With an increase in spending online comes an increase in financial fraud.
As more and more consumers shop online, cyber-thieves are taking advantage. Most people admit to using the same password for multiple accounts, which opens the door for these cyber-criminals to gain access to their accounts. Fraudsters know shopping sites are rife with opportunities to steal financial information and e-skimming makes it easier for them to do so. E-skimming is a growing trend that allows criminals to watch online shopping carts in order to steal credit card and debit card information. They place a skimming code on e-commerce payment processing sites to capture card information, targeting online business retailers, ticket sites, travel-related companies, and utility providers.
Even on the most legitimate company sites, it can be difficult to detect if they’re compromised. The skimming code captures information in real time and data is collected by fraudsters behind the scenes. That card data is either sold or used to make fraudulent purchases.
Along with e-skimming, a McAffee study shows phishing texts and emails as other leading causes of fraud. Phishing texts and emails look like they’re coming from a trusted company, asking consumers to click a link that goes to a fraudulent website made to look exactly like the company’s real website. Once a user “logs in” to the site, the scammer can use those details to steal card and financial information.
When you’re shopping online, we suggest you follow these tips in order to keep your finances safe:
- Enter your credit card information once. It’s safer than entering it repeatedly.
- Utilize your Mobile Wallet. This sends a one-time token of your credit card information. Even if the token is skimmed, cyber criminals can’t access your financial information
- Avoid banner ads and use secure browsers. Type the web address directly into your browser’s search bar, rather than clicking on ads to avoid malware-infected pop-ups.
- Don’t give out personal information or login credentials. Remember, we will NEVER ask you for account information over the phone, in a text, or via email.
- Enable two-factor authentication for all connected devices. Use strong passwords and change them often, and avoid using the same passwords for multiple sites.
- Activate Account Alerts in online and mobile banking. Transaction, balance, and usage alerts can help you detect fraud on your account. Report any suspicious activity immediately, and use Card Management to report your card lost or stolen. If you have questions about specific transactions, utilize Messages within online banking and our mobile app to send your question, along with the transaction details, directly to our Customer Support Team.
Our team is here to help. Contact us with your questions!