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Commitment to Bank Security

Capital One revolutionized the credit card industry with data and technology more than 25 years ago. They are now the sixth-largest bank, dedicated to bringing innovation, simplicity, and humanity to banking. 

Capital One was founded on the principle that no one should be excluded from the financial system. Today, our business, community partnerships, philanthropy, and, most importantly, support for our customers reflect their deep commitment to financial inclusion. They are on a mission to permanently alter banking.

They have used data analytics to detect and prevent fraudulent spending for many years. As sales shift online, card issuers and merchants must be able to protect their customers from fraudulent activity while also removing friction from the online purchase process.

Online purchases give merchants access to data (such as IP address and shipping address) that isn’t available in-person. However, because the existing network authorization rails aren’t designed to share this type of data, issuers and merchants must work together to handle this new data efficiently and effectively.

hack security

Victims around the world lost around $529 million from being swindled by their cyber sweetheart

npr.org report

If you want to keep yourself safe from falling victim to Banking Scams, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

History of Scams - Accenture's Annual Cost of Cybercrime Report

Fraudulent attacks on businesses are on the rise. This means that businesses of all sizes must learn how to identify online security threats. However, this goal may appear to be a moving target. While most businesses can respond to traditional fraud, fraudsters are constantly developing more sophisticated attacks.

According to Accenture’s annual Cost of Cybercrime report, US companies are at risk of losing $1.7 trillion to cybercrime over the next five years. In 2018, the average cost of cybercrime per company increased by 29%. That means that, on average, US businesses now lose $27.3 million per year to cybercrime.

Phishing, business email compromise (BEC), malware, and ransomware are all common attacks that can be avoided if employees know what to look for. When attacks do occur, they can be the result of an employee clicking an unsafe link by accident, responding to a fraudulent email and disclosing personal information, or visiting an unsafe website.

online scammer on duty

Every year, millions of Americans file complaints about fraud, identity theft, and other consumer issues. You could be part of a movement to protect yourself and others if you report scams. Every report usually contains useful information.

The agencies and organizations that receive the reports compile the information and may be able to immediately identify the scammers. They can then track down the scammers. Sometimes the agencies are unable to identify the scammers right away. These organizations, on the other hand, can sift through the data to identify patterns that may help them further address the issue. They may contact a company or an industry and collaborate with that entity to identify and prevent a specific type of scam.

For example, the app Truecaller estimates that nearly $20 billion was lost in the United States due to phone scams in the previous year. To combat this, the Federal Trade Commission (FTC) collects all phone numbers reported by consumers reporting phone scams every day. The agency then makes those figures available to the general public. Phone carriers and others who work with functions like call blocking can use these publicly available numbers to help improve consumer protections. Furthermore, law enforcement officials can examine the numbers and work to identify the scammers behind them. 

Finally, report any suspicious activity or communications to the Capital One experts. You can successfully keep your money safe with Cash and avoid scams by following a few of the steps identified by the professionals at Capital One.

man searching on laptop

What is Capital One Doing to Fight Scams?

Capital One developed a new authorization capability that enables us to collaborate with companies such as Microsoft through the Enhanced Decisioning Data API on the Capital One DevExchange to drastically improve our ability to detect fraud for our customers and authorize more legitimate transactions. 

We can integrate the cloud-based API into capabilities like Dynamics 365 Fraud Protection’s transaction acceptance booster to provide supplemental data that helps Capital One make better approve/decline decisions in real time.

Sarah Strauss, Head of Fraud for U.S. Cards at Capital One, stated in a conversation with Jeffery York, CFO for Microsoft Business Applications, “We believe that by leveraging technology and being able to engage with both merchants and consumers in a different way, it really benefits the overall ecosystem incredibly.”

Issuers have less than a second to relay their approve/decline decision with each transaction. We would be unable to handle and analyze the new data provided by the Enhanced Decisioning Data API if we were using mainframe infrastructure or vendor software.

Capital One Bank

This new solution, developed in collaboration with Microsoft and their Dynamics 365 Fraud Protection product, allows them to be much more targeted in our fraud declines, catching more fraud while lowering false positive declines.

Capital One’s partnership with Microsoft is yielding positive results for the company, its merchants, and, most importantly, its customers.

