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ICFE eNEWS #15-19 - June 12th 2015

"Bogus Credit Card Alerts a New Concern for Consumers"

By Gregory Bresiger
New York Post, May 23, 2015, 8:24pm

What the hack?

While most Americans are worried about credit card and bank fraud, they should treat safety "alerts" with a degree of skepticism as well.

Many consumers have received a seemingly legitimate credit-card or debit-card alert that is actually part of a scam.

In a recent poll, about 70 percent of respondents said they received a fraudulent fraud alert from a card company.

A little over half of the alerts of the blocked charges were legitimate purchases "that were wrongly blocked by the issuer," according to the poll for CreditCards.com.

Those targeted by the scammers are usually college graduates and the affluent, for their ability to access larger credit lines.

"It's a big problem, and card companies are having problems keeping up with all of it," said Matt Schulz, a senior industry analyst with CreditCards.com.

Given recent high-profile data breaches, card companies are stepping up monitoring, Schulz said. They do so, in part, because the company, not the cardholder, is usually stuck with the fraud bill.

But what should the cardholder do if he or she receives one of these notices?

"If you have an received an e-mail, text or some Web browser pop-up that is asking for your bank, credit-card information or some sort of payment details, do not respond or click any link," says Shaun Murphy, CEO of Private Giant, a firm offering online communications privacy services.

The safest thing to do, he adds, is to delete it. "If your bank or credit-card company wants to see the e-mail, you can always go into the deleted items and forward it, but wait for them to ask," Murphy says.

Murphy advises consumers to notify card companies "before traveling or making other unusual purchases."

Most card issuers now offer online notification tools. Schulz says more information is available at: creditcards.com/credit-card-news/fraud-alert-blocked-poll.php

Two government teams monitor the problem as well. They can be reached online here, and here.


ICFE eNEWS is available FREE upon request by visiting our Web site and filling out the contact form, and selecting "Yes" for "Add to Mailing List. Please pass this eNEWS on to your peers and interested others and invite them to subscribe for free. Also, visit the ICFE's new Web site: StudentDebtHelp.org

Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

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Home ] ICFE News Releases ] ICFE in the News ] Children and Money ] Financial Education ] Resource Center ] Credit Card Tips ][ Credit File Correction ] Mending Spending ] Links and Resources ]  [ Online Store ]

 

Copyright ©  1997 - by Paul S. Richard
and the Institute of Consumer Financial Education, All Rights Reserved.
View our
Privacy Policy Our Terms and Conditions

Institute of Consumer Financial Education
PO Box 34070
San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone 619-239-1401

FAX 619-923-3284

Questions for www.financial-education-icfe.org Click to go to Website Contact Us or 
Website Design Donated by Desgn School Programs