byLaurie Wexler Gerber, MBA, GW & Wade Director of Marketing
We have been alerted that there is an increase in fraudulent debit card activity resulting from cardholders being scammed into giving personal information to fraudsters. The most recent fraud trend involves fraudsters calling cardholders and posing as a “Fraud Representative” to gain access to one-time passcodes and other personal information used to load card details into mobile wallets.
How the Fraud Trend Works:
A client receives a phone call from what appears to be a legitimate phone number (sometimes even spoofed as a known call center number)
The fraudster poses as a legitimate fraud analytics representative
The fraudster states they either have sent or will be sending the end client a one-time password (OTP) and requests the client to read it back to them
The fraudster is then able to use the OTP to provision the card number to a mobile wallet
Recommended actions for debit card users:
Never share a One Time Pin (OTP), PIN, or passwords to a caller inquiring about their account, as you will never be asked for your passcodes, PINs, or passwords over the phone.
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The information provided above is the opinion of the author, general in nature and is not intended to represent specific investment or professional advice. No client or prospective client should assume that the above information serves as the receipt of, or a substitute for, personalized individual advice from GW & Wade, LLC, which can only be provided through a formal advisory relationship. Diversification and asset allocation do not ensure a profit or guarantee against loss. Past market performance is not a guarantee of future results.
In 2007, GW & Wade joined Focus Financial Partners as an indirect, wholly-owned subsidiary of Focus Financial Partners, LLC. Focus Financial Partners Inc. is the sole managing member of Focus Financial Partners, LLC and is a public company.
Clients of the firm who have specific questions should contact their GW & Wade Counselor. All other inquiries, including a potential advisory relationship with GW & Wade, should be directed to:
Laurie Wexler Gerber, Director of Marketing GW & Wade, LLC 781-239-1188 firstname.lastname@example.org