![]() ![]() In some instances, fraudsters also use fake websites, fake emails, and fake mobile apps for users to trick unsuspecting users into granting them access to personal information. Identity theft through Account takeovers:89% of digital fraud losses that occur are due to account takeovers where a fraudster gains access to your account and misuses that information for nefarious means. The fraudster then uses this stolen data to make fraudulent charges either online or with a counterfeit credit card. When someone swipes a credit or debit card through a skimmer, the device captures and stores all the details like the cardholder’s name, card number, and expiry date stored in the card’s magnetic strip. This fraud is usually carried out by a fraudulent employee who uses a fraudulent card scanner to steal the data. With personal information readily available for fraudsters, here are some of the risks that you need to be aware of and some steps you can take to be vigilant in detecting these frauds and avoiding losses.Ĭard Skimming: This is a type of credit/debit card theft where a fraudster uses a small device to steal the card information in an otherwise legitimate transaction, like in a restaurant or while shopping. The number of consumer identity theft complaints rose 3.3% to over 1.43 million.Financial losses from fraud rose 77% from the previous year to more than $6.1 billion.Fraud complaints increased by 19% for the year to more than 5.8 million.Incidents of identity theft and related fraud rose nationwide in 2021, according to the FTC: For this reason, it is unsurprising that December is the month for National Identity Theft Prevention and Awareness. In reality, these fraudsters strike even more during the holiday season when you least expect it. Identity theft is one such risk that can result in massive financial loss. Online scams happen every second, and we as consumers need to keep ourselves on top of the different types of risks that are around us and their implications on our daily lives. However, did you know that this moment of bliss can turn to tragedy in seconds? Everything is at your fingertips on your mobile phone, and all you need is connectivity, a website or web app, and your debit/credit card. Planning a holiday has become easier than ever, with the digital world allowing everyone to make all bookings online. The holiday season is upon us, and you are probably making plans to travel, shop, and spend time with your families.
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