Online criminals devise all sorts of ways to lure you into their cyber traps. They also create new tactics and schemes along the way, in order to ensure that they’ll be able to victimize as many users as possible with as little time and resources spent on their part. For example, phishing scams are designed to trick users into giving away their private details and financial information. This usually results to online payment fraud. That’s where scammers use your stolen financial details like your credit card information or online bank account credentials for their illegal activities on the Web.
A report by RSA FraudAction last year claims that there were more than 15 new phishing messages sent out every 10 minutes on average. American users were the main target victims of these phishing attacks, getting 48% of all the phishing messages that were distributed in 2016. This resulted to online payment fraud and identity theft, which have been known to cause billions of financial losses across the USA each ear. In fact, $8 billion of losses were reported in 2014, and many US-based financial experts predict a 125% growth in credit card fraud and identity theft by the end of 2018. That could mean we’ll be looking at $19 billion of losses in the next 24 months.
The most recent scam complaints and Web crime reports in Big Scammers also indicate that more users are being victimized by phishing attacks and all sorts of fraudulent schemes. These are generally designed to help criminal groups and fraudsters to commit online payment fraud and other Web scams.
You should also watch out for malware applications that are designed to infect your mobile device. Your personal details, private information and financial credentials can be stolen by the latest malicious programs out there today. The thieves can then use your stolen information to commit online payment fraud, which could ruin your credit score.
How Can Online Payment Fraud Victims Recover Their Money?
If the money that you lost on the Web was from your credit or debit card, then you can file an online payment fraud report to your card-issuing bank or credit card company. Same thing if your online banking account gets hacked – Just contact your bank. They’ll be able to assist you in filing a chargeback or a claim, which can help you recover the lost funds in a week or so. By doing this, you’ll also be able to clear your records from any purchases of illegal products like prohibited porn, firearms, recreational drugs and the like.
In case your e-wallet account at platforms like PayPal was compromised, then you can file for an unauthorized payment claim with your e-wallet provider. The process usually takes 10 days or so for you to recover your lost funds. Just log into your account and follow their procedures for filing an online payment fraud report.
If you sent money to fraudsters through cash-only remittance outlets like MoneyGram and Western Union, or if you sent your prepaid debit card, gift card or money pack credentials to them, then unfortunately – What you can do is to report the online payment fraud to the proper authorities in your country. These are government offices like your local area’s online crime reporting center. There’s a slim chance that you’ll be able to recover your money if you lost it this way, but it’s still best to report the incident to your local government. By doing this, you can help them track down and catch the scammers who ripped you off if possible.
The best solution so far is to steer clear from online payment fraud. After all, an ounce of prevention is worth a pound of cure. That’s where sites like Big Scammers can help you – Just sign with this online community. You’ll receive instant updates and notifications about the hottest news in the world of cyber security, and also about the latest scam complaints and Web crime reports from other users all over the world. You’ll be able to learn more details about similar types of online payment fraud, allowing you to devise more suitable solutions to quickly recognize and safely block the newest Web scams and online crimes this year.