Visa Report Highlights Emerging Scams Targeting Consumers and Travelers
A recent report from Visa reveals a surge in new and sophisticated scams targeting consumers and travelers, marking an evolution of old tactics aimed at defrauding victims. The “State of Scams: Fall 2024 Biannual Threats Report” highlights alarming trends in physical theft, phishing scams, and travel-related fraud, urging vigilance among the public.
Resurgence of Physical Theft and “Digital Pickpocketing”
Over the past six months, Visa has observed a rise in physical theft involving stolen payment information. Criminals are increasingly purchasing gift cards or physical products with compromised payment data, which they later resell for profit. Some fraudsters also use stolen card numbers to initiate money transfers, further complicating the fight against fraud.
A new form of theft, known as “digital pickpocketing,” is becoming a serious concern. In this method, scammers use mobile point-of-sale (POS) devices to steal funds by discreetly tapping them against a victim’s wallet or bag. This type of theft often occurs in crowded spaces, where minor contact can go unnoticed. As digital payments become more prevalent, this form of fraud is gaining traction, posing a new challenge for consumers and law enforcement.
OTP Phishing Scams and AI-Powered Fraud Techniques
Phishing scams designed to steal one-time passwords (OTP) have become more sophisticated. These attacks aim to bypass two-factor authentication (2FA), a security measure intended to prevent unauthorized access to accounts.
Visa’s report highlights that scammers are now leveraging generative artificial intelligence (AI) to enhance their deception. With AI, fraudsters can conduct detailed reconnaissance on victims, crafting convincing emails, texts, or calls that appear legitimate. This trend underscores the need for heightened awareness as even tech-savvy individuals can fall victim to these highly personalized scams.
Travel-Related Scams Targeting Consumers
The busy travel season has also provided fertile ground for scammers looking to exploit travelers. One common tactic involves the creation of fraudulent websites that imitate major airlines. These spoofed websites offer discounted flight deals to lure customers into making purchases. After victims book flights, scammers often upsell them on in-flight services before cutting off communication, leaving them with unusable tickets and lost funds.
Additionally, scammers are impersonating airline representatives to send fake cancellation emails, requesting victims’ payment information to book a new flight. These scams prey on travelers’ sense of urgency and confusion, making it easier for fraudsters to extract sensitive data.
How to Protect Yourself from Emerging Scams
Sam Jabbara, a representative from Visa, emphasized the importance of vigilance, especially in crowded areas where distraction tactics are often employed to steal personal belongings. He also shared essential tips for consumers to reduce their risk of falling victim to these evolving scams:
1. Set Up Purchase Alerts: Activate alerts to monitor transactions in real time and detect suspicious activity early.
2. Enable Two-Factor Authentication (2FA): Use 2FA for all sensitive accounts, and treat OTP codes with the same care as passwords.
3. Stay Informed: Regularly update yourself on the latest scam tactics to better recognize potential fraud attempts.
4. Protect Your Belongings in Public Spaces: Be cautious when traveling or in crowded environments, as thieves may use distraction techniques to steal wallets or other valuables.
Conclusion
The rise of digital payment technologies and AI-powered scams means that fraud is becoming more sophisticated and harder to detect. Travelers and consumers must remain alert and adopt proactive measures to protect themselves from these threats. Whether it’s monitoring transactions, safeguarding OTPs, or being wary of too-good-to-be-true travel deals, staying ahead of scammers is crucial in today’s evolving fraud landscape.
As Visa’s report illustrates, fraudulent schemes continue to evolve, targeting people in everyday situations. By staying informed and practicing good security habits, consumers can significantly reduce their chances of falling victim to these emerging threats.
Source : Swifteradio.com
