When you think about someone stealing your credit card, you probably think about someone stealing your physical card or your card number and taking it on a shopping spree. While having your card stolen is no fun, most credit card companies include fraud protection so you aren’t liable for any purchases. Unfortunately, fraud protection isn’t formally available for stolen miles and points.
Not satisfied with stealing credit cards to make purchases, fraudsters have evolved into stealing credit card rewards. It is much easier for stolen points to go undetected, and they can be redeemed for gift cards and cash.
My wife and I recently had 200,000 American Express Membership Rewards stolen from our respective accounts. Luckily, we caught it quickly, and American Express was kind enough to return our points.
Here’s how our credit card points were stolen, and how you can prevent this happening to you.
How Credit Card Points Are Stolen
Tracking credit card points can seem to be a waste of time, but without proper tracking, your points can be stolen and the theft can go undetected.
Stealing credit card points is more complicated than stealing a credit card for unauthorized use. Fraudsters must acquire your login, log into your account and then clean it out in a manner that is useful. Credit card companies do not have similar fraud alerts for points, so fraudsters can easily go undetected.
Stolen points typically end up being sold on the dark web, redeemed for gift cards or used for merchandise purchases through the rewards program.
Change your passwords regularly. This will help secure access to accounts with sensitive information. Use an identity theft monitoring service to notify you of any suspicious activity. Avoid opening emails from unknown senders. Avoid using unsecured Wi-Fi, and if you do use unsecured Wi-Fi, consider using a VPN. Use virtual card numbers, if you have access to them, when shopping online. Want to know more on click here go to tour news source.