Over one-third of shoppers aged 18-34 have encountered fraud when seeking to buy a product they saw advertised on social media
Over one-third of shoppers aged 18-34 have encountered fraud when seeking to buy a product they saw advertised on social media
NEW YORK, Nov. 27, 2024 – As holiday shopping ramps up, so do the efforts of scammers looking to cash in on the season’s spending frenzy. But you don’t have to be a victim. Recently, President and CEO of the Financial Technology Association (FTA), Penny Lee, did a satellite media tour in partnership with D S Simon Media to share simple yet powerful tips to protect yourself and your wallet from common payment scams.
“Scams can happen to anyone, which is why it’s important to stay vigilant during key moments like the holiday shopping season,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “Our annual national campaign provides consumers with simple steps to protect their payments and be Smarter Than Scams.”
“Millions of Americans use Cash App daily to manage their financial lives securely and responsibly,” said Brian Boates, Science Lead at Block, who oversees machine learning, artificial intelligence, and data science at the company. “Given the increasing rate and complexity of scams, and the evolving tactics of malicious actors, Cash App adopts a multifaceted strategy to effectively combat scams and safeguard its customers – and this starts with education. We’re excited to continue working with our peers in the industry through efforts like Smarter Than Scams to empower consumers with the knowledge and tools they need to protect their finances.”
“Approximately a quarter of the world’s digital commerce is powered by PayPal and Venmo each year reflecting that our brands are a trusted choice for consumers,” said Aaron J. Webster, Global Chief Risk Officer at PayPal. “PayPal and Venmo do not tolerate fraudulent activity on our platforms. We leverage industry-leading fraud prevention and detection models, strategies, and tools to proactively identify and stop bad actors. We are proud to partner with the Financial Technology Association on Smarter Than Scams and will continue to demonstrate our leadership by empowering consumers with the education and innovative real-time transaction insights needed to avoid common scams and fraud.”
FTA’s national “Smarter Than Scams” campaign brings awareness to the most common scams consumers face during the holiday season, such as charity, gift card, imposter, invoicing, pet deposit, phishing, and romance scams. The campaign outlines key steps consumers can take to protect themselves:
- Protect Your Personal Information by safeguarding your login details, using different passwords across accounts, and keeping any sign-in codes or magic links private.
- Be Aware of Account Activity by ensuring your account notifications, such as two-factor authentication and alerts for new device logins, are turned on.
- Pause Before You Pay by only sending money to people you know and trust and verifying and double-checking all recipient information.
FTA represents industry-leading payment companies taking action to combat fraud and protect consumers from scams. FTA members deploy advanced technologies to monitor, detect, and combat bad actors, including sophisticated identity verification methods, strong authentication processes, and robust transaction monitoring. FTA has called for a coordinated national strategy to combat scams, including more resources for law enforcement, greater information sharing, ongoing consumer education, and modern identity verification, including digital ID.
