Friday, March 30, 2012

Achieve Card on scams: Consumer knowledge is key to preventing fraud

Security issues surrounding the use of payment cards continue to blur the vision of a cashless society. Financial experts from card companies like Achieve Card say scams are mostly Web-based, facilitated through the use of deceptive techniques which include phishing, skimming, and the use of pop-up advertisements.

From Achieve Card

Debit card holders usually encounter pop-up ads in e-commerce sites where they’ve made a transaction. The advertisement often promises to give cash-back rewards once cardholders click ‘yes.. Unbeknownst to the unwilling victims, they are clicking to get charged monthly for an online membership service to fraudulent companies. Scammers also masquerade as trustworthy entities in conducting phishing techniques. Using social engineering, criminals lure cardholders to install malicious software or to give their personal details under false pretenses. Cybercriminals also use skimming, a method of copying debit card data. They use pocket-sized electronic skimming machines to capture a cardholder’s information and keystrokes when they enter their personal identification numbers.

From Achieve Card

Achieve Card says scams can be overcome with consumer knowledge and awareness. Consumers are advised to take necessary precautions in dealing with anything that involves debit card transactions. These necessary precautions include monitoring account activity, double-checking statement transactions, examining emails before responding, and transacting at safe branches which have tools that can verify if fraudulent acts have been committed.

From Achieve Card

Financial analysts like those from Achieve Card say scams are likely to rise as crooks are getting smarter and payment cards are becoming more popular. To learn more on how you can protect yourself from fraud, go to www.achievecard.com.

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