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‘Tis the season for fraud

posted by Liz Little (Retired) on Friday, December 13, 2019 in SHAZAM Blog

With the holidays right around the corner, ‘tis the season for fraud. We’re hearing reports of an uptick in phishing attempts, and we feel it’s important to pass that along to you. To protect your cardholders from these aggressive phishing attempts, we’re sharing tips and what to do if a cardholder falls victim.

Phishing attacks aim to dupe a victim into releasing sensitive information that can be used for identity theft. These attacks are on the rise with increased holiday shopping.

In the most recent attack we’re hearing about, a fraudster sends a text message to a cardholder, requesting they call an 800 number because their “account is locked.” When the cardholder calls the number, they’re asked to enter their card number or other personal information, such as their PIN, Social Security number or mobile device codes.

If any of your cardholders fall victim to this scam, we suggest immediately hot-carding and shutting down their cards. Remind cardholders on your website, phone system or other channels that legitimate texts to verify transactions will never ask for card numbers or other personal details.

Tags

  1. fraud
  2. phishing
  3. risk

About the Author

Liz Little (Retired) Photo

Liz Little works alongside banks and credit unions to help them effectively manage fraud preventative techniques. By researching the latest fraud trends in the EFT industry, she can guide SHAZAM participants with strategies to prevent fraud and mitigate risk.

SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney. 

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