The Visa report highlights emerging scams targeting consumers and travelers

A new report from Visa sheds light on its rise scams aimed at consumers and travelers, who have put a new twist on old tactics to defraud victims.

Visa’s “State of Scams: Fall 2024 Biannual Threats Report” shows that there has been a resurgence in 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‘, appears to have become increasingly common in the past year, according to the report. Scammers commit the theft using a mobile payment device, which they tap against an unsuspecting consumer’s wallet to initiate a payment, often in busy areas where the contact can go unnoticed.

Michael Jabbara, SVP and global head of fraud services at Visa, told FOX Business: “Consumers need to protect themselves from digital pickpockets by being aware of their surroundings. Like old-fashioned pickpockets, criminals prey on those who are distracted by what’s going on around them, making tourists a prime target in busy areas.”

Job fraud will increase by 118% in 2023 thanks to Ai, Watchdog Group warns

“People should also consider enabling real-time purchase alerts on their accounts so that if they become a victim of digital pickpocketing, they can immediately report it to their bank, helping not only themselves but others who could be victimized. become the scammer.” Jabbara added.

Read more in the Fox Business app

Scammers are also ramping up phishing attacks using one-time passwords as a way to bypass two-factor authentication protocols intended to prevent unauthorized access to an account. Visa’s report notes that the scams have become more convincing in part because of the prevalence of generative artificial intelligence (AI) and using it to conduct reconnaissance on victims to record more convincing emails or other communications.

Vacancies via texts? Be careful, it’s probably a scam

Visa found that threat actors are also looking to take advantage of a busy travel season by taking advantage of consumer activity travel plans. The report notes that a common scam involves fraudulent websites that “spoof” or imitate those of major airlines and attempt to entice consumers with bargain deals, who make purchases and are then further lured by higher charges for inflight services before the scammer stops. the victim.

Scammers also pose as airline officials and send fake cancellation emails that also request the individual’s payment details 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 diversionary tactics are often used to steal belongings.”

Scammers usually pose as these companies, says Ftc

He also offered some best practices that consumers should follow to protect themselves from fraud and scams, and how to respond to theft if it does occur.

“First, consumers should set purchase alerts to monitor their transactions and quickly identify if something is wrong. Consumers must too two-factor authentication and protect all codes as if they were passwords. Consumers should also keep themselves informed about the latest scams so they know what fraudsters are taking advantage of,” Jabbara said.

“If consumers encounter anything suspicious in their report, they should immediately contact their financial institution. After reporting the fraud, updating passwords and properly setting up two-factor authentication are crucial steps. If there is any theft, it should also be reported to the local police,” he added.

Original article source: The Visa report highlights emerging scams targeting consumers and travelers