Consumers have been alerted to a fraudulent message that falsely claims your card has been rejected but actually results in fraudulent transactions from your account.
Experts have labeled this scheme as a “fresh iteration,” highlighting the heightened need for closely monitoring your expenses.
With many individuals conducting a significant portion of their purchases during the holiday season, especially for Christmas or to take advantage of sale offers, vigilance is key to safeguarding your finances.
However, the Better Business Bureau has advised shoppers to check extra carefully when they receive a message saying their card has been declined.
“This is a new twist,” Amie Mitchell, CEO of BBB of Eastern Oklahoma, told Fox23.
“We haven’t seen this before. It’s interesting, you go on a website, you purchase something, and all of a sudden oops, we’re declined.
“OK, it’s holiday season. Maybe we overdrew the bank, understood.
“But consumers are then going and checking their bank and going OK, there’s no reason this should be declined.
“Maybe try to purchase it again, still declined. So they move on, right?
“In a couple of days, what happens is a transaction way higher than what you’re trying to purchase on that website goes through on your credit card.”
Mitchell urged shoppers to track their spending carefully.
That means checking every credit card transaction through the card company’s website or app.
It is also vital to do the same with your bank card transaction.
You should always make sure you know what the price of an item is before you pay it.
If in doubt, you can also use cash.
For those who believe they are the victim of a scam, it is vital to report it to your credit company first.
Bank tips for avoiding scams
As scams become more sophisticated with the use of artificial intelligence, it is important you know how to spot a scam:
- Be skeptical of online deals that seem too good to be true, especially on social media.
- Scammers will often use tactics to make you panicked so you make quick decisions – be cautious if you are told to take immediate action and verify who has contacted you.
- Chase Bank warns customers to “never return any unexpected funds without calling Chase first.”
- Never send money to someone you have only spoken to online or by phone as this is likely a romance scam.
- Unless you 100% know who you are talking to, never give someone remote access to your device.
- Never accept help from strangers at an ATM and always be vigilant when making withdrawals.
- Do not send money or click any links indicating that you have won a prize.
Source: Chase.com
After that, you should report it to the BBB as well so that they can start tracking the company or vendor and get the scam shut down.
To report a scam to the BBB, you can use the following link.
For more information about a particular scam, click here.
It is also vital to inspect ATMs and gas pumps closely for any signs of tampering.
This could point to a so-called skimming scam.
Using a microchip card also means your account data is encrypted, keeping your card safer from skimming and cloning.
