AOL: reported:
Most high street banks use three main card schemes – Visa, Mastercard and American Express (Amex) – which all link to “automatic billing updater” (ABU) services.
The feature automatically updates your credit or debit card details where they have previously been saved, such as in digital wallets like Apple Pay or Google Wallet, and allows subscriptions to continue to bill. The process is designed to lessen the administrative hassle of updating payment details every time you get a new card.
The feature automatically updates your credit or debit card details where they have previously been saved, such as in digital wallets like Apple Pay or Google Wallet, and allows subscriptions to continue to bill. The process is designed to lessen the administrative hassle of updating payment details every time you get a new card.
However, in some cases, fraudsters who have saved your previous card details online can access the automatically updated information, meaning fraudulent transactions could continue.
Find the original article here.
Key Takeaway: Track spending on company cards daily even when the card has been cancelled.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat