Business Wire

Think You Know How to Spot a Scam? New Visa Report Finds That Even Savvy Consumers Get Tripped Up by the Language of Fraud

Share

It's not your imagination. Digital scams are everywhere in our daily lives. And as the holiday season approaches, fraudsters are counting on you to let your guard down and take the bait. Whether in the workplace or on the go, we're peppered by phone, text and email with offers for "free gifts" and traps to "act now" to supply personal information before a vital service gets cut off. And this barrage of “fraudulese” is working.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221116005258/en/

A new research report out today from Visa (NYSE: V), in partnership with Wakefield Research, “Fraudulese: The Language of Fraud,” brings to light that when it comes to spotting scams, cybercriminals are finding vulnerabilities among even the most tech-savvy consumers. While nearly half of the population are confident they can recognize a scam, 73% are likely to miss the requisite red flags in digital communications.

From a spoofed service notification from your electric company, to an email alerting you that you’ve won products from your favorite store, or even job postings that make it seem like you’ve been hired by a top-tier company, scams hit almost every touchpoint in our digital lives. In the last year alone, Visa has proactively blocked $7.2 billion in attempted fraudulent payments across 122 million transactions before those transactions impacted clients.

“Understanding the language of fraud is increasingly essential in our digital-first world. Scammers have reached new heights of sophistication in both language and variety – no one is immune,” said Paul Fabara, Chief Risk Officer, Visa. “Education around the language of scams is an integral part of our consumer protection, and highlighting the commonalities in the language of fraud helps prevent crime globally.”

Earlier this year as part of Visa’s efforts to empower consumers to learn about the language of fraud, the company commissioned a first-of-its-kind linguistic analysis by researchers in the U.K. revealing how language can be used by fraudsters in short messages. The study revealed that solutions inviting consumers to engage with a problem or offer are the most common fraudulent message, occurring in 87% of the scam text messages, while problem statements that provoke action from the recipient were the second most common.

“By highlighting the communicative strategies, words and phrases used by fraudsters, we hope people can more easily spot the language of fraud as it stands today, which ultimately helps to protect them,” said Dr. Marton Petyko, from the Aston Institute for Forensic Linguistics, which conducted the U.K. research.

Exploring The Language of Fraud: A Disconnect Between Awareness and Action

Falling victim to cyber fraud is costly. In 2021, the FBI’s Internet Crime Complaint Center reported a record number of complaints, with potential losses exceeding $6.9 billion, up from $4.1 billion in 2020.

According to Visa’s new report, which surveyed 6,000 adults in 18 markets worldwide, scammers appear to be thriving in the gap between consumers’ awareness of the language of fraud and their actual behavior. Among the top findings:

  • We think others are more susceptible to fraud than we are. While consumers feel confident in their own vigilance, the vast majority (90%) are concerned that friends or family members may fall for potential scams that include emails or text messages asking people to verify their account information, asking about overdrawn banking accounts and notifying them about winning a gift card or product from an online shopping site.

    The most enticing clickbait messages capitalize on consumer excitement, and fraudulently tout “winning,” “exclusive deals” or “free gift,” the survey found.
  • Is it legitimate? More than 4 in 5 (81%) respondents check the wrong details to determine the authenticity of a communication, focusing on features scammers can easily fake, including the company’s name or logo (46%). Individuals can better protect themselves from fraudsters by checking details that are harder to fake, such as account numbers or details about their interactions with the company.
  • Overlooking telltale signs. Only 60% of people reported looking to ensure a communication is sent from a valid email address. Fewer than half (47%) look to ensure words are spelled properly.
  • Crypto users proceed with caution. Crypto users are more likely to identify the right kind of verifying elements of a potential scam than non-crypto owners. For example, they are more likely to check their account information (49% vs 37%) to confirm the validity of digital communications.

Take a Few Extra Moments to Decipher Fraudulese

Consumers can better protect themselves by taking a few extra moments before clicking, including taking time to understand the way fraudsters use language. Among simple, but effective best practices: Keep personal information to yourself. Don’t click on links before verifying they’ll take you where they say they will. Turn on purchase alerts, which provide near real-time notification by text message or email of purchases made with your account. Call the number on corporate websites or the back of your credit and debit cards if you are unsure if a communication is valid – don't just call the number possibly provided by the scammer in their text or email.

