Protecting yourself from digital wallet fraud

Stay safe from digital wallet fraud

Across the industry, UK banks are reporting increasing instances of fraudulent spend using digital phone wallets, such as Apple and Google Pay.

What is Apple and Google Pay?

Smart devices – such as phones, watches and tablets – can store a digital version of a card which can be used in the same way as a physical card; both in-store and online. The card credentials are encrypted and presented to the merchant as a ‘digital token’, resulting in an extremely secure payment method.

The Weatherbys debit card can be added to a digital wallet in several ways:

  • Through the Weatherbys Card App using the app’s biometrics
  • Through your device’s wallet app, which requires a one-time passcode (OTP) to be entered, via:
    • Long card number
    • NFC technology – NFC, or Near Field Communication, is a short-range wireless technology that enables devices to communicate with each other when they are very close, typically within a few centimetres.
    • Taking a photo of the card

How does digital wallet fraud occur?

OTP fraud is nothing new, and fraudsters have always needed two things:

  • Access to the card, or at least the long card number, which can be done in many ways including:
    • Phishing/smishing
    • Merchant data breaches
    • Compromised/fraudulent websites
    • Obtaining the physical card
  • Access to the OTP, which is normally done via either:
    • Contacting you and impersonating the Weatherbys fraud team to retrieve the codes sent by Weatherbys to verify it’s you.
    • Setting up a fake website where you enter the OTP believing you are making a payment but are unknowingly authenticating the digital wallet addition.

How can you protect yourself?

Apple Pay and Google Pay are secure; you will need to be the victim of a compromise to experience this type of fraud. To help protect yourself, please follow the robust steps we always advise, which are:

  • Read the OTP – it will clearly state it is to add a card to Apple or Google Pay
  • Don’t talk to fraudsters – the Weatherbys fraud team will never call you unless it is arranged by your relationship team in the first instance.
  • Verify the payment – any time you enter the card details, whether it is through a link you have been sent or a website you have visited, you should feel comfortable the payment you are making is to a legitimate organisation.
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