Microsoft released a 45 percent reduction in false positive declines and a 15 percent reduction in fraud by implementing Dynamics 365 Fraud Protection with the Enhanced Decisioning Data API in their own online store. They create the best experience they can across the ecosystem when they are better able to protect their customers from bad actors while allowing them to spend freely and go about their daily lives.

The financial transaction graph, which represents the network of credit card transactions between customers and merchants, is the most valuable asset for data scientists working in a financial institution. However, the financial transaction graph is both high dimensional and sparse, making traditional machine learning approaches difficult to work with. Embeddings can be learned from the graph to solve this problem.

In a previous post and paper, Capital One associates discussed embeddings in general and our embeddings in particular. To summarize, embeddings are small, meaningful representations of complex data that can be used in a variety of applications. Embeddings take advantage of the fact that similar entities exist in similar contexts, resulting in similar embeddings. Furthermore, embeddings capture relationships between entities in a vector space, allowing distance calculations to be performed. Finally, due to the low dimensionality of embeddings, these calculations are very efficient.

Queens, Junction -_Capital One Bank

The embeddings are based on a homogeneous graph representation in which two merchant nodes share an edge if at least one customer transacted at both merchants within a given time window. For example, if a customer buys from Amazon and then buys from Walmart soon after, Amazon and Walmart become a transaction pair. Valid pairs are used as positive training samples, while random samples that do not share an account are used as negative training samples.

They can then train a neural network to categorize pairs as positive or negative. Capital One does not use the model’s predictions; instead, they want to use the learned classifier weights as merchant embeddings. These embeddings capture merchants’ latent semantic relationships through the collaborative signal of customers in common. As a result, these embeddings are especially useful in determining the type of entity resolution solution required by merchant-bound VCNs.

If you’ve been a victim of Online Scam you can contact us for support.

How Does Capital One Protect Your Account?

Capital One HQ

During the COVID-19 pandemic, scammers are working overtime. Consumers have been warned about phishing and other coronavirus-related scams by the Federal Trade Commission. 

However, Capital One credit cards include a number of security features that can assist you in protecting yourself from fraud.

Whatever may be going on in the world or how busy you become, many of the tools you need to stay on top of your account are right at your fingertips. You can also access and enable features by downloading the Capital One Mobile app for your smartphone or logging in to your account online.

Here are some of the available fraud protection features and benefits:

Medical Equipment for Covid

Fraud Warnings

You can help stop fraudulent activity in its tracks with just a few simple steps. 

Add your mobile phone number to your account to receive alerts whenever Capital One detects potentially suspicious activity on your account. Capital One will always text you from the same number, so you’ll know it’s not a scam.

If you don’t recognise the suspicious charge from the text message, respond “no,” and Capital One can block your card to prevent further charges. After that, you can contact customer service for assistance in requesting a new card with a new number.

Do you suspect that someone had scammed you?

If you have any suspicion of a scam or phishing attack, then you can rely on TheClaimers to help you with protection, mitigation, and fund recovery. You will feel safe knowing that experts with years of experience will be guiding you!

Instant Purchase Notifications

Monitor your spending in real time. When you enable instant purchase notifications in the Capital One Mobile app (see below), you will receive an alert whenever a transaction on your card is approved. 

You can enable notifications that include the purchase amount and merchant information. To enable notifications, take the following steps:

  • Log in and then select the “Profile” tab.
  • Select “Alerts and Notifications.”
  • Choose the card for which you want to set up alerts.
  • Then, select “Instant Purchase Notification.”
  • Choose your alert method: push notifications, email, or SMS.
  • Select a desired minimum dollar amount. (Tip: Choosing $0 is ideal for keeping track of all purchases.)
  • You’re done when you see “Save.”

It adds an extra layer of assurance, so you know when purchases are made to your account. You can also set up alerts to receive notifications about your balance and recurring payments.

Card Security

It’s exasperating to misplace or lose a credit card, let alone have it stolen. The good news is that you can lock your credit card instantly to prevent it from being used for purchases. 

If you find it, you can easily unlock it and use your card normally again.

Do you want to know how to lock your Capital One credit card? The Capital One Mobile app’s card lock feature is simple to use and requires only a few taps: 

  • Log in and choose the card you want to lock.
  • Scroll down to the “Need Assistance?” section.
  • Select “Lock Card.”

