Rio Olympics Ripe for Credit Card Fraud
Posted by: Timothy Weaver on 08/02/2016 09:26 AM
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Going to the Olympics? Beware of credit and debit card fraud. Brazil shows that almost half of consumers in Brazil (49%) had experienced some kind of card fraud in the past five years.
The numbers show that Mexico has a higher card fraud rate (56%) than Brazil, followed by the US in third (47%). However, two years ago, the numbers showed credit card fraud was only 30% in Brazil, which means the fraud is escalating.
“With fraud rates in Brazil continuing to soar, it is important that visitors to the Rio Games do everything they can to protect themselves,” said Jay Floyd, head of fraud strategy EMEA at ACI Worldwide. “Our research shows that the careless behavior of many consumers contributes to the perpetration of fraud. Although many banks have invested in robust technology to quickly identify card fraud and will reimburse customers in case of fraud, it is better to avoid becoming a victim and having your holidays spoiled by fraudsters in the first place.”
A few tips when traveling include shopping at retailers that accept chip-and-pin cards, lock their smartphone or tablet, pay in cash when ever possible and alerting your bank that you will be traveling.
In addition to credit card fraud, hackers are also conducting phishing scams starting with fake lottery win notifications spoofed to come from the Brazilian government and the International Olympic Committee (IOC).
Source: Info Security
The numbers show that Mexico has a higher card fraud rate (56%) than Brazil, followed by the US in third (47%). However, two years ago, the numbers showed credit card fraud was only 30% in Brazil, which means the fraud is escalating. “With fraud rates in Brazil continuing to soar, it is important that visitors to the Rio Games do everything they can to protect themselves,” said Jay Floyd, head of fraud strategy EMEA at ACI Worldwide. “Our research shows that the careless behavior of many consumers contributes to the perpetration of fraud. Although many banks have invested in robust technology to quickly identify card fraud and will reimburse customers in case of fraud, it is better to avoid becoming a victim and having your holidays spoiled by fraudsters in the first place.”
A few tips when traveling include shopping at retailers that accept chip-and-pin cards, lock their smartphone or tablet, pay in cash when ever possible and alerting your bank that you will be traveling.
In addition to credit card fraud, hackers are also conducting phishing scams starting with fake lottery win notifications spoofed to come from the Brazilian government and the International Olympic Committee (IOC).
Source: Info Security
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