be cautious in crowded areas where distraction tactics are frequently used to steal goods.”

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He also provided some of the best practices that consumers should follow to protect themselves from fraud and scams, as well as how to respond to theft if, unfortunately, it does occur.

“First, consumers should set up purchase alerts to monitor their transactions and quickly flag if something is amiss. Consumers should also configure two-factor authentication and protect any codes as if they were passwords. Consumers should also keep up to date with the latest scams to be aware of what fraudsters are capitalizing on,” said Jabbara.

“If consumers come across anything suspicious on their report, they should contact their financial institution immediately. After reporting fraud, updating passwords and making sure two-factor authentication is properly set up are essential steps. If theft has occurred, they should also be reported to local law enforcement,” he added.

Source of the original article: Visa report highlights emerging scams targeting consumers and travelers