Paperless Statements

To avoid having your monthly statements lost or stolen in the mail, receive them online. And all while reducing clutter!

Follow these steps to enable paperless statements:

  • Log in and then select the “Profile” tab.
  • “Account & Feature Settings” will appear.
  • Select “Paperless Settings.”
  • Turn on paperless for the accounts you want.
  • Select “Update Settings.”

Eno

Eno is the Capital One assistant who is always on the lookout for you and your money. 

This includes monitoring your transactions and contacting you if it notices anything out of the ordinary, such as duplicate charges, a significant rise in your recurring charges, or an unusually large tip. Eno is also available through texts, email alerts, mobile app alerts, and online.

Eno is completely free for Capital One customers. Update your contact information in the Capital One Mobile app or online to receive email and mobile app notifications from Eno. Sign in to your Capital One online account to receive text notifications from Eno, confirm your consent, and begin chatting with Eno by texting 227-663.

Eno Virtual Card Numbers

Do you want to keep your credit card account more secure when shopping online using your desktop browser? 

When you check out online, Eno can generate virtual card numbers, allowing you to conceal your actual card number. It’s a more convenient and secure method of making online purchases. And getting started is simple. Here’s how it’s done:

  • Eno should be added to your browser.
  • When you’re ready to pay, click the Eno icon, and Eno will generate a merchant-specific virtual card number for that site. There’s no need to pull out your wallet!
  • You can lock or unlock your virtual card numbers whenever you want without affecting your other spending.

And virtual card numbers continue to function even if you receive a replacement card. So you don’t have to manually update your card information on sites where you’ve saved a virtual card number. Eno will handle it automatically behind the scenes.

There are security features on all Capital One cards to help you protect yourself from fraud. Find out how you can protect yourself from credit card fraud.

What is the Bank’s Advice To Avoid Scams?

Here are five tips from Capital One, head of U.S. credit card fraud to help you avoid scams in 2022.

Use Gift Cards for Gifts, Not Payments

As far as I know, no bank, government agency, or legitimate debt collector will request that you pay with gift cards. If they do, it’s a huge red flag. 

Look up the company or entity online and confirm with them directly. In general, if someone asks you to buy gift cards or use them as payment, you should be suspicious.

Be Vigilant on Social Media and Across the Web

Social media is used by fraudsters to target you for your personal information. On these platforms, never share personal, banking, or password information. 

A fun quiz that generates a superhero name based on your mother’s maiden name can also be used to target your accounts!

Protect Your Accounts and Personal Information

Bad actors can target you and your accounts in a variety of ways in order to obtain your personal information. One method is phishing, which has increased in recent years, according to Capital One.

Phishing occurs when a fraudster contacts you posing as a trustworthy source, such as your bank or another legal entity, and uses what they already know about you to build trust and obtain additional information from you.

Fraudsters are skilled at making these situations appear legitimate and putting pressure on you to act quickly. And distinguishing between the real and the fake can be difficult.

Don’t Be Fooled by Fraudulent Offer

Also, avoid fake merchandise scams. When viewing product advertisements online, be wary of low-quality or Photoshopped images. 

You can use a search engine to look up the company mentioned in the advertisement and see what other customers have to say about it. In general, if a deal appears to be too good to be true, it most likely is.

Fraudsters may also try to target you by offering a chance to make quick money for little effort. They may offer to pay you if you add them as a user and grant them access to your account. Alternatively, they may request that you send them money or goods (typically electronics and gift cards) before they make the payments.

Don’t be fooled—any check or pending payment from them that appears in your account will most likely bounce. It’s also unlikely that you’ll be able to recover any funds you’ve already sent the fraudster.

Stay Up to Date on the Latest Scams

Scammers are constantly looking for new ways to obtain your personal information and money. 

The confusion and stress caused by the coronavirus are just the most recent examples. However, there are ways to stay ahead of the competition. The Federal Trade Commission maintains a list of the most recent scams. You can also sign up for the agency’s consumer alerts to help you avoid being a victim of a scam.

Avoiding scams necessitates vigilance and caution. If you have any scam concerns about your Capital One account, please contact us so that we can assist you in resolving them.

do you need help?

A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.

Please fill up the form. Rest assured that our support team will get in touch with you

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