Financial Fraud: A Growing Problem
Financial fraud. It can happen to anyone — and more frequently than you may have imagined. Some of the most common types of financial fraud include:
- Credit card/debit card
- Internet
- Bank account
- Identity theft
With credit card or debit card fraud, a scammer or thief accesses your debit or credit card number and uses it to make purchases. The thief may steal the physical card (by pickpocketing you, for example) or by “skimming” it with a device that captures the card number when you use it to withdraw money from an ATM.
Internet fraud is also common.It can involve online schemes that are used to take advantage of people — including phishing, malware, email account compromises and data breaches. Phishing is when emails are sent that appear to be legitimate and induce you to reveal information such as credit card numbers or passwords. Malware is software that can provide access to your computer.Data breaches occur when your personal information is accessed without authorization — typically by hackers.