Educational
Guard Against Triangulation Fraud This Holiday Season
December 7, 2023
As the holiday season approaches, so does an unfortunate increase in cyber threats. One such sophisticated scheme that demands our attention is Triangulation Fraud, impacting online shoppers, financial institutions, and merchants alike.
Understanding Triangulation Fraud
Triangulation fraud is a deceptive triangle involving an online shopper, a fake retail site, and a legitimate merchant. Here’s how it works:
- The online shopper sees an enticing discount on what appears to be a legitimate retail site and makes a purchase.
- Unbeknownst to them, the site is operated by a criminal ring. Stolen card credentials are used to order the item from a genuine merchant and shipped to the shopper.
- The legitimate merchant fulfills the order, unknowingly becoming a part of the fraudulent transaction.
- The online shopper receives the item, blissfully unaware that their payment details were compromised and are now being used by the criminal ring to make fraudulent purchases on other sites.
Protective Measures
Exercise Caution: Purchase items only from reputable stores and validate the legitimacy of your purchases.
- Instead of clicking on a link, type the URL directly into the search bar, for example type OurPSB.com into your web browser and go directly to the site.
Monitor Transactions: Stay vigilant by monitoring your bank or credit card accounts for any unauthorized or suspicious activities..
- Checking your accounts regularly through Online Banking is a proactive way to protect yourself.
Educate Yourself: Understand the indicators of fraud and stay informed about emerging threats.
- Watch for warning signs such as unusually low prices, lack of contact information from the seller, and a lack of reviews or ratings for the seller.