4 Financial Scams That Are Currently Making Headlines

Apr 04, 2024

By: Sunayna Kanjilal

4 Common Financial Threats That Are Skyrocketing

The FTC reported that US consumers suffered over $7 billion in losses during the first three quarters of 2023, marking a 5% increase from 2022. In response to this escalating issue, Visa released its Spring 2024 edition of the Biannual Threats Report, deta...

1. Pig Butchering Scams

Michael Jabbara, Senior Vice President and Global Head of Fraud Services at Visa, highlights the four most prevalent financial scams impacting individuals and provides strategies for protection:

2. Inheritance Scams

Today, social media platforms are taking proactive measures to prevent pig butchering scams, commonly known as romance scams. In these schemes, fraudsters employ social engineering tactics to initiate fake romantic relationships with targets online. Over time,...

3. Humanitarian Relief Scams

This type of scam involves fraudsters sending emails to targets, claiming that they are the beneficiaries of a substantial inheritance from a long-lost relative. According to a survey conducted by Visa, 15% of respondents reported being targeted in an inhe...

4. Triangulation fraud

Exploiting tragic events such as border conflicts, global crises, and natural disasters, scammers resort to ruthless tactics to defraud individuals. They capitalize on these incidents by establishing fake charities and fundraisers, deceiving people into donati...