/How to Protect Yourself From Payment Fraud

How to Protect Yourself From Payment Fraud

Online fraudsters are working overtime to fleece you, but a new report breaks down their advanced methods so you can know what to watch for. (CNBC)

These days, one of the most pervasive patterns of fraud is content abuse. This is an umbrella term for when fraudsters use clever tactics to disguise online content to look legitimate so that you share your personal information. You probably see hundreds of postings per day on social media, in online communities and on job boards. And while some might seem a little “off,” in times of desperation, fraudsters hope you can be easily tricked into sharing your personal information.

According to Sift’s latest report, content abusers often work together in networks, forming a whole scam economy that preys on consumers’ needs and wants. Fraudsters might post ads for AirBnbs or vacation homes, jobs, bargains and limited-time deals that seem too good to pass up. The branding, photography and descriptions may seem legitimate and mimic the brands you trust and/or processes you use every day.

And given how much our day-to-day world is changing due to coronavirus precautions, fraudsters are hoping you might not detect a bad actor right away.

Take hotel reservations, for example. It’s commonplace for hotels to ask for a credit card to hold your booking. But now that businesses in other sectors, including restaurants, gyms and hair salons, are opening at limited capacity, you might find that they adopt a similar model and require that you hold your spot with a small deposit.

However, the most effective way to protect yourself from credit card fraud is to trust your intuition when you spot/sense red flags.