Beware of Holiday Fraud

Vishing and Smishing: Social Engineering Threats

Vishing (voice phishing) and smishing (SMS phishing) are tactics used by fraudsters to impersonate trusted organizations via phone calls or text messages. Their goal is to build a rapport with victims and manipulate them into revealing sensitive personal or financial information.

Criminals may use text messaging or various messaging apps, such as WeChat, WhatsApp and Facebook Messenger. They may also use technologies like Voice over IP (VoIP) and Caller ID spoofing to disguise their identity, making calls or messages appear as if they originate from legitimate sources—even mimicking local numbers.

To reduce the risk of falling victim to these scams, cardholders should:

• Be cautious of unsolicited calls or texts from unknown numbers.
• Verify suspicious contacts by calling the official number listed on the organization’s website.
• Avoid clicking on links in unexpected messages.
• Direct any inquiries about orders or deliveries to the contact information provided on official websites or confirmation emails.
• Never share one-time passcodes unless a transaction is personally initiated.
• Be skeptical of urgent or emotionally charged calls, especially those claiming a family emergency – AI-generated voices can mimic loved ones.
• Recognize that fraudsters often use fear and urgency to manipulate victims.

Holiday Season Fraud Prevention Best Practices

To minimize fraud risk during the holiday season, cardholders should:

• Shop Securely: Use only trusted websites. Avoid entering payment details on unfamiliar or suspicious sites.
• Use Secure Networks: Always shop online using a secure Wi-Fi connection or VPN.
• Avoid Skimming Devices: Prioritize chip or contactless payments. If a terminal forces a swipe, it may be compromised.
• Limit Personal Information Sharing: Avoid oversharing online, as personal details can be used to guess security questions.
• Verify Deals: Be cautious of “too good to be true” offers via email or SMS. Confirm promotions directly with the retailer.
• Monitor Financial Activity: Regularly review account statements and credit reports. Consider enrolling in a credit monitoring service. Access your credit reports or freeze them at: www.equifax.com, www.experian.com or www.transunion.com.
• Update Contact Information: Ensure your financial institution has your current contact details and respond promptly to fraud alerts.
• Protect Physical Mail: Monitor your mailbox and shred sensitive documents, including pre-approved credit offers.
• Use Strong, Unique Passwords: Employ different secure passwords for financial accounts, social media, and mobile devices.