How do criminals use Apple Pay or Google Pay for fraud?

Scammers trick victims into approving card additions to their digital wallets via fake bank calls.

What is the first step in the digital wallet scam described by Santander?

The scam often begins with phishing texts offering fake allowances or deals.

What security advice does Danai Antoniou give about bank calls?

Never trust unsolicited calls from your bank; always hang up and call back yourself.

Home / Business and Economy / Approve This: The Trick to Stealing Your Money

Approve This: The Trick to Stealing Your Money

4 Jan

•

Summary

Criminals trick victims into approving new digital wallet payments.
Phishing texts about allowances or deals often start the scam.
Banks urge users never to trust unsolicited calls for security.

Approve This: The Trick to Stealing Your Money

Criminals are increasingly using sophisticated digital wallet fraud, posing a significant threat to bank customers. Scammers initiate contact through phishing, often using fake offers for winter fuel allowances or social media deals to obtain personal and bank details. Weeks later, they call pretending to be from the victim's bank, referencing previously supplied information to appear legitimate.

These fraudsters fabricate transaction disputes, creating panic and urging victims to approve a notification to 'secure' their account. This approval allows the criminals to add the victim's card to their own Apple Pay or Google Pay. The notification itself is genuine, but it's used to authorize the fraudulent addition of the card.

Banks report a surge in these attempts, with digital wallet fraud being a leading cause of scam losses. They are implementing enhanced security measures and reminding customers to never share one-time passcodes or approve unsolicited requests. If a suspicious call is received, customers are advised to hang up and call their bank back directly using a verified number.