A Personal Fraud Experience: Lessons Learned from a Close Call

Fraud really can happen to anyone! Even if you’re experienced in this field, as our Senior Partner Laurie Beagle found out recently.

Introduction:

It all started with what seemed like a routine call from the American Express (Amex) Fraud Department about unusual activity on my card. As a seasoned professional in fraud prevention, I wasn’t overly concerned at first—after all, it was just standard procedure, right? What followed was a lesson I hadn’t expected to learn firsthand.

The Incident:

The caller, who claimed to be from Amex, asked me to confirm my name and date of birth, then proceeded to send a verification code via text. The message appeared to come directly from Amex, so I read the code back without hesitation. We discussed some of my recent purchases, and everything seemed legitimate until they requested the security code on the back of my card—odd, since Amex codes are typically on the front.

Feeling uneasy, I hung up and dialled the Amex Fraud Team directly. That’s when my suspicion was confirmed: I hadn’t been talking to Amex at all. It was a scam. Fortunately, Amex acted swiftly to secure my account, confirming no transactions had occurred and that the fraudster had even altered the email linked to my account. A new card was issued, and I breathed a sigh of relief.

But the ordeal wasn’t over. En route to the train station, I discovered that nearly 580,000 of my membership reward points had been stolen. The points were promised to be reinstated, and though Amex resolved the situation, the experience was unnerving.

Key Takeaways:

Always Verify: Always ensure you’re speaking to legitimate representatives. Fraudsters can mimic official communications convincingly.
Vigilance is Key: No matter your experience with fraud prevention, anyone can fall victim. Regular vigilance is crucial.
Keep Your Details Secure: Regularly monitor your accounts and keep your contact information up-to-date to quickly notice and rectify any discrepancies.
Trust Your Instincts: If something feels off during a communication, trust your gut. Hang up and contact the company through official channels.
Join Our Community: Engage with our Fraud Prevention Network, a community dedicated to combating fraud with resources, insights, and collective expertise.

Conclusion:

This personal encounter with fraud has reinforced the importance of constant awareness and the need for robust preventive measures. Joining a community like the Fraud Prevention Network can provide not only support but also vital information to protect yourself and your business from emerging fraud threats.

Headline Partners

‘Our membership is useful to gain insight on parts of our base where they have contracts with other members. Late payment/fraud and any risk indicators are essential for me to be able to perform one of my key accountabilities – highlighting risks to the business for new and existing customers.’

BT Group – Forums International Member

‘‘I have been a forums international member for over 10 years. I particularly enjoy the networking aspect of the quarterly meetings. The participation of everyone involved on the day is invaluable for discussing best or better practices, amongst other things. There is always something to learn and my company benefits from the knowledge I gain & the contacts that I gain through my membership.’

TD Synnex – Forums International Member

‘Karndean prides itself in the professional manner in which its Credit Management function operates. Being a member of Forums International ensures we stay on top of our game, keeping in touch with best practice as well as being able to network with like-minded credit professionals.’

Karndean Design Flooring – Forums International Member

‘In our “ line of duty” as credit professionals it is about protecting one of the key assets of any business and that is it’s receivables. The impact this has on cashflow and the profitability of your company. So whilst we are in a competitive business environment , sharing best practice and knowledge benefits all of us. That is why I am pleased to be part of many of the Forums that I attend : benefiting from networking , learning and keeping up to date with latest trends, passing on and adding value of my credit experience.’

Bunzl Plc – Forums International Member

‘Our reason for joining Forums international is to learn and share best practices with other Credit and O2C professionals, and to develop our skills and knowledge to better support and contribute to our business goals and strategies, as well as the O2C industry.’

Fanuc – Forums International Member

‘Joining Forums International is something we have been considering for a while, and with the recent change with Chris Sanders joining forces with Laurie and Forums Team, it was a good time to come on board. I am impressed with the amount of content and information that is available, and feel it would be good for the whole Credit Team of Exclusive, to benefit from a shared knowledge centre and access to other credit professionals.’

Exclusive Networks Forums International Member

‘We are delighted to join the Forums and O2C Lab Network, with Chris Sanders joining the Forums Team making the new organisation highly significant in the Credit Management arena. We are looking to connect with other Credit Management professionals, at a time of World change. We at RS Components wish to be part of this new community of likeminded, success driven professionals and we are keen to participate, listen and learn. Essentially be part of the Forum’s / o2c Lab journey.’

RS Components Forums International Member

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