This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Early Warning Says a Little ‘Healthy Friction’ Goes a Long Way in Fight Against Fraud
Romance scams. Puppy scams. Peer-to-peer (P2P) fraud.
Like COVID-19 variants, the fraudsters and the scammers’ schemes continue to morph and mutate, shifting to fit the digital age.
We don’t always double-check to make sure that the person on the other end of the transaction is legitimate before we click the button to send payment, and then the bad actors disappear without a trace.
Making the Distinction
He noted that it’s important to make the distinction between scams and fraud — terms that are, quite often, conflated. Generally speaking, fraud happens when someone hacks into a consumer’s account in an effort to steal money or personal information. Scams differ a bit from fraud in that they seek to incentivize a consumer to willingly send money to someone who is promising a good or service in return for those funds.