As if we don't have enough to worry about, there has been a spike in credit card fraud even as citizens are working through an economic crisis.
The Wall Street Journal has reported that scammers are using pilfered credit card numbers and phishing strikes on struggling consumers and banks during the pandemic. Since the shutdown of the U.S. economy, the number of credit and debit card fraud attempts has increased.
Fidelity National Information Services Inc., known as FIS, which assists about 3,200 U.S. banks with fraud monitoring, said that the fraud transactions spiked to 35 percent in April.
Since citizens are out of work, some are falling behind on payments, and an increase in fraud can lead to higher losses for card issuers, thus resulting in higher costs for consumers.
Fraudsters are using methods such as generating random card numbers until finding one that works and is a legit account and are also making purchases with numbers stolen using pre-pandemic hacks. The method of calling, emailing, or texting to trick people into giving their information away is rising as well.
Anton Hinton fell victim to this, and the scammers, posing as JPMorgan, charged $300 to his account. Luckily, he was able to get his money back. Chase Bank has said that scams usually increase during times of crisis, and the COVID-19 pandemic is, of course, exactly that.
Unfortunately, this means more issues to stress about during these already hard times. However, it is good to be aware of scammers and their attempts to steal your information.