Internet Fraud

Internet fraud is a growing concern. It is becoming as big a concern as identity theft. Internet fraud usually hits its victims finances without their knowledge. There are some very big and sneaky scams currently on the internet that are milking people for small amounts of money at a time.

For people who maintain large balances on their accounts (if you use a debit card), you may go for long periods of time before noticing any unauthorized deductions from your account.

People not able to maintain large balances on their accounts will probably find out about such activity much sooner; As with lower balances, … damage can be done much sooner. They usually find out about it at a point of sale that was declined, or checks that bounce. If a scam is removing money from your account without you knowing it, it is impossible to keep a accurate register, therefore throwing your finances into a negative category.

Of course this isn’t your fault, … nobody asks to get robbed. It is however the reason why people have to pay very close attention to their bank statements and credit card bills. In the event something unusual shows up on your statements, act quickly. Notify the financial institution involved and explain your concerns. In some cases if the financial institution finds criminal wrong doing or signs of fraud or identity theft, … they will want to close that account on the spot and start you off with a new account that has a entirely different account number.

Internet fraud is a crime. Some of these scammers have special software that can monitor purchases on retail websites, thus being how they get your account or credit card number. Other scammers operate as organizations that work hand in hand with a retail website to acquire your account or credit card information.

I’ll use a example of one scam that is actually happening at this time (one of many that is).

Say you just bought something on the internet, before you leave that website a dialog box pops up offering you a ten dollar discount on your next purchase. A month later when you get your statement in the mail it shows you paid some organization twelve dollars for that ten dollar discount.

Would you knowingly pay twelve dollars for a ten dollar discount? Of course not! Nobody would. Yet this identifies a truly currently active scam on the internet that is working with hundreds of retailers and they have tons and tons of complaints against them.

Watch your paperwork carefully. If you have to use plastic on the internet, use a prepaid credit card available at most banks. This way when the prepaid card is used up, anyone trying to draw funds above and beyond what you authorized will run into a brick wall, because the card is now empty, rendering it null and void. Best of all, … by doing this, you didn’t lose any personal information or otherwise get hurt.

Reporter Joseph Toth

Washington Micro Bank BBS