Credit card fraud trends to watch

by Elan Credit Card

As guardians of sensitive cardmember and account data, credit unions running a credit card program must monitor cybersecurity trends closely to protect their cardmembers. Cybercriminals continue to evolve their methods, and fraud reports and losses continue to climb.  

Current attack methods to be aware of:

  • Recent Artificial Intelligence (AI) developments, like ChatGPT, have made phishing attempts much more effective. Technology like ChatGPT allows cybercriminals to create more realistic messaging to convince cardholders of legitimacy.
  •  A newer, effective, and more sophisticated form of phishing has emerged combining voice and email known as telephone-oriented attack delivery (TOAD). Some common lures are associated with banks, tech support, Apple, Amazon, and PayPal.

 

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