The Ultimate Guide to Credit Cards™
Monday, October 18, 2021

All articles tagged Fraud (11)

SentiLink Earns Recognition for Tools That Protect Card Issuers and Lenders from Fraud and Identity Theft

SentiLink Earns Recognition for Tools That Protect Card Issuers and Lenders from Fraud and Identity Theft

By: Adam West, 5/20/2021

In a Nutshell: Identity fraud costs card issuers and lenders billions a year, but not all fraud is the same. When fraudsters co-opt a user's actual credentials, there's a clear break in an existing customer relationship, and the damage can be stopped. More insidious is synthetic fraud, where entirely new identities are fabricated, and there's no real customer involved. SentiLink uses an innovative combination of data analysis and human intelligence tools to protect financial... read more »

Due Diligence Pays Dividends for Consumers Aiming to Avoid Falling Prey to Credit Card Fraud Tactics

Due Diligence Pays Dividends for Consumers Aiming to Avoid Falling Prey to Credit Card Fraud Tactics

By: Adam West, 12/16/2020

In a Nutshell: As the COVID-19 pandemic took hold in 2020, consumers purchased more products and services on the internet. Unfortunately, that trend also motivated cybercriminals to increase their efforts. In Canada, for example, 2020 rates for ecommerce merchandise and credit card fraud surged well beyond 2019 levels. Internet fraud is ultimately a game of numbers, according to Jeff Thomson, Senior RCMP Intelligence Analyst at the Canadian Anti-Fraud Centre. If Canadian consumers... read more »

Scam Detector Resources Help Protect Consumers Against Credit Card Fraud and Other Threats

Scam Detector Resources Help Protect Consumers Against Credit Card Fraud and Other Threats

By: Adam West, 10/14/2020

In a Nutshell: Threats from fraudsters looking to steal credit card and identity information are a constant in today's connected world. That's why millions of people in more than 190 countries have turned to Scam Detector for free daily updates designed to protect them from the latest scams. And threats don't end with credit cards — if something seems too good to be true, it usually is. That’s why Scam Detector also helps consumers make smarter choices everywhere, whether they're... read more »

15 Disturbing Credit Card Fraud Statistics

15 Disturbing Credit Card Fraud Statistics

By: Erica Sandberg, 8/24/2020

Credit card fraud is the most common type of identity theft, according to a 2020 Federal Trade Commission report. This type of fraud typically entails someone taking over a person's existing credit card accounts and charging without permission or opening new accounts using someone else’s personal financial information. In both cases, the crook escapes with the goods and the consumer is left dealing with the credit, financial, and psychological damage. Protecting your credit... read more »

What to Do if Your Credit Card is Lost or Stolen

What to Do if Your Credit Card is Lost or Stolen

By: John Ulzheimer, 8/3/2020

It has happened to all of us. We use our credit cards and use them often. We do our best to protect not just our physical card and its information, but also the credentials to our bank’s online account access. But regardless of how careful we may be, nobody is immune to either losing their credit card or falling victim to one of the most common identity theft crimes in the country -- credit card fraud -- thanks to a stolen card. A lost or stolen credit card can be a stressful... read more »

Expert Tips to Help Consumers Distinguish Between Legitimate Debt Collection Phone Calls and Scammers

Expert Tips to Help Consumers Distinguish Between Legitimate Debt Collection Phone Calls and Scammers

By: Matt Walker, 5/24/2019

In a Nutshell: Unwanted robocalls are on the rise, despite continuing efforts to combat them. Common robocall scams include callers purporting to represent debt collectors or even the IRS. The scams prey on vulnerable consumers who may expose their sensitive information to criminals because they don't recognize the ruse. We recently spoke with Aaron Foss, the Founder of Nomorobo, to learn more about the robocall problem and gain insight on how consumers can identify illegitimate calls.... read more »

How to Get a Virtual Credit Card Number

How to Get a Virtual Credit Card Number

By: Brittney Mayer, 6/13/2018

While the implementation of chipped EMV credit cards has eliminated a large portion of card-present (CP) fraud, the amount of card-not-present (CNP) — read: online — credit card fraud has steadily risen over the last few years. In an effort to combat CNP fraud, several card issuers and third-party companies have developed what are called virtual credit cards. Designed for use when shopping online, virtual credit cards are randomly generated, single-use credit card numbers... read more »

MarkMonitor® Uses Proprietary Anti-Fraud Technology and Intelligence to Build a Wall Between Fraudsters and Financial Brands

MarkMonitor® Uses Proprietary Anti-Fraud Technology and Intelligence to Build a Wall Between Fraudsters and Financial Brands

By: Ray FitzGerald, 12/1/2017

In a Nutshell: Every year, trillions of dollars are lost to fraud and brand manipulation. The scams can be as simple as a fake online paid advertisement claiming affiliation with a brand, or an impersonation website to trick customers into providing sensitive financial information. Since 1999, MarkMonitor has been a global leader in brand protection services. The company offers big and small corporations the latest technology and information tools to guard against fraud and malicious... read more »

Fighting Fraud with Knowledge — How Western Union’s Fraud Education Resources Help Lower Consumer Money Transfer Fraud

Fighting Fraud with Knowledge — How Western Union’s Fraud Education Resources Help Lower Consumer Money Transfer Fraud

By: Brittney Mayer, 6/9/2017

In a Nutshell: While modern technological advances have improved many aspects of our lives, they've also given rise to new avenues for fraudsters and con-artists to scam us out of our hard-earned cash. For nearly 150 years, Western Union has helped Americans transfer money, and the company knows that knowledge is half the battle in the fight against fraud. With that in mind, Western Union is arming consumers with a comprehensive fraud awareness campaign to teach them the warning signs,... read more »

Finding Fraud Fast: How Advanced Predictive Modeling & Detection Technology from Fiserv are Helping Reduce Institutional Fraud Exposure

Finding Fraud Fast: How Advanced Predictive Modeling & Detection Technology from Fiserv are Helping Reduce Institutional Fraud Exposure

By: Brittney Mayer, 12/15/2016

In a Nutshell: From complicated phishing scams to simple pick-pocketing, fraudsters seem to never run out of ways to get their hands on your credit, debit, or prepaid card information. Thankfully, companies like Fiserv are fighting back -- and helping consumers fight back, too. With massive predictive models and highly trained fraud detection teams, Fiserv is a big part of the fraud-fighting infrastructure of more than 3,000 institutions around the country. They're even encouraging... read more »

My Credit Card Was Used Fraudulently (Here’s What to Do)

My Credit Card Was Used Fraudulently (Here’s What to Do)

By: Eric Bank, 1/19/2016

Even with today's increased security measures, credit cards can still be susceptible to fraud. Just a few months ago, my credit card was used fraudulently. Thankfully, I was able to recover the funds lost through the duplicitous purchases. If you find yourself in a similar situation, and your credit card was used fraudulently, here's what to do. The IRS's advice is to place a “fraud alert” or a “credit freeze” on your credit account. You can also use a credit monitoring or... read more »