Author/Source: Bob Moos / AARP See the full link here
Takeaway
This article highlights the widespread issue of online shopping scams, particularly during peak shopping seasons, and offers practical advice to help consumers stay safe. It underscores the importance of exercising caution and adopting smart shopping habits to protect finances and personal information from fraudsters.
Technical Subject Understandability
Beginner
Analogy/Comparison
Online shopping is like visiting a flea market; you need to be cautious about who you’re buying from and what you’re buying to avoid being tricked or sold something fake.
Why It Matters
It is crucial to be aware of online shopping scams because they can lead to significant financial losses and compromise your personal identity. For instance, if you purchase an item from a fake website, you might pay for a product that never arrives, or your credit card details could be stolen and used for unauthorized purchases, impacting your credit and financial security.
Related Terms
Phishing
Smishing
Botnets
Triangulation fraud
Chargeback
Jargon Conversion:
Phishing: When someone tries to trick you into giving away personal information, like passwords or bank details, by pretending to be a trusted organization, usually through fake emails or websites.
Smishing: A type of scam where someone tries to trick you into revealing personal information through text messages on your phone.
Botnets: A network of many computers that have been secretly taken over by criminals and are used to send out spam or perform other harmful actions online.
Triangulation fraud: A scam where a fraudster uses stolen credit card information to buy goods from a legitimate retailer and then resells those goods to an unsuspecting buyer, often at a reduced price.
Chargeback: A reversal of a payment transaction made by a credit card company or bank, typically initiated by the cardholder when they dispute a purchase or report fraud.
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