A new scam has emerged that is catching many Australians off guard. The “Credit Card Declined” scam is the latest tactic used by cybercriminals to exploit unsuspecting consumers. Here’s what you need to know to protect yourself and your business.
How the Scam Works
The scam typically begins when a consumer attempts to make a purchase online. After entering their credit card details, they receive a message stating that their card has been declined. Believing it to be a genuine error, the consumer then tries another card, which also gets “declined.” In reality, the initial card was not declined, and the scammer has already captured the card details for fraudulent use.
Real-Life Impact
This scam has already affected numerous Australians. For instance, one victim reported that both of their cards were used for unauthorised purchases shortly after receiving the “declined” message. The Better Business Bureau (BBB) has noted a significant increase in such reports, urging consumers to be vigilant.
Tips to Stay Safe
- Verify Website Legitimacy: Always check the URL for any discrepancies and ensure it starts with “https://”.
- Avoid Using Multiple Cards: If your card is declined, contact your bank before trying another card.
- Monitor Transactions: Regularly check your bank statements for any unauthorised transactions.
- Report Suspicious Activity: If you suspect fraud, report it immediately to your bank and the BBB’s Scam Tracker.
The Role of Businesses
Businesses also have a crucial role in protecting their customers. Implementing robust security measures and educating customers about potential scams can go a long way in preventing fraud. Additionally, businesses should ensure their websites are secure and regularly updated to fend off cyber threats.
Conclusion
As cyber threats continue to evolve, staying informed and vigilant is our best defence. By understanding how these scams work and taking proactive measures, we can protect ourselves and our financial information from falling into the wrong hands.