Protection Is Visa’s Top Priority

While cybercrime persists in an increasingly digital world, Visa is mission-driven to protect consumers and mitigate fraud. Over the past five years, the company has invested more than $10 billion in technology, including to reduce fraud and increase network security. More than a thousand dedicated specialists protect Visa’s network from malware, zero-day attacks and insider threats 24x7x365. In fact, over the last 12 months, Visa’s real-time monitoring has proactively blocked over $7.2 billion in fraudulent payments, preventing many from ever knowing they were at risk of a potential fraudulent transaction. Learn more at visa.com/security.

About Visa

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Meg Omecene
347-519-9812
momecene@visa.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

AGC to Exhibit Next-generation Mobility-enabling Products & Technologies at CES20238.12.2022 18:00:00 EET | Press release

AGC, the provider of a wide range of solutions from automotive and display glass to the cutting-edge materials essential for next-generation mobility, will exhibit at CES2023, the world's leading technology trade show, being held in Las Vegas during January 3-8, 2023. The 3rd and 4th will be reserved for media and pre-show keynotes; the fair will be open to the public from the 5th. The company will exhibit 17 of its products, including several brand new releases. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221204005064/en/ AGC‘s booth at CES2023 (#4377, Vehicle Tech & Advanced Mobility, LVCC - West Hall) (Graphic: Business Wire) AGC has been a leading manufacturer of architectural, automotive and display glass for more than 110 years, supplying high-quality products worldwide. Today, the company leverages its technological expertise in the fields of glass, electronics, chemicals, and ceramics to provide a variety of cutti

ABS Explores Future of Cutting-Edge Maritime Tech in Broad-Reaching Report8.12.2022 18:00:00 EET | Press release

Will autonomous vessels dominate the oceans? Can artificial intelligence design an optimized offshore asset? Is nuclear power the ultimate energy source of the future? These are some of the questions facing maritime industry leaders as a wave of new technologies is poised to revolutionize the sector. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221207005783/en/ Cover Image: ABS Technology Trends (Graphic: Business Wire) ABS recognizes the coming surge of innovations and is charting a course for the future of marine and offshore technologies with a new report, Technology Trends: Exploring the Future of Maritime Innovation. The publication, launched at the ABS Hellenic Technical Committee, offers an executive glimpse into the future of advanced marine and offshore technologies, laying out a vision and timeline for key technological milestones on the journey to net-zero emissions and digitalization. “Innovation in the maritim

Metropolitan Premium Properties and Mallorca Properties close Dubai’s biggest residential land transaction for AED 690M8.12.2022 17:50:00 EET | Press release

Metropolitan Premium Properties (MPP) – a full-service real estate agency and the Metropolitan Group’s flagship property company, together with Mallorca Properties, a boutique commercial real estate firm specializing in high-end and private real estate investment opportunities, have closed Dubai’s single biggest residential land transaction to date – an AED 690M (USD 187.6M) deal for three plots at Dubai Marina. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221208005588/en/ Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group (Photo: AETOSWire) The built-up area of the transaction is over 1.7 million sq. ft. and the total seafront plot is over 100,000 sq. ft. directly on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah. Ultra-luxury apartments and penthouses are expected to be developed on the plots which were sold to a leading Dubai-based real estate developer.

New Research Reveals Supply Chain Resiliency and Agility are Key Drivers for Process Automation8.12.2022 17:00:00 EET | Press release

Precisely, the global leader in data integrity, in collaboration with SAPinsider, today announced the results of new global research that highlights the importance of process automation in building robust supply chains. Findings from the new benchmark report, Process Automation in Supply Chain, show that 51% of respondents cite resiliency as the top supply chain concern driving the need for process automation, with agility close behind at 46%. A backdrop of disruptive world events means businesses are increasingly battling against global supply chain disruption, as well as mounting pressures to keep pace with changing consumer preferences for digital, local, and sustainable goods – resulting in an urgent need for supply chain transformation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221208005434/en/ 51% of business leaders cite resiliency as top supply chain concern driving need for process automation (Graphic: Business

Energy Vault Responds to Inaccurate and Misleading Short Seller Report8.12.2022 16:00:00 EET | Press release

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today provided the following response to the recent short seller report issued by Bleecker Street Research who has a disclosed economic incentive to negatively influence the Company’s stock price. The report, issued on December 2, 2022, contains factual inaccuracies, mischaracterizations and misinformation. Key statements from the short report are addressed below: Statement #1: “440 MWh Deal With A Large Western Public Utility: We Think This Is Cancelled” The 440MWh project with a large western utility announced by Energy Vault has not been cancelled and in fact Energy Vault intends to publicly announce the specifics of the project while naming the public utility in the coming days. The short seller’s error appears to stem from their confusion of megawatts (MW) with megawatt hours (MWh) – conflating units of demand and capacity with units of storage

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom