In September 2020, UK Finance published their half-year update, reporting financial loss by card fraud in the UK at £288.2m. This figure doesn’t include the fraud attempts that were prevented.
Financial fraud is huge business, and with the impact of Covid-19 driving uptake in online banking and digital wallets, fraudsters have adapted their tactics and social engineering scams to chase the money.
Identity theft and card fraud can have a very serious impact on the life of the victim, and nobody is immune to the attempts that fraudsters will make. Yet, despite the statistics and potential risk, many of us are still far too relaxed about protecting our card details, and we’re unfamiliar with the tactics used by fraudsters.
In this blog, we’ll show you some quick ways to notice fraud patterns fast and protect your finances.
Five easy ways to quickly spot fraud patterns
- Be wary of unofficial email addresses
It’s always worth checking the address an email comes from. Scammers often try to make an email look like it is from the company or organisation they are pretending to contact you from. A scam email usually has a bizarre email address behind what looks like a genuine sender name. To find out if there’s a fraudster behind what looks like a genuine sender, use your mouse to hover the cursor over or right-click on the sender’s name and you should see the email address behind it.
- Keep an eye out for small transactions leaving your account
Fraudsters often conduct several low-value transactions with different cards to make sure that the card details they have stolen are functioning. The low fees usually don’t trigger chargebacks from the legit account holders as the transactions are not conspicuous. Watch out for numerous low fee transactions taking place in a sequence.
- Tighten your social media privacy
Update your privacy settings across your social media accounts so your profile and the things you post are only visible to your friends and family. Experienced fraudsters can use small snippets of information to impersonate you and obtain even more information from companies you are connected with; this is known as Phishing.
- If an action or request from your bank or card company seems suspicious, treat it as such
Your digital wallet company or bank should never request passwords via phone, text, or email. If you receive these requests, you should contact the company via a number or email address on their website to check if the request is legitimate.
- Finally, ask yourself these questions and if the answer to any of them is yes then you should be suspicious.
i) Is the offer too good to be true?
ii) Are the contact details vague?
iii) Have you been contacted out of the blue?
iv) Are you being pressured to make a decision?
Here’s how MuchBetter is protecting your finances
Account security is the utmost priority at MuchBetter, and we go further than other card providers to protect your sensitive information.
MuchBetter accounts are protected with device pairing, touch ID, dynamic CVV codes and a transaction review system that ensures only legitimate transactions go through.
Your MuchBetter account is paired with your device, which makes it impossible for your account to be accessed on any device other than the one you originally set your account up with.
Your MuchBetter Prepaid Debit Mastercard ® uses a dynamic CVV number (the 3-digit security number on the back of a card). This number is held in the MuchBetter app and changes each time you log in, meaning it will never be the same, making it one of the safest cards on the market.
Instantly freeze your card
If your card is misplaced or stolen, there is no need to worry about being able to contact us, because with MuchBetter you are in control. Freeze your card or payment key fob instantly from your app.
Order the safest debit card on the market from MuchBetter
If you are a resident in Europe, you can order your FREE MuchBetter Mastercard® today or order the unique payment key fob for just £10 (or currency equivalent).
*The MuchBetter Mastercard and key fob is only available to customers within the EEA. Your new card will be posted to your registered address within 7 – 10 business days. Please ensure you have entered the correct address at registration.