Preventing cardholder fraud this holiday season



Preventing cardholder fraud this holiday season

All of the shopping, bargain hunting, and charitable giving of the holiday season makes it a prime time for scammers to attempt to steal your cardholders’ personal information or money.

The importance of a strong e-commerce strategy

Due to COVID-19 health and safety protocols, e-commerce has seen exponential growth. In 2020, digital commerce sales came in at more than $861 billion in the U.S. alone, which was up 44 percent from 2019. There are no signs of a slowdown any time soon.

Going contactless during COVID-19

The COVID-19 pandemic has no doubt created challenges for financial institutions across the country. However, one of the hallmarks of community banks is their ability to quickly adapt and overcome the challenges in front of them.

Phishing attempts increasing due to COVID-19

Phishing refers to the attempt to steal a person’s personal information, mainly login credentials and card information. Scammers will then use this information to conduct fraudulent transactions. Here’s an example of a phishing attack and how you can prevent your cardholders from becoming victims: The fraudster gathers information from social media to get to know the victim.

Fuel Pump Fraud Mitigation

Gas stations can be a popular first stop for fraudsters because they can test stolen or counterfeit cards without the risk of facing an employee. Research shows that when prompted to go inside a store to complete a transaction, most criminals will drive away instead.

What is a Person-to-Person (P2P) Payments App?

A Person-to-Person (P2P) payment app is a service that allows one user to send money to another using an app or website. P2P apps are linked to your deposit account or through your debit card. Payment apps include PayPal, Venmo, CashApp, and many others.

Signature/Credit vs PIN/Debit transactions

Advantage ATM and Checkcards are accepted worldwide for purchases in person, online, in-app, and by phone wherever Visa is accepted. When a cardholder makes a purchase at a merchant, they may be asked to authorize the purchase with a signature or PIN. In many Point-of-Sale (POS) scenarios, the cardholder is not immediately presented with a choice regarding the authorization method.

Make sound decisions about charitable giving

A charity or non-profit organization requesting money might seem innocent at first, but sadly, scammers have started pretending to be charities and are hoping to get your money. Here is some information to help you make sound decisions about charitable giving: Use a budget Before giving to any charity, ask yourself: What’s my realistic budget for charitable contributions?

Business checkcards make purchasing fast and easy!

Business owners need their money to be easily accessible. With Business checkcards, business owners can purchase equipment and office supplies, make utility payments, or withdraw cash at millions of ATM locations. Business checkcard holders can order multiple cards for their business, allowing employees access to company funds without carrying the business checkbook.

Surcharge-free access to 55,000 Allpoint ATMs worldwide for all Advantage Cardholders

Membership in the Allpoint ATM Network is free to Advantage member financial institutions. Your cardholders receive surcharge-free cash withdrawal transactions (and other account access) at Allpoint ATMs, conveniently located in regional and national retailers such as Target, Kroger, and Costco. This means you are not sending your cardholders to ATMs at competing financial institutions.

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