Visa’s report highlights the rise of fraud targeting consumers and travelers

Robert Novoski

A new report from Visa highlights this developmentfraud targeting consumers and tourists, who put a new twist on old tactics to trick victims.

Visa’s “State of Fraud: Fall 2024 Biennial Threat Report” found that there has been an increase in physical theft in the past six months, with criminals purchasing gift cards or physical products using stolen payment information that can be resold, or using card numbers for money transfers.

A new style of physical theft, known as “digital pickpocketing,” has also become increasingly common in the past year, according to the report. Fraudsters commit thefts using mobile point-of-sale devices, which they use to tap the wallets of unsuspecting consumers to make payments, often in crowded areas where contact is possible went unnoticed.

Michael Jabbara, SVP and head of global fraud services at Visa, told FOX Business that, “Consumers must guard against digital pickpocketing by being aware of their surroundings. Just like old-fashioned pickpockets, criminals prey on those who are distracted by what’s going on around them , which makes tourists in busy areas the main target.”

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Airport terminal with tourists

Visa released a new report on the rise of fraud and threats to consumers. (Photo by Miguel J. Rodriguez Carrillo/Getty Images / Getty Images)

“People should also consider enabling real-time purchase alerts on their accounts. This way, if they fall victim to digital theft, they can immediately notify their bank, thereby helping not only themselves but also others who may have fallen victim to fraudsters. ,” added Jabbara.

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Fraudsters are also leveraging one-time password phishing scams as a way to bypass two-factor authentication protocols aimed at preventing unauthorized access to accounts. Visa’s report notes that scams are becoming more convincing due to the rise of generative fraudartificial intelligence (AI) and its use to carry out surveillance on victims by including emails or other more convincing communications.

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The sneaky guy behind the computer

Cybercriminals use fake airline websites to defraud travelers. (Photo by Annette Riedl/image alliance via Getty Images / Getty Images)

Visa discovered that threat actors also wanted to take advantage of the busy travel season by exploiting consumer incometravel plans. The report notes that one common scam involves fraudulent websites that “spoof” or imitate the sites of major airlines and attempt to lure consumers with lower price offers, who make purchases and are subsequently lured by in-flight service price increases before the scammers stop. victim.

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

Jabbara said that in addition to being wary of such scams, travelers should also “be careful in busy areas where diversionary tactics are often used to steal items.”

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Airport terminal

Travelers should be wary of theft of their belongings as well as impersonation fraud by fraudsters posing as airline officials online. (Miguel J. Rodriguez Carrillo/Getty Images / Getty Images)

It also offers some best practices consumers should follow to protect themselves from fraud and scams, as well as how to respond to theft if it occurs.

“First, consumers should set up purchase alerts to monitor their transactions and immediately flag if something goes wrong. Consumers also have to organizetwo-factor authentication and protect any code as if it were a password. “Consumers should also stay up to date on the latest scams to help be aware of what fraudsters are taking advantage of,” said Jabbara.

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“If consumers find anything suspicious in their report, they should contact their financial institution immediately. After reporting fraud, updating passwords and ensuring two-factor authentication is set up correctly are important steps. If theft has occurred, this must also be done. reported to local law enforcement,” he added.